City to release update on Sacramento arena negotiations
04/19/2014 9:00 AM
04/22/2014 9:00 AM
With a climactic City Council vote just weeks away, Sacramento officials plan to release an update Monday on the city’s negotiations with the Kings over the planned $448 million arena at Downtown Plaza.
City staffers will unveil a report spelling out the basics of the development agreement that’s being hashed out with the Kings, said Assistant City Manager John Dangberg. The agreement is still based on the nonbinding March 2013 “term sheet” approved by the City Council, but some changes have been made, he said.
The council will get a further briefing at its meeting Tuesday, and it’s anticipated that the final agreement will be released May 1. The council is scheduled to vote on the plan May 13, setting the stage for groundbreaking late this summer or early fall.
The document to be released Monday will be “a preview of what is to come on the 13th,” Dangberg said. “We want the public to understand the big picture.”
It was originally scheduled to be released Thursday but was pushed back because of the complexity of the ongoing negotiations, Dangberg said. “We have a lot of documents and terms that have to be summarized appropriately,” he said.
In March 2013, with the city fighting to keep the Sacramento Kings from being sold to a group from Seattle, the council approved a nonbinding term sheet outlining a proposed $258 million public subsidy for the project. Dangberg said some terms of the deal have changed, but the basics of the original agreement with the Kings are still in place.
In an interview earlier this week, Kings President Chris Granger also said the key points from March 2013 remain intact.
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