Despite missing his own, self-imposed deadline to reach a deal for an arena financing plan, City Manager John Shirey did release a few key details to the city’s plan for a new arena at the Downtown Plaza Thursday.
Shirey said Sacramento will ask the Kings for a 35 year lease. That would ensure the team played at the new arena at least until 2050.
Also, the city would own the new arena outright. The investors would be responsible for its design, construction, and operation.
“That takes a big burden off our shoulders,” Shirey said. “It puts that in the hands of the investors. So that’s a real improvement from my standpoint.”
The arena deal is similar in structure to the one the City put together last year as far as financing is concerned. No dollar figure though was given on the City’s contribution, but parking again would be the big revenue source. However this time, a non-profit group would control the parking instead of the City seeking an operator.
Shirey also said City owned land and a ticket surcharge would both contribute to help fund the arena.
“We are about getting it right. Making the best deal we possibly can. Making sure we are protecting the tax payer and the principles the Council gave me are met in terms of this transaction.”
It is Shirey’s hope to finally release the term sheet at Tuesday’s City Council meeting.