Sacramento has passed another marker on the path to keeping the Kings in Sacramento. The Sacrmento city council voted Tuesday night to allow city representatives to enter into discussions with local firms seeking to lease downtown parking. The money made from those agreements is necessary for efforts to build a new arena in Sacramento, which in turn is requisite to keeping the Kings in town as part of Mayor Kevin Johnson's proposal to the NBA.
Once the leases are in place to provide up to half of the $387 million necessary for funding the new arena, the Sacramento Bee outlines the rest of the process in their post on the vote Tuesday:
City staff is in tense negotiations with representatives from the National Basketball Association, the Kings, arena operator AEG and the arena development team to round out the facility's financing plan. Those talks are expected to continue for at least another two weeks, as the city works to create a financing "term sheet" for the arena by the end of the month.via Council votes to enter talks with 11 firms seeking to lease downtown parking - Sacramento Sports - Kings, 49ers, Raiders, High School Sports | Sacramento Bee.
The council would then be asked on Feb. 28 to approve that term sheet in a vote that could determine whether the Kings remain in town.
It's a small step, a tiny one, but it is a significant junction of money made available if the agreements can be met with the local firms. Kings fans aren't out of the woods yet, but they do have momentum.
Last year, Kings ownership attempted to move the team to Anaheim, California, but was blocked by a vote from the NBA Board of Governors after a weak proposal from the Maloofs and a strong presentation from Mayor Johnson.