Plans for a new entertainment and sports complex in Sacramento seem to be moving forward.
Last week, the City of Sacramento reportedly met all the criteria it needed to by the March 1 deadline set by the NBA, according a press release issued by the office of Mayor Kevin Johnson. This “term sheet” provides the framework for how Sacramento will develop a $391 million facility in conjunction with the Sacramento Kings, Anschutz Entertainment Group (AEG), and the ICON-Taylor Group.
According to the release, the City of Sacramento will contribute $256 million to the project, with an additional $132 million coming from the Sacramento Kings ($73 million) and AEG ($59 million). The final $3 million will be raised via the “Brick by Brick” capital campaign initiative by the Mayor and Council Member Steve Cohn.
Also last week, two new conceptual images for the proposed arena were recently unveiled in another press release issued by the Mayor’s Office.
The next big meeting for the arena project will be the next Sacramento Council Meeting on Tuesday, March 6, when the Mayor and City Council will review a detailed proposal to build and finance the new complex, according to the Mayor’s Office. The Council’s approval is needed to move the project forward, which includes design and planning activities that have to start soon to meet the project’s September 2015 target completion date.
For more information on the new arena project, visit www.cityofsacramento.org.
