do you think Sacramento will get a new arena built for the Kings? (San Francisco: apartments, loft)

[Tyryztoll]

Oh boy, a new arena in which to finish last every year!

See ya in 20 years when this arena gets outdated, and the Kings STILL haven't won a title!

[ryuns]

Originally Posted by Malloric

Well, supposedly $50M for AEG although that's what the city was looking for some time ago.

$75 from Maloofs, $50/?? from AEG, ?? from the NBA, balance from the City = $265-$312 with the Maloofs kicking in another $75 which probably will go either directly or indirectly to the City as the City can probably borrow at a lower rate.

I'm not sure how much the city can come up with and from where. If we assume $200 that leaves somewhere between $65-to 112 from the NBA. On the other hand, if the City can scrounge up $200 plus borrow $65 against the expected $75 from the ticket surcharge and AEG comes in with the $50... that pays for the arena without any assistance from the NBA, minus the overruns.

A few more details in the last update.

$75M from the Maloofs, $60M from AEG, which leaves the City's contribution at $252M. The article says $200-250M from the City, with $75M paid back over time from the Maloofs.

Still doubtful this will work out well in the end, but it's looking better than I'd feared. And hey, maybe our elected officials can finally go back to working on, y'know, solving problems?

Edit: Just skimmed the SacBee online chat transcript and they're saying that ICON has promised to handle construction cost overruns. That would be a huge benefit

[NWbyNW]

I don't think Sac will get a new stadium for the Kings.

Sadly for the Seattle area, I doubt the Kings will be headed to them. But a possibility is still that the Kings could be headed down to Anaheim. I don't get that move.... three NBC teams in southern California.... thats not needed.

But all in all, there needs to be another Pacific Northwest team. Portland isn't enough, and Seattle deserves one being the 12th largest media market in the country.

[pistola916]

Originally Posted by NWbyNW

I don't think Sac will get a new stadium for the Kings.

Sadly for the Seattle area, I doubt the Kings will be headed to them. But a possibility is still that the Kings could be headed down to Anaheim. I don't get that move.... three NBC teams in southern California.... thats not needed.

But all in all, there needs to be another Pacific Northwest team. Portland isn't enough, and Seattle deserves one being the 12th largest media market in the country.

Dude did you even read the news? Sac, NBA, and Maloofs have reached a deal to keep the team in the city and build a new facility in the downtown railyards.

[Majin]

Originally Posted by NWbyNW

I don't think Sac will get a new stadium for the Kings.

Sadly for the Seattle area, I doubt the Kings will be headed to them. But a possibility is still that the Kings could be headed down to Anaheim. I don't get that move.... three NBC teams in southern California.... thats not needed.

But all in all, there needs to be another Pacific Northwest team. Portland isn't enough, and Seattle deserves one being the 12th largest media market in the country.

[wburg]

$75 paid back by the Maloofs over 30 years, in return for a city loss of $450 million from parking revenue over 50 years (assuming parking usage doesn't go up)...hm. Not quite feeling it.

And I'm not sure the folks supposedly bidding on the parking will be feeling it either, as the deal now specifies that the parking fees from Kings games will be split by the city and the Maloofs. Hey parking guys whose bids were based on massive attendance at this new arena on Kings game nights? You don't get any of that money! Now, how much did you want to bid?

[NewToCA]

Folks over at SacTown Royalty are going nuts, glad to see them so happy about the outcome:

Framework Of Sacramento Arena Deal With Kings, NBA In Place, Says Mayor - Sactown Royalty

[sacramento916]

Originally Posted by wburg

$75 paid back by the Maloofs over 30 years, in return for a city loss of $450 million from parking revenue over 50 years (assuming parking usage doesn't go up)...hm. Not quite feeling it.

And I'm not sure the folks supposedly bidding on the parking will be feeling it either, as the deal now specifies that the parking fees from Kings games will be split by the city and the Maloofs. Hey parking guys whose bids were based on massive attendance at this new arena on Kings game nights? You don't get any of that money! Now, how much did you want to bid?

Nothing would've made you happy unless the Kings left anyways.

This is a time for celebrating, Sacramento has finally given itself a chance on a future instead of just resigning to the fate of being another depressing Central Valley town.

[wburg]

No, now is the time to be calculating. I'll celebrate if we get a good deal, and so far, this doesn't look like one. The idea that this is just another depressing Central Valley town without the Kings is ridiculous nonsense, repeated by folks with lousy self-esteem. A big silicone injection in the Amtrak parking lot shouldn't be the basis for our self-worth as a city.

[ryuns]

Originally Posted by wburg

No, now is the time to be calculating. .

Agreed. Maybe we'll get better numbers to work with on Thursday? My councilman (Schenirer) is supposedly still on the fence, so I look forward to seeing that term sheet and give him my 2 cents.

A couple unexpected positive notes:
-Developer may pick up cost overruns. That would be huge, and make sure that what may be a bad investment at least doesn't become a huge boondoggle.
-AEG put in 20% more than expected. Even though they're some giant corporation, they're kind of the only player who I trust to make the right decision for themselves, and to have really done some impartial analysis. And that means they actually have some faith that people will show up at the arena and have a big incentive to get butts in seats.

Negatives: Still a ton of uncertainty, still a ton of upfront money from the city, still a ton of uncertainty associated with the Maloofs' solvency and ability to borrow.

I'm still with wburg that the future of downtown/river district/railyards should feature people actually living there. That supports a vibrant community better than an arena--people who spend all their time there with a stake in its future. But when I look at that part of town now, it's pretty tough to imagine. But at least, where we stand, a new courthouse and a new arena would mean a lot of traffic. Maybe that's a decent start. Maybe.