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Sacramento Arena Plans: Mayor Kevin Johnson Press Conference Notes

The Sacramento Kings continue to work on getting a financing plan for a new arena put in place. It's unclear how close they are to making it work. Tom Ziller of Sactown Royalty has more from the statement the coach has made.

In a press conference Wednesday afternoon, Mayor Kevin Johnson explained the delay in the Sacramento City Council vote on a funding plan for a downtown entertainment and sports complex. Johnson said that the city would continue negotiations with the NBA and AEG to come up with a 'term sheet' by March 1, when it would be unveiled to the public. The council would then vote on the plan, assuming it comes together, on March 6.

There's also some good news based on the votes if you read the entire article. Check it out.

Here's some more notes from a press release.

"Sacramento stands ready to meet the March 1 deadline," Johnson said in a statement. "Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process."

The new arena would be placed where the old Sacramento railyards are currently located and is estimated to cost around $400 million. The issues seem to be focused around how much each side will be paying for it. The city will be raising about half of it, a significant portion will be raised by AEG (maybe about 10-15% of the costs), and most of the rest is expected to be covered by the Kings.

The only issue is the Maloofs. Do they have the money available to meet the necessary funding for a new arena? We'll know soon enough.

To talk about Mayor KJ, Sacramento arena plans and the Kings, check out Sactown Royalty.