Breaking News in Sacramento
Downtown arena plan gets final approval
Downtown Sacramento is now all but certain to see its most radical change since the state capital was established, with the City Council approving a series of 7-2 votes for a new arena to be built on the eastern half of Downtown Plaza.
Numerous council members and speakers described the vote as historic and laced with significance, not only for keeping the Sacramento Kings in the city for several more decades, but spurring sizable new development and redevelopment in the city core.
“I've never been prouder of my colleagues, never been prouder of city staff, never been prouder of my community,” said Mayor Kevin Johnson, describing how so far, the discussion centered on keeping the Kings and not growing from it. “Tomorrow is the first day of a new journey.”
Other council members had similar sentiments, from those who recalled attending events at the city's first Kings arena on Market Street in 1985 to others who said they eagerly anticipate their own children taking their families to the new arena someday.
Slideshow: Viewing party
Additional details on downtown arena deal
Five groundbreaking things about the arena
Under the plan approved Tuesday, the city of Sacramento will contribute just under half the total $477 million price tag for the project and its surrounding plaza, with overruns being paid by the Kings. The deal also includes some land swaps between the city and team ownership, and the city will repay bonds it will issue for its share largely through parking revenues from garages and meters around downtown.
The team's lease for the arena will be 35 years with expected payments capped at $18 million in any year; city officials have said those payments will cover about half of the city’s debt service on the project.
Numerous council members and speakers described the vote as historic and laced with significance, not only for keeping the Sacramento Kings in the city for several more decades, but spurring sizable new development and redevelopment in the city core.
“I've never been prouder of my colleagues, never been prouder of city staff, never been prouder of my community,” said Mayor Kevin Johnson, describing how so far, the discussion centered on keeping the Kings and not growing from it. “Tomorrow is the first day of a new journey.”
Other council members had similar sentiments, from those who recalled attending events at the city's first Kings arena on Market Street in 1985 to others who said they eagerly anticipate their own children taking their families to the new arena someday.
Slideshow: Viewing party
Additional details on downtown arena deal
Five groundbreaking things about the arena
Under the plan approved Tuesday, the city of Sacramento will contribute just under half the total $477 million price tag for the project and its surrounding plaza, with overruns being paid by the Kings. The deal also includes some land swaps between the city and team ownership, and the city will repay bonds it will issue for its share largely through parking revenues from garages and meters around downtown.
The team's lease for the arena will be 35 years with expected payments capped at $18 million in any year; city officials have said those payments will cover about half of the city’s debt service on the project.
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