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KINGS LOAN STILL LOOKING TO GET THROUGH ITS FINAL HOOP
Published April 17, 1997
The Sacramento City Council gave "what should be the last approval needed" to implement a $70M loan to the Kings, although council approval "came only after considerable debate" about the actual value of Arco Arena, according to Tony Bizjak of the SACRAMENTO BEE. Under the loan deal, the city would end up with the arena if the Kings ever default, but the value of the arena remained unresolved despite the council's loan approval. While the arena was appraised for $87M in '94 by a private valuation company, the county assessor set the value of the arena and the property in it at just under $49M two years ago for property tax purposes. City staff members "have said they guess the arena would be worth about $50M to them, if they were stuck with it." Two pending court suits over the proposed ticket surcharge at the arena must still be resolved before a bond sale to finance the loan can happen (SACRAMENTO BEE, 4/16).