Sacto Approves Kings Arena Plan

The Sacramento City Council voted March 6 to accept a proposal to finance construction of a long-debated, $391 million arena project and keep the NBA’s Sacramento Kings from relocating.

The council’s 7-2 vote formalizes a pact between Sacramento Mayor Kevin Johnson, NBA Commissioner David Stern and Kings owners the Maloof family regarding financing that was ironed out late February. As part of the agreement, the NBA team will remain in California’s capital city for 30 years.

A copy of the plan obtained by Pollstar shows the city will pitch in $255.5 million primarily by leasing parking garages near the venue and an arena ticket surcharge, the Maloof family will contribute $73.25 million and Power Balance Pavilion operator AEG will pitch in $58.75 million. AEG will also have exclusive rights to sell arena signage and naming rights. Sponsorships and other sources will contribute $3 million.

The project also includes building a 1,000-space parking facility for premium seat holders near the arena, tentatively set to open in 2015.

With this hurdle out of the way, contacts to move the project forward could be signed by next month, according to The World.

The council’s decision also puts an end to the possibilty the Maloofs might move the team to Anaheim, Calif.

Seattle was also said to be in the mix to lure the Kings to the Pacific Northwest, after recently losing their Super Sonics teams that moved to Oklahoma City.