The city of Sacramento is "poised to make one of the most expensive wagers in its history" tonight when the City Council "votes on a binding agreement with the Kings" to build their $477M arena, according to Lillis, Kasler & Bizjak of the SACRAMENTO BEE. The public’s "end of the bargain" is a $255M subsidy, financed "mainly by a bond issue that amounts to a giant mortgage on the city’s parking operations." In return, the Kings will "convert the dying downtown shopping center into a silvery-white arena that city officials say will revive the urban core and inspire a gusher of development." The Kings’ future in Sacramento will be "cemented for the next 35 years." The team plans to spend $222M on its share of the project, and is "making plans to redevelop much of the rest of Downtown Plaza with a hotel, office tower, shopping and other amenities." Project critics said that the plan is "deeply flawed." But city officials said that the "danger is minimal," and added that they have "crafted a plan that shields the city's general fund from harm." City Manager John Shirey said, "There's no such thing as no risk. We have done everything possible to protect the general fund from any liability." The plan "appears likely to win council approval" (SACRAMENTO BEE, 5/18).
KING FOR A DAY: In Sacramento, Marcos Breton wrote that the city council is close to a deal for the arena is "kind of a miracle of achievement." Sacramento "remains the place where it's still too hard to do business," so keeping the Kings and building the arena were "logical steps despite the pushback from opponents." Prior to this project, the "naysayers usually won" in Sacramento. Mayor Kevin Johnson "deserves credit for being a major force" behind the arena deal, but this is "much bigger than any one person." The arena is "moving forward because supporters in business, labor, politics -- and everyday fans and residents -- had varied reasons for wanting this project to happen" (SACRAMENTO BEE, 5/18).
ADVISORY OPTIONS: In Sacramento, Dale Kasler notes Johnson today will "announce the formation of an advisory committee to gauge whether the construction project meets certain goals on local hiring, sustainability and other 'community impact' standards." Johnson and Kings President Chris Granger were "set to announce formation of the Sacramento First Community Advisory Council at a City Hall press conference" (SACRAMENTO BEE, 5/20).
