Sacramento City Manager John Shirey said tonight that he intends to bring a financing term sheet for a new downtown sports arena to the City Council for a vote at the council's March 26 meeting.
Shirey had previously said he wanted that council vote to take place April 2, but said tonight that "was cutting it close" for the NBA's Board of Governors meeting just more than two weeks later. The league will decide during that April 18 and 19 session whether to approve the Kings' sale to a group in Seattle seeking to move the franchise to the Pacific Northwest.
The city manager said he expects negotiations to begin next week with billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov over the arena financing plan. He said he and other top city officials, along with a team of consultants, has spent the past two days preparing for those talks.
While the terms of the financing plan have not been decided, the majority of the city's contribution is expected to come from the leveraging of downtown parking operations. During a failed arena plan approved by the council last year, that option was estimated to generate more than $250 million for an arena.
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