Reporting Steve Large
SACRAMENTO (CBS13) – A term sheet for the plan to build a downtown Sacramento arena is expected to be revealed Thursday and will spell out where the arena is built and how it is paid for.
A solid arena plan is a must if the Kings are to stay.
Conducted inside some of Sacramento’s high-rise office buildings, the high stakes arena financing negotiations are nearing a crucial deadline.
“The city manager told me this afternoon that he would have the term sheet and the report ready for council distribution tomorrow,” said Sacramento City Clerk Shirley Concolino.
Putting an arena on top of the Downtown Plaza is going to cost roughly $400 million. The term sheet will spell out how much of that will come from the public.
Council members will have just four days to look over the terms and cast a vote.
Councilman Steve Hansen voted in favor of entering formal financing negotiations just last month.
“We’re all trying to make the best decision we can and the council will need time to digest the deal,” said Hansen.
Public scrutiny will also be placed on the private side of the term sheet.
For billionaire Ron Burkle and multimillionaire Mark Mastrov, the arena deal is only one half of their investment. They also have to make a competing offer to buy the Kings, which the Seattle investors value at $525 million.
In the end, it will come down to money and time.
“It’s a tight timeline and I know everybody’s doing their best,” said Hansen.
So is there enough time?
“There’s always that rule to life, you only need as much time as you have sometimes,” he said.
The term sheet will be posted online on the city council website around 1 p.m. Thursday.