County And Kings Come To Agreement On New Arena
After days of intense negotiations, Sacramento officials have a deal with the Maloof family, owners of the Kings, to build a new downtown arena for the team.
Friday, July 21, 2006
The deal involves a quarter cent sales tax increase to raise money for the arena, which is expected to cost as much as 540 million dollars. County Supervisor Roger Dickinson says the increase won’t cost citizens all that much:
Less than five dollars a month for the average person is our estimate of the individual cost of that sales tax increase if approved.
The Maloofs would contribute about 142 million dollars to the project, and would reportedly net most of the profits the arena would generate. The increased sales tax would also raise about 600 million dollars for public projects for Sacramento county and city, and other cities in the region.
The arena would be built at the railyards as part of Sacramento’s downtown revitalization project.
If supervisors approve the proposal, it must then go before the voters in November.