Think Big Sacramento Releases Kings Arena Funding Report

by Tom Ziller on Sep 8, 2011 1:17 PM PDT in Arena

It's here! Think Big Sacramento released the Nexus Report on funding options for a new entertainment and sports complex that would host the Sacramento Kings on Thursday. You can download the PDF here.

Mayor Kevin Johnson, Sacramento City Councilman Rob Fong, state Sen. President Pro-Tem Darrell Steinberg, state Sen. Ted Gaines, Think Big Sacramento director Chris Lehane and arena financing expert Dan Barrett presented the plan to the Sacramento Press Club on Thursday. Barrett and Lehane went over the basic considerations, while Mayor KJ set the table going forward.

KJ focused on the economic impact and job creation potential. He said he wants the funding sources solidified by January 2012; the NBA's deadline is set for March 2012. Among the biggest issues left to be ascertained: the lease agreement with the Maloofs, how the contribution from parking and public land sales will work and how the Maloofs' outstanding $67 million loan will be handled.

Four more months to figure it out. The next step comes Tuesday when the Sacramento City Council hears the plan.

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Great presentation

I am very optimistic about this. Lets get it done!

BRING BACK THE ARCO THUNDER....STOMP!

by kfipp on Sep 8, 2011 1:29 PM PDT reply actions

Wow

I was so excited, I read thru the report as they did the presentation.
Like most things I get excited for , I fell asleep when it was done.
It sounds like they have options for most of the potential forks in the road.
It will be interesting to see how the King’s loan plays out. They obviously are just not going to forgive it, but seem to have a couple of ways to make it more viable. Maybe,accepting it a FMV at redoing the payments for the remaining value. Maybe the Maloofs get a minor compensation for signing a non compete clause. Should be fun.
I am guessing, given their financials, that MS&E will opt for a higher lease amount rather than donating a large chunk of up front $ with a lower lease rate.

As a result of the NBA going dark and staging a lockout I plan on saying only depressing things until the season starts. If they put out the schedule I plan to also go and sit in the Arco parking lot on nights games would have been played. I will Tivo CSN on games nights. They can't stop me. Its my team and I'll cry if I want to, cry if I want to.

by ElRonToro on Sep 8, 2011 1:49 PM PDT reply actions