Sac one step closer to new arena

Sac one step closer to new arena
February 16, 2012, 1:30 am
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In order to stay in Sacramento, the Kings need 400 million dollars for a new Entertainment and Sports Complex.

On Tuesday, they moved one step closer to securing the necessary funding when the Sacramento City Council voted unanimously to continue pursuing proposals with private parking companies, who would be responsible for contributing 200 million to the construction of the new complex.

For their donation, whichever company wins the bidding war will have the authority to operate city-owned parking assets for upwards of 50 years.

Had the City Council shot down the vote Tuesday night, the Kings would be on their way out of town.

In the coming weeks the city of Sacramento, the private parking companies, the NBA, and the Maloofs will convene to try and come to terms on an official sheet to vote on.

It is believed the vote will come on Feb. 28, two days before the NBA's original mandate of a Mar. 1 deadline.

However, the NBA may extend the deadline to ensure a fair and efficient process.