SACRAMENTO (AP) - The city of Sacramento has completed an agreement for a downtown arena for the NBA's Sacramento Kings.
The city released the 35-year lease agreement for public review on Friday night. The Sacramento City Council is scheduled to vote on the deal May 20, when it could end years of uncertainty surrounding the home of the Kings.
The term sheet breaks down:
- The legally binding agreements that lay out the terms of the partnership between the Sacramento Kings owners and the city of Sacramento.
- The reports that explain the plans, designs and environmental review for the entertainment and sports complex.
- The city's financial plan to issue long-term bonds, which do not impose new taxes or dip into the General Fund, in order to pay of its half of the project.
The project will cost an estimated $477 million. The city is responsible for $223 million, while the Kings will contribute $254 million.
The entertainment and sports complex is schedule to open for the 2016-17 season. The NBA had told the city that it must open the arena by 2017 or risk losing the Kings, who nearly moved to Seattle last year before software tycoon Vivek Ranadive won his fight with the league to buy the team from the Maloof family.