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Sacramento City Council Votes Unanimously To Enter Negotiations With Parking Bidders

The Sacramento City Council has voted unanimously to allow the city to enter negotiations with 11 firms seeking to win the contract to operate Sacramento's downtown parking facilities in exchange for an upfront payment that would contribute half or more of the funding needed to build a new entertainment and sports complex at the arena.

A week ago, the council narrowly defeated a bid to have the entire parking plan put on the June ballot, which would have halted progress and likely sent the Kings to a new city, given that the NBA's deadline for an arena funding plan is March 1. The council will next take up the issue on February 28, when a term sheet between the city, the league and operator AEG could be up for approval. That vote is expected to be more narrow, depending on how high the parking revenue comes in.

Stay tuned. February 28 is going to be a huge night for the future of the Sacramento Kings.

Some discussion in Exhibit G's FanShot.