Mayor Kevin Johnson discloses funding plan of the Sacramento Kings’ new arena: NBA Update
On Thursday September 8th, Sacramento City Mayor Kevin Johnson disclosed funding plan of the Sacramento Kings’ new arena. The city mayor presented the financing arrangement ranging from $350 million up-to $400 million
for the Sports and entertainment complex.
At the Sacramento Press Club, Johnson unveiled the “Think Big Sacramento” report that was prepared by 70 member committee which will also be sent to the city Council next week.
After the Johnson’s presentation, the Kings’ management issued a statement in the media which says, “The Kings organization views The Nexus Report as a very positive step toward the goal of a new entertainment and sports complex
that will bring substantial economic benefits to the entire region and we hope will enable the team to continue playing in Sacramento, We were pleased with the report's conclusion that funding for the project can be achieved using various revenue sources,
none of which involve any broad-based tax.”
The Sacramento City’s deadline to arrange the financing of the new arena will end on March 2012 and if the City fails to meet all the promises, the Kings’ will certainly think again to relocate potentially to Anaheim City.
Mayor Johnson and his team planned a very viable funding plan for the new arena in downtown City at the underdeveloped Railyards. According the plan, the City will focus more on public-private partnership financing. Earlier, the
70 member committee which prepared the “Think Big Sacramento” report rejected the idea of flat –tax proposal which was very complicated and also needed two-third vote to pass the referendum.
Johnson seemed pretty relaxed on Thursday after he presented the Nexus report. He has been very active in the Kings’ relocation dispute since it was started early in 2011. His individual hard-work has seen many and many city officials
has also acknowledged his efforts for the Sacramento City. On Last Friday, before the presentation of the financing plan, Johnson also spoke to the media and told his huge aspirations for his city and the new possible sports facility in the town. He said regarding
the Kings’ potential new arena as “the city's greatest economic opportunity since the building of the Transcontinental Railroad.”
Johnson’s involvement in the debate of Kings’ potential move towards Anaheim City was regarded by many. He literally gave a very stiff time to Kings’ owners Maloof brothers and realised them as the Sacramento City still have spirit
to take care of their city matters.
The Kings owners (Maloof brothers) wanted to move their franchise to Anaheim City for their extra spending on current Power Balance Arena in Sacramento. They were extremely frustrated to see the terrible condition of their sports
facility. The Kings’ owners tried hard to secure a feasible financing plan to build a new arena for their team but could not find enough money which eventually led them thinking to relocate towards Anaheim City.
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