Historic City Council Vote On Arena Expected To Pass
SACRAMENTO (CBS13) - It could be the biggest vote of their careers when Sacramento City Council members weigh in on the downtown arena plan Tuesday night.
They've had five days to review the term sheet negotiated by the mayor, the Maloofs, owners of the Sacramento Kings, and the NBA for the $391 million sports and entertainment facility.
Three council members CBS13 talked to on the eve of the vote say they are leaning toward supporting the deal and will make their final decision during the meeting.
"I'm optimistic," Councilman Rob Fong said of the financing agreement gaining city approval.
Councilmember Steve Cohn tells CBS13 he's already decided to vote yes on the railyards arena. The measure is expected to pass, but not with full support. The term sheet needs at least five "yes" votes to pass from the nine-member council. CBS13 is hearing a 7-2 vote in favor is likely.
According to the financing plan, the city will contribute $255 million toward the railyards arena, with most of that money coming when it leases its parking spaces to a private operator. The Maloofs have committed to contributing $73 million, and another $59 million will come from arena operator AEG.
The Taylor/ICON group is the developer for the project, with the arena targeted to be open in September 2015.
Tuesday's City Council meeting starts at 6 p.m.
