With the way the past couple of years have been treating our state financially, I think that if everybody can agree on who’s going to pay for what, this new stadium could bring a lot of good things for a lot of people.
Sacramento, CA (PRWEB) February 23, 2012
RoadFish.com men’s lifestyle and finance magazine expressed today its encouragement to the NBA, the Kings’ owners, and the city of Sacramento to reconcile their finances and come to an agreement to erect a new stadium for the Kings in downtown Sacramento. Not only will the building of a basketball arena provide a home for the Kings, who nearly relocated to Anaheim last year, but it will also be a welcome source of jobs for residents. Currently, the NBA and the Mayor of Sacramento are discussing the finances that surround this project.
ESPN ran an Associate Press article, reporting that Sacramento Mayor Kevin Johnson and NBA commissioner David Stern released a statement on Wednesday, announcing that they have agreed to a “work plan” in their attempt to come to a financial agreement with the new arena by the deadline, March 1st. According to the article, Mayor Johnson, Commisioner Stern, and the owners of the Kings, the Maloof family, will meet in Orlando, FL during the All-Star festivities this weekend to further discuss.
According to the AP article, the current point of conflict in the arena discussions is the amount of money that the Kings will put forth toward the stadium. Mayor Johnson stated, “Sacramento stands ready to meet the March 1 deadline. Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process.”
RoadFish.com’s Senior staff writer is quoted saying, “You know, I’m not from Sacramento, but I am from California. And though I’m not a big basketball fan, I am 100% for the development of this new arena. I am all for any opportunity that supplies new job opportunities and extra income for a California city. With the way the past couple of years have been treating our state financially, I think that if everybody can agree on who’s going to pay for what, this new stadium could bring a lot of good things for a lot of people.”
Dale Kasler of The Sacramento Bee reported last week that Sacramento City Council voted last Tuesday to move forward with leasing out its parking garages and meters to private investors in order to raise up to $200 million to put towards the arena, a move that is a massive component to the financing plan for the arena. Now that this decision has been made, a “term sheet” is being assembled to be signed by the NBA, the mayor, the city and private developers, on the NBA-imposed deadline of March 1st .
ESPN’s AP article reported statistics from an anonymous person familiar with the negotiations, but not authorized to disclose information. The anonymous source stated that under the proposed agreement, $75-$100 million is expected from the Kings, $40-$60 million is expected from arena operator AEG, and $190-230 million is expected to be garnered from leasing parking garages to private investors. Reportedly, the Kings would also be asked to donate the land around their current suburban arena back to the city of Sacramento, which is worth approximately $25 million.
RoadFish’s Senior staff writer stated that from a financial standpoint, the arena could be “a real blessing for not only Sacramento sports fans, but for employment opportunities and for the city and state’s overall economic status.”
The arena is estimated to cost $406 million to construct. It would be located in the downtown Sacramento rail yards, and would open for the 2015-2016 NBA season.
RoadFish.com is an online men's lifestyle and finance magazine targeted toward men in their 30's and 40's that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, consumer interests, health tips, and dating tips, as well as ways to make more and save more money. It is a publication owned by Purpose Inc.