City and Sacramento Kings postpone release of final arena agreements
The public release of final agreements and documents pertaining to the new Sacramento Kings arena has been postponed. The city announced yesterday that they’ve delayed publishing the new term sheet for the sake of perfecting the “provisions and details”.
“In the interests of equipping the public with full and definitive information on these materials, the City has opted not to publish documents (yesterday),” City Manager John Shirey said in a prepared statement. “We will honor our promise of giving the public at least 10 days of public review and comment prior to the City Council meeting and vote. It is more important that all issues are addressed and resolved to the satisfaction of both parties instead of meeting (yesterday’s) self-imposed deadline.”
The delayed release of the documents doesn’t change the timeline for a vote. The city of Sacramento still plans on voting on the final arena term sheet at a City Council hearing on Tuesday, May 13.
“In less than a year’s time, we have made tremendous progress on this once-in-a-lifetime project that will transform Sacramento’s economy and quality of life,” Kings President Chris Granger said in the joint release. “We are confident that all remaining issues will be resolved, and we are still on track for a fall 2016 opening.”
General terms of the deal were published by city officials roughly two weeks ago. It was revealed that the price of the new arena jumped by $30 million to $477 million. However, the Kings, not the city are picking up the additional costs to build the new entertainment and sports complex at the Downtown Plaza. The city will pay for $255 million of the project while the the Kings are planning to contribute $222 million.