Published March 26, 2013
SACRAMENTO, Calif. – Sacramento city officials are set to consider a financing deal for a new arena for the NBA Kings, as the city tries to keep the team from moving to Seattle.
The package expected to go before the City Council on Tuesday night would use parking fees to help pay for the cost of the new $447 million arena.
The arena would be built on the site of the Downtown Plaza, an aging shopping mall.
Sacramento officials say the financing deal minimizes the risk to the city.
Opponents argue that Sacramento should not be subsidizing the wealthy investors that hope to buy the team and keep it in Sacramento.
Those investors include billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov.