According to multiple sources familiar with the details, the city of Sacramento may be able to tap as much as $200 million, or slightly more, in parking revenue to fund a downtown arena to house the Kings.

The figure, confirmed Tuesday by sources requesting anonymity because studies are not yet public, offers a first glimpse of a financial analysis scheduled to be aired at a City Council meeting on Dec. 13.

After years of failed funding attempts, the possibility of selling or leasing parking revenue to private vendors for a substantial price could be the last hope of building an arena, keeping the Kings in Sacramento and boosting downtown in the process.

Publicly, the price tag of a new arena has been set at $387 million, but it could go higher. Doesn't it always?

A Sacramento arena deal would require significant financial contributions from a private developer, and the city is negotiating with Los Angeles-based AEG.

It also remains unknown how much the NBA or the Kings would contribute to the project.

There are legal and political issues also to be resolved, such the question of whether Sacramento could use revenue from street meters to fund an arena.

The meters make up about a quarter of the $200 million or more that might be generated from parking revenue. Is it legal to use that money for private use?

In addition, Sacramento's parking assets were funded with tax-exempt bonds that would have to be paid back to the tune of about $50 million.

Sacramento's general fund gets about $10 million a year from parking revenue, money that would have to be replaced somehow for a cash-strapped city in need of each and every dime it collects.

All of these issues present political challenges to a Sacramento City Council forced to go it alone because, despite the veneer of regionalism in the effort to build an arena, no other city or county has skin in the game. This is true despite the fact the region would benefit from a new arena.

Regionalism is an empty word around here.

So Sacramento is not only looking to raise money with parking funds, but it may sell public lands and lease signs and cellular towers, among other ideas, to finance an arena.

This underscores why some cities pass sales tax increases to build arenas or stadiums. A sales tax is a reliable, sustainable revenue stream, but you can't even have that discussion in anti-tax Sacramento.

Regardless, it will be interesting if the NBA adopts its usual mercenary posture, given how a financially struggling city is straining to make this deal happen.

If it doesn't happen, it won't be because of Sacramento. It will be because the NBA and the Kings bolted for a more favorable deal.

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Call The Bee's Marcos Breton, (916) 321-1096.

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