September 18, 2014
SACRAMENTO, Calif. (AP) - The Sacramento City Council is scheduled to take its final vote on a $477 million downtown arena for the Kings NBA franchise.
The vote, expected late Tuesday night, would cap a lengthy struggle to find a new home for a team that nearly left last year. Kings President Chris Granger calls it "a historic day."
The deal calls for a 35-year lease agreement between the city and team. The city would be responsible for a $223 million subsidy, much of it financed through a bond backed by parking revenue.
In return, the Kings would replace an aging shopping mall and build a crown-like facility with diamond-shaped windows.
If the arena wins approval, the Kings are scheduled to break ground this summer and open it in time for the 2016-17 season.
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