March 27, 2015
A national search is on for someone to develop a new arena for the struggling Sacramento Kings.
National Basketball Association officials on Friday unveiled their vision for a sparkling new basketball arena surrounded by a hotel, townhouses, shops and restaurants at the site of Sacramento's existing fairground known as Cal Expo.
But Cal Expo officials say financing remains uncertain on the
350-acre project. The cost of building a new arena and Expo Center
starts at $500 million.
The owners of the Kings, which has the lowest attendance record
in the league, have been asked to make an undisclosed contribution.
A private developer would have to kick in a substantial amount.
A third revenue source could come from taxes as the value of the
land goes up.
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