Arena: Premium parking garage to be built for Sacramento fans
Download or read the proposed arena term sheet here.
Dating back to 2006, one of the major sticking points for the Maloofs has been getting parking spaces built close to the arena if built downtown.
That wish has been granted.
According to the financial term sheet released by the city of Sacramento, developer David Taylor of the ICON/Taylor group will construct a $25 million premium parking garage next to the $391-million entertainment and spots complex.
Sacramento Mayor Kevin Johnson said Thursday night this was one of George Maloof’s two demands before signing off on the project.
“We figured out a way to do it,” Johnson said courtside during last night’s Sacramento Kings’ game. “None other than David Taylor stepped up. He had some dollars from another project that he was able to put in for this deal. It created a win-win for everybody.”
The other point the Maloofs’ sought was getting legal protection that prevents arena construction from being delayed by lawsuits. State Senator Darrell Steinberg made additions to Assembly Bill 226 in September of 2011 that does just that for arena-type projects.
In the release of the financial outline, more details regarding the revenue split was unveiled. As of now it seems arena operator AEG and the Kings will split profits 50-50 on money made by naming rights as well as all suites sold.
On Tuesday, city council will vote on the project as well as approving $850,000 for consultants and lawyers to negotiate with private companies seeking to assume control of the public parking garages and spaces.
The city of Sacramento will put in $255 million, the Kings will contribute $73 million and AEG will add another $59 million. Another $3 million may come from the “Brick-by-Brick” community fundraiser.
Weekly contributor/columnist Rob McAllister is a reporter for KFBK Radio in Sacramento.