SACRAMENTO (CBS13) – Sacramento city officials unveiled a few more pieces of the arena deal puzzle Friday, releasing conceptual drawings showing how the new arena will fit into the downtown railyards.
The drawings show a view from the south and the view from the northeast and detail how the arena would be situated, but the sketches are only preliminary.
“We’re a long way away from the exact design, exact appearance of the facility, but we have some updated drawings that we wanted to give out today,” said Kunal Merchant, chief of staff for Mayor Kevin Johnson.
Thursday, the term sheet detailing the financial puzzle that makes up the $391 million deal was released.
However, City Councilman Steve Cohn said on Friday that the term sheet is in no way set in stone.
“There are major details, the lawyers have to get involved, so the documents will end up being massive,” Cohn said.
However, he did say the term sheet is detailed enough to allow the council to approve it when it votes on Tuesday.
Under the agreement, the city will contribute $255.5 million to the project, mostly by leasing out parking garages around the facility, in addition to selling city-owned land.
The Kings have agreed to pay $73.25 million up front and sign a lease obligating the team – and any future owners – to remain in Sacramento for 30 years.
Arena operator AEG will contribute $58.75 million, and another $3 million will come from a public sponsorship campaign – such as selling engraved bricks and plaques around the building.
There also will be a 5 percent ticket surcharge to help fund the arena and a $1 ticket surcharge for facility maintenance.
Also part of the deal, a private parking garage for premium ticket holders will be built, the city will sell 100 acres it owns next to the Kings’ current Natomas arena, and the city will make up the $9 million loss to its general fund from the 5 percent ticket surcharge on arena events, a revenue-sharing agreement with AEG and other sources created by the development of the arena.