BloodAtFirstBite Posted July 21, 2006 Share Posted July 21, 2006 SACRAMENTO -- City leaders reached a deal Thursday to build a new arena for the Sacramento Kings in the city's downtown, using a quarter-cent sales tax that would require voter approval in November.The arena would cost between $470 million and $542 million, with the Kings' owners, the Maloof family, contributing around $122 million in payments over the life of the deal to finance the downtown project, The Sacramento Bee reported on its Web site.The Maloofs also agreed to sign a 30-year lease and put $20 million in a repair fund for the new facility. The team's owners also pledged to pay off their current $71 million loan from the city.The existing Kings facility, Arco Arena, which was completed in 1988, is one of the oldest unrenovated arenas in the league, limiting the team's profits from things such as luxury suites and advertising.The city has been negotiating with the city and Sacramento County for years about public financing for a new arena amid fears the Maloofs might move the team to Las Vegas, where they also own a lucrative casino. Las Vegas does not have an NBA franchise.The new Sacramento arena would be the anchor in a sports and entertainment district for the city's vacant railyard and would be owned by a new joint authority group likely composed of officials from the city and county, the Bee reported.The Kings would be responsible for the operating costs and would get all the money from events, food and beverage sales and parking as well as revenue from naming rights, it reported.But the deal would also require voters to approve a new quarter-cent sales tax that could produce about $1.2 billion in revenues over 15 years. Polls have shown tepid voter support for such a measure.The Sacramento County Board of Supervisors was expected to vote Aug. 2 on whether to place the measure on the Nov. 8 ballot Link to comment Share on other sites More sharing options...
Brendan Posted July 21, 2006 Share Posted July 21, 2006 Im really suprised i thougth for sure the Sacramento Kings would become the Las Vegas Kings. I happy though cause proffesinol sports would fail big time in Las Vegas. Link to comment Share on other sites More sharing options...
WSU151 Posted July 21, 2006 Share Posted July 21, 2006 Im really suprised i thougth for sure the Sacramento Kings would become the Las Vegas Kings. I happy though cause proffesinol sports would fail big time in Las Vegas. The Kings' move to Las Vegas is still a possibility.You'd think that the Maloofs could pitch in a bit more money than 23-25%. If they agreed to at least half of the cost, then the vote would probably be a landslide. Smart is believing half of what you hear. Genius is knowing which half. Link to comment Share on other sites More sharing options...
dfwabel Posted July 21, 2006 Share Posted July 21, 2006 While the deatils have not been released, this sounds like the city is going to bend over backwards to keep their one team. The Maloofs are going to make huge $$$ if this is passed by the taxpayers. One my way to look at fieldofschemes.com Link to comment Share on other sites More sharing options...
nyk Posted July 21, 2006 Share Posted July 21, 2006 I'm very surprise by this. I also knew they were in discussions about a new arena for awhile but i thought negotiations were goin no where going no where.I really thought they could be in Las Vegas soon, but with a new arena, the city of Sacramento will make sure they will be going no where no time soon. Link to comment Share on other sites More sharing options...
NoHoJoe Posted July 21, 2006 Share Posted July 21, 2006 Will it be called the BP Amaco Arena now the ARCO no longer exists? BRING BASEBALL BACK TO MONTREAL!!!! MON AMOURS SIEMPRE!! Link to comment Share on other sites More sharing options...
-kj Posted July 21, 2006 Share Posted July 21, 2006 The existing Kings facility, Arco Arena, which was completed in 1988, is one of the oldest unrenovated arenas in the league... The arena's not even 20 years old, and it has to go? The hell?? Buy some t-shirts and stuff at KJ Shop! KJ Branded | Behance portfolio POTD 2013-08-22 On 7/14/2012 at 2:20 AM, tajmccall said: When it comes to style, ya'll really should listen to Kev. Link to comment Share on other sites More sharing options...
Ez Street Posted July 21, 2006 Share Posted July 21, 2006 This is what I want... @DavidStreeter Link to comment Share on other sites More sharing options...
LMU Posted July 21, 2006 Share Posted July 21, 2006 Arco Arena is one of the smallest professional arenas I have seen. About time they build a new one. Plus, about time they use the undeveloped land in Sacto, since downtown abruptly stops when it hits that vacant dirt/mud. Link to comment Share on other sites More sharing options...
dfwabel Posted July 21, 2006 Share Posted July 21, 2006 Will it be called the BP Amaco Arena now the ARCO no longer exists? ARCO is a unit or BP (formerly British Petroleum). There are still ARCO branded stations in six western states. California, Arizona, Nevada, Oregon, Washington, and Utah. I wonder who will get the naming rights monies for the new venue if approved? Link to comment Share on other sites More sharing options...
TBGKon Posted July 21, 2006 Share Posted July 21, 2006 I wonder who will get the naming rights monies for the new venue if approved? the highest bidder will have their name on the venue. Link to comment Share on other sites More sharing options...
tp49 Posted July 22, 2006 Share Posted July 22, 2006 Arco Arena is one of the smallest professional arenas I have seen. About time they build a new one. Plus, about time they use the undeveloped land in Sacto, since downtown abruptly stops when it hits that vacant dirt/mud. The deal is not finalized, it just gets to be put on the November ballot for county residents to vote on.As for the railyard...they still have a lot of work to do there. It has environmental issues which is why nothing has been built there yet, namely its contaminated. It is also the only major undeveloped tract within the downtown grid. Downtown Sacramento is booming there is a lot of new construction going on and this if it goes through will be another thing to draw people in. It will be a nice addition to my neighborhood if it goes through. Link to comment Share on other sites More sharing options...
dfwabel Posted July 22, 2006 Share Posted July 22, 2006 I wonder who will get the naming rights monies for the new venue if approved? the highest bidder will have their name on the venue. I was going more on the line of who has large business ties to Sacramento. Link to comment Share on other sites More sharing options...
nyk Posted July 22, 2006 Share Posted July 22, 2006 I wonder who will get the naming rights monies for the new venue if approved? the highest bidder will have their name on the venue. I was going more on the line of who has large business ties to Sacramento. It will be some California-based company. Probably a company in Northern Cal. I can't think of any companies as of right now Link to comment Share on other sites More sharing options...
winters in buffalo Posted July 22, 2006 Share Posted July 22, 2006 The existing Kings facility, Arco Arena, which was completed in 1988, is one of the oldest unrenovated arenas in the league... The arena's not even 20 years old, and it has to go? The hell?? What a waste. A complete waste. You would think that even WAAAAY back in 1988, someone would have the foresights to build an arena with a 50 or 60 year lifespan. Link to comment Share on other sites More sharing options...
appleclock Posted July 23, 2006 Share Posted July 23, 2006 The existing Kings facility, Arco Arena, which was completed in 1988, is one of the oldest unrenovated arenas in the league... The arena's not even 20 years old, and it has to go? The hell?? What a waste. A complete waste. You would think that even WAAAAY back in 1988, someone would have the foresights to build an arena with a 50 or 60 year lifespan. I agree 1988 doesn't seem like a very long time ago... but if you look at the NBAs growth since then, there have been new buildings for over half the teams. Link to comment Share on other sites More sharing options...
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