Gap Still Remains In Arena Funding Plan
SACRAMENTO (CBS13) - In one week there is going to be a crucial vote on a parking plan for a new Sacramento arena.
On Tuesday, Sacramento Mayor Kevin Johnson says things are moving forward. But tonight there are still a lot of unanswered questions.
We are a week away from the big vote at city hall where the council will vote on whether or not to move forward on privatizing city parking. But it might be a billionaire re-emerging that may make this thing happen.
"Over the past year we've made a lot of progress," said Mayor Johnson.
The biggest hurdle is still a week away. Even if the city council approves the parking plan that could bring in $200 million for a new arena, where the rest of the money is coming from still isn't as clear.
"The NBA is negotiating on behalf of the Kings and there's a gap we're trying to resolve," said Johnson.
It's believed the Kings owners, the Maloofs, will need to come up with around $85 million to complete the deal.
We asked the Kings on Tuesday if they'd be able to come up with that money and they responded saying: "The Kings organization is currently awaiting a detailed financing plan from the city, at which time the team and NBA will review the information in its entirety."
The NBA offered no comment, but Mayor Johnson says he has no reason to believe the Maloofs won't do their part.
"I think we've all been moving forward that the Maloofs will be here in Sacramento," he said.
If the Maloof's aren't able to invest in the new arena, the mayor admitted billionaire Ron Burkle remains in the picture. Last year Burkle expressed interest in purchasing the Kings and keeping them in Sacramento.
"He's remained somewhat interested in Sacramento, but it's always been scenario one that the Maloofs being owners and keeping the team in Sacramento," said Mayor Johnson.
Also, a key issue here will be finding a way to make up the $9 million from city parking that goes into the Sacramento general fund.
