Several months ago, it seemed to be a certainty that the Sacramento Kings would be moving to Seattle. But there have been countless “snags” along the way for Seattle basketball fans.
Sacramento isn’t just going to give away their team and they’re not going down without a fight either. After finding new investors a few weeks ago, something else has transpired that has strengthened their case.
Sacramento officials announced Saturday they have reached a deal for the largest redevelopment project in city history – a $447.7 million arena at the Downtown Plaza, with up to 1.5 million square feet of offices, housing, stores and a high-rise hotel.
The public-private partnership agreement, announced in nine rapid-fire tweets by Mayor Kevin Johnson, puts the city on track to make a last-minute pitch to NBA officials in New York in two weeks to keep the Sacramento Kings from leaving town for Seattle. It would require the city to commit $258 million in value, or 58 percent of the arena cost. Of that, $212 million would come from selling bonds backed by future revenues from city downtown parking garages.
H/T: Sacbee
