Kings await final approval for new arena

Kings await final approval for new arena
March 3, 2012, 1:40 am
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The Kings' future looks positive, with the recently released financial plan for a new arena in the making -- dependent on next Tuesday's City Council vote on staying in Sacramento. The new estimated price for the arena is 391 million.

Mayor Kevin Johnson is confident that there is a great deal of support from Council members for approval.

According to NBA.com:

"Johnson made a pitch to the NBA Board of Governors last April, promising league owners the city would find a way to help finance a new arena to replace the team's current outdated suburban facility. He also bought time by presenting more than 10 million in commitments for new advertising, ticket purchases and other financial support from regional businesses for this season."

The city plans to contribute 255.5 million by leasing out parking garages around the arena. The Kings have also committed by agreeing to pay 73.25 million upfront paired with a lease that mandates the team -- and any future owners -- to stay in Sacramento for 30 years. Other contributions include arena operator AEG giving 58.75 million and 3 million from public sponsorship campaigns.

One downside to the new deal is that fans can expect a five percent ticket surcharge in order to help with the funding of the arena and facility maintenance.

Johnson -- standing true to his word and to Kings fans -- beat the March 1 deadline for the new financial plan for the arena. Now Sacramentans are holding their breath while they anxiously await Tuesday's City Council meeting.
Zoe Joulios is an intern with CSNBayArea.com and a student at the Academy of Art University Multimedia Communications department.