Sacramento took another major step forward in its effort to keep the Kings. Council voted 7-2 in favor Tuesday night of a plan to build a new arena in the Downtown Plaza.
Along with mayor Kevin Johnson, councilmembers Angelique Ashby, Allen Warren, Steve Cohn, Steve Hansen, Jay Schenirer, and Bonnie Pannell voted yes on the arena term sheet, while Kevin McCarty and Darrell Fong voted no.
The plan proposes to build a new $450-million entertainment and sports center at the dilapidated shopping mall. The city would contribute approximately $258 million to the project, while a private group of investors planning to buy the team would commit $189 million. The majority of the city’s portion of the project would come from leasing its downtown parking assets, valued at an estimated $212 million.
None of the four major-equity investors made an appearance at Tuesday night’s vote. However, they were represented by Darius Anderson, an associate of prospective Kings owner Ron Burkle. Todd Chapman of JMA Ventures, the owners of the Downtown Plaza, and Bill Crockett of AECOM, the engineering firm slated to design the project, also spoke on behalf of the private group.
Next up for Sacramento is a critical meeting on Apr. 3rd in New York where Johnson, city staff and the investor group will present their case before the NBA’s relocation and finance committees.
WATCH: Kevin Johnson addresses media following the arena vote
[youtube id=”IKC2BC4GGpg” width=”600″ height=”350″]WATCH: Darius Anderson, associate of Ron Burkle, answers questions following the arena vote
[youtube id=”v-IK3UfQtpI” width=”600″ height=”350″]James Ham also contributed to this post.
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