SEATTLE – The Sacramento City Council approved a term sheet for a new $447 million downtown arena Tuesday night.
The vote is non-binding, meaning the council would have to approve spending the money at a later date. But the passage allows Sacramento an arena proposal it can present to the NBA next month when it attempts to sway the league from approving a sale of the Kings to a group that would relocate them to Seattle.
The term sheet calls for the city of Sacramento to contribute $258 million, with $212.5 million coming through the organization of a non-profit that would borrow against future parking revenues controlled by the city.
The presentation by the city, which lasted about an hour. Much of the talk focused on how the arena would be the centerpiece of an entertainment and sports complex that would revitalize downtown Sacramento. The Kings play at Sleep Train Arena, in Natomas north of downtown that opened in 1988.
A few opponents also spoke, including a lawyer from a group that has threatened litigation if it is not put to a public vote.