Sacramento City Manager John Shirey told the City Council tonight that "talks are progressing well" between city negotiators and the investors seeking to build a new sports arena at the Downtown Plaza.
Top city officials are in intense talks with billionaire Ron Burkle over the financing of a new arena. That facility would house the Kings should the NBA reject a deal the team's owners have to sell the franchise to a group in Seattle.
Shirey said he remains on track to deliver a financing term sheet to the council in time for a vote March 26. He said he is hopeful that term sheet will be made available to the council and public March 21.
City officials have planned a public forum at City Hall for 5:30 p.m. March 21 to discuss the financing plan.
"Everybody knows we are under a very tight timeframe to get all of this work done," Shirey said.
While many of the details of the financing plan remain unclear, city officials have said the majority of the public's subsidy will likely be in the form of revenue bonds backed by downtown parking spaces and garages. In a plan last year that eventually collapsed, parking assets would have accounted for roughly $230 million.
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