Though there is broad agreement over funding of a new Sacramento Kings (NBA) arena, the tires will hit the road when a formal term sheet — with specific figures — is released.
That release is scheduled for tomorrow. It should be interesting: the biggest chunk of arena financing, the sale of future downtown-parking revenues, is still a long ways from being settled, according to the Sacramento Bee. Indeed, some of the bidders for the rights are backing away from offers to put money up front and recommending the city establish a parking authority, with arena revenue borrowed against those future revenues.
So it will be interesting to see how the money plan actually comes together. It should not be a big point of contention if the term sheet matches what the Maloofs, David Stern and AEG expect; if it doesn’t….
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