Disagreement Over Financial Details Of Kings Arena Deal
A Sacramento City Councilman is sharply criticizing the financial details of the arena deal county supervisors have negotiated with the owners of the Kings.
Monday, August 7, 2006
City council member Steve Cohn says the county is losing out on millions in property taxes, because supervisors allowed the Maloof brothers, owners of the Kings, to rent the new arena, rather than own it.
Basically, if we gave it away, we’d have 2 million dollars more than the way this deal is structured.
But Supervisor Roger Dickinson, who helped negotiate the deal, says the Maloofs will pay one of the highest fees in the state -- about 4 million in rent a year – compared to other California teams that are paying property taxes in the neighborhood of half a million dollars a year:
They come nowhere close to, in fact, the rent that the Maloof sports and entertainment organization will have to pay here in Sacramento.
The public will have a chance to vote on the deal on November 7th.