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Sacramento Approves Term Sheet For Downtown Arena; NBA Owners Set To Vote
Published March 27, 2013
WHATCHA THINK? Sacramento City Council members said that they were "swayed by the potential for a grand revival of downtown." But the two council members who voted against the proposal, Kevin McCarty and Darrell Fong, said that the plan "amounted to an overly generous subsidy that could bring the city enormous misfortune if arena revenue doesn't pan out as projected." City Treasurer Russ Fehr said, "There's very minimal risk to the city's general fund" (SACRAMENTO BEE, 3/27). Council member Steve Hansen said, "I think this is the best investor group we've ever had come to the table. This is our opportunity. This is our moment. This could be the golden age of Sacramento that we are bringing." McCarty said he would support the deal if it was "a Seattle-like deal with a 40 percent city contribution with a return on our investment. Is the deal good enough? For me, it is not. The risks, I believe, outweigh the rewards" (SACRAMENTO BEE, 3/27).
BUILDING OUT: The AP's Tracie Cone notes the arena term sheet includes a 35-year "non-relocation agreement with two five-year extensions that would keep the Kings in the city until the last quarter of the century." Development partners "compared their vision of a downtown arena to other projects that have revitalized urban areas" such as Barclays Center and Staples Center. Barclays Center architect AECOM was "tapped to build" the new Kings arena. Development around the arena would "include 475,000 in office space, 300,000 in retail space, 250 hotel rooms and 600 housing units" (AP, 3/27).