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Sacramento to discuss parking leases with 11 suitors

Sacramento KingsSacramento will negotiate a potential lease of parking spaces with 11 suitors — with the proceeds being a cornerstone of a funding plan for a new Sacramento Kings (NBA) arena.

The city is under the gun to show the NBA and the Kings a viable arena-financing plan before a March 1 deadline. A key part of the $400-million plan is selling downtown parking revenues to raise $200 million. Now, being that it’s already Feb. 15, it’s certainly ambitious for the city to be negotiating a $200 million lease simultaneously with 11 different firms while at the same time trying to figure out how to replace the $9 million such a lease would remove annually from city coffers. And, to boot, the city wants to keep some level of control over the parking spots.

If such a sale can be finalized, the next steps will be convincing the Maloofs to pay $80 million toward the new arena, negotiate a management deal with AEG that calls for the firm to pay $50 million up front, and then somehow find another $70 million to finish financing the project.

Color us skeptical.

RELATED STORIES: Kings’ arena quest coming down to the wire; Sacramento officials push arena idea — but no funding plan; Kings to share financials for arena research; Kings to stay in Sacramento for ’11-’12; Will Kings move? No one seems to know; Report: Kings likely to stay in Sacramento for ’11-’12; Kings relo app deadline pushed back to May 2; Anaheim to discuss aid for Kings; Maloofs shoot down Arco refurb; Kings: From boom to bust; With Kings eying Anaheim, Johnson vows to continue arena quest; Maloofs sell naming rights to arena; admit to looking at moving NBA’s Kings; Johnson: We’ll take another run at new Kings arena; NBA: We’re done with Sacramento arena effortsConsultant: It makes no sense to move Cal Expo as part of arena project; Maloof: We’re not looking at move to Seattle; Size of Arco Arena site threatens Kings arena deal


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