The City of Sacramento announced Monday that the Sacramento Kings will spend an extra $30 million on the downtown arena project, bringing the expected cost to a total of $477 million.
The extra money will go toward “enhancements” to the arena, improvements to L Street and a new practice facility and team office building, among other things.
While the team’s contribution increases, the city’s share will decrease by about $3 million.
City officials say the key pieces of the project remain the same.
Along with the extra $30 million going into the project, the Kings and the city agreed to a fixed lease payment schedule that, according to the city, will allow Sacramento “greater certainty” on revenues from the arena.
A new lease revenue financing structure was also adopted, allowing the city to sell bonds at a “higher credit rating, lower borrowing costs and a greater flexibility with repayment.”
The City Council will discuss the changes in the term sheet during Tuesday’s meeting.