Accord reached!!!

kupman

kupman

Starter
#1
#1
checK it out....did they say 25-30%....I am impressed.....move this if need be VF.

http://www.sacbee.com/content/news/story/14280090p-15088525c.html

Accord reached on arena deal
By Mary Lynne Vellinga, Terri Hardy and R.E. Graswich -- Bee Staff Writers
Published 12:01 pm PDT Thursday, July 20, 2006

Negotiators for the city and county of Sacramento moments ago finalized a deal with the Maloof family to finance a new arena for the Sacramento Kings.

The financing package would rely on voter approval of a new quarter-cent sales tax that would produce about $1.2 billion over a period years, sources said. Half the money would go to pay for the new arena, and the other half would go to the city and county governments to spend as they wish.

A source knowledgeable about the deal said the Maloofs have agreed to contribute $20 million immediately to pay for architectural renderings, planning and the election costs.

They agreed to pay 25 percent to 30 percent of the final costs of the facility. The city would own the new building, according to the source, and the Maloofs would sign a 30-year lease.

Negotiators have brought in representatives from the suburban cities to Sacramento City Hall to brief them on the deal's terms.

"We're done; we've got the deal," said John Dangberg, assistant city manager for economic development.
 
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BigWaxer

BigWaxer

Starter
#4
#4
nice find have been waiting... 25-30%... I am assuming they include the current loan into that but still. If you want a team in a city that is more then the majority of owners in the NBA pay by far. And IMO a very fair percentage when looking at the landscape of sports and the NBA.

Very very cool, should be a fun next few months.
 
W

Wert

G-League
#5
#5
They agreed to pay 25 percent to 30 percent of the final costs of the facility.
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Interesting. Wonder if that means the Maloofs have put themselves on the hook for a percentage of any cost overruns? Might not be a bad idea on their part to help convince folks who might have that as an issue. (potential cost overruns that is).
 
Warhawk

Warhawk

Give blood and save a life!
Staff member
#8
#8
Wert said:
Interesting. Wonder if that means the Maloofs have put themselves on the hook for a percentage of any cost overruns? Might not be a bad idea on their part to help convince folks who might have that as an issue. (potential cost overruns that is).
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Seems that the answer is yes. I honestly didn't think they'd go beyond 20-25% and not cover overruns. I'm impressed with the Maloofs.

Wow - great for the team and the city!
 
DocHolliday

DocHolliday

Starter
#11
#11
ForlornKing said:
Do you guys think it has a chance in the ballot?
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Personally I think it's a longshot, because of the close minded small town mentality a lot of people around here can't get rid of. I'll be hoping, and promoting it on every message board in the local area that I go on. 916online, Napkinnights, Myspace. Hell, I'll even make bulletins on sacramento craigslist in the rants section lol.
 
Burrito06

Burrito06

Bench
#12
#12
I'm hoping that it does. I know I'm going to vote for it. Let's just hope that some of the people who are already negative about it does not affect the outcome as much as I think it will.
 
Burrito06

Burrito06

Bench
#13
#13
DocHolliday said:
Personally I think it's a longshot, because of the close minded small town mentality a lot of people around here can't get rid of. I'll be hoping, and promoting it on every message board in the local area that I go on. 916online, Napkinnights, Myspace. Hell, I'll even make bulletins on sacramento craigslist in the rants section lol.
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Do whatever you can, anything helps. I'm just hoping that the Maloofs can show the reasons why we need a new arena. Maybe take some of the news stations in Arco for an exclusive. Show us what the arena lacks. I'm a big supporter for the arena but maybe something like this will stick into the minds of the close minded people.
 
BigWaxer

BigWaxer

Starter
#14
#14
DocHolliday said:
I'm not impressed. I'm happy, but not impressed. This could have been done 2 years ago. But, they waited till the last possible second as I said they would all along.
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Same here DOC....I need to search for a post but I think it was a a few years ago here that I said no matter what this would go down to the last minute. IMO this is the last minute we really have no other options after this. Very evident by the urgency by both sides to get this done.

But ya I agree this should have been taken care of a long time ago.
 
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VF21

VF21

Super Moderator Emeritus
SME
#15
#15
I don't think it's that much of a longshot.

There are some things you can do if you live within Sacramento County:

1. REGISTER TO VOTE.
2. Get your friends to register to vote.
3. VOTE!

I know I'm already making phone calls to my friends in the Sacramento area. They need to start talking about this to their friends, co-workers and neighbors. AND they need to stress the importance of the arena to the entire area, not just to Kings fans.

This is a sweetheart deal, folks, whether some people want to believe it or not.

The voting will most likely be close but if each of you makes sure you do your part, it will have a much higher chance of success.

Bottom line? Be respectful. Don't alienate potential voters by calling them stupid because they disagree or don't understand. Be patient. Explain why you feel the way you do. Show some class. The negative people will get more and more frustrated if you refuse to be drawn into arguments that aren't relevant, don't really apply or are just an attempt to focus attention in the wrong direction.

This ballot measure is HUGE for the future of Northern California.
 
Warhawk

Warhawk

Give blood and save a life!
Staff member
#16
#16
I think a good ad campaign pushed by the local governments and others involved detailing all the types of things this would fund and the benefits to the city/county and redevelopment of the railyards area would have a good chance of convincing people to vote for it. I would refrain from making it all about the Kings and Maloofs, but not run away/hide from the topic/benefit, either.

Maybe also be sure to cover the economics, such as the Maloofs are going to contribute $xxx and detail how much other cities have paid and give a fair accounting of the entire situation, including the discrepency of engineering and construction costs in California.

It seems like the Maloofs may be kicking in a lot more than originally thought. Were the negotiations more one-sided than we all assumed (weighted toward the city/county) if the NBA didn't want the team moved and told the Maloofs to "get it done"? Were their contribution amounts low-balled early to make it look better to the citizens in the end? Or is it going to end up at 25% and be kinda on target for what was assumed earlier? Too many questions we'll probably never get answers for....
 
DocHolliday

DocHolliday

Starter
#19
#19
Burrito06 said:
Do whatever you can, anything helps. I'm just hoping that the Maloofs can show the reasons why we need a new arena. Maybe take some of the news stations in Arco for an exclusive. Show us what the arena lacks. I'm a big supporter for the arena but maybe something like this will stick into the minds of the close minded people.
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If people don't get why a new arena needs to be built by now, they might never get it. There have been numerous reports done on Arco and it's deficiencies. They just need to re-drive those points home.

Some things are visible like the rickety seating rows, which some are falling apart. When you move the whole row moves. Some things like the locker rooms. But, some of the BIGGEST things cannot be seen. Structural things that will leave Arco almost condemmed within a few years.
 
BigWaxer

BigWaxer

Starter
#20
#20
VF21 said:
Bottom line? Be respectful. Don't alienate potential voters by calling them stupid because they disagree or don't understand. Be patient.
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YES making that my sig VF... That is the most important part. Alienating voters is the biggest pitfall I see here. People including myself are so politically charged in this area. Being the capitol of the 8th largest world economy I wouldn't expect otherwise but still your point is very true.

WAR- I also have a pretty good feeling about this. Cannot wait to hear the details, supposed to come out a bit later today but I think this has a decent chance regardless of the past polls.
 
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VF21

VF21

Super Moderator Emeritus
SME
#21
#21
The Maloofs may, in fact, have been willing to commit something close to that amount all along. We don't know. I think the most give was on the part of the city/county personally. I think the NBA rep may have made it abundantly clear that IF they let this chance get away they weren't going to be seeing another NBA franchise come along to replace the Kings.

All in all, though, the important thing is that it's now going to be a matter of educating the voting public and hoping enough of them AREN'T close minded to the point of cutting of their noses to spite the Maloofs face.

Did you notice R.E. Graswich's name on the article from the Bee? Boy, I bet it was hard for him to avoid the "billionaire playboy owner" label...
 
VF21

VF21

Super Moderator Emeritus
SME
#25
#25
And one step at a time...

I don't think people truly realize how big a hurdle has just been overcome. I believe in the arena; I believe it is the right thing and I believe the voters will, too.

I don't think we're snake oil salesmen, trying to sell people something they don't want and don't need. This is a GOOD thing, and I have to believe there are enough people registered to vote in Sacramento County who aren't blind to the truth that it will pass. But, as I said before, I'm sure going to be doing whatever I can to help spread the word about the real benefits this will accrue to the entire north state.

:D
 
BigWaxer

BigWaxer

Starter
#26
#26
Two to go... has to be voted on by the city council next week. But ya :) LOL As long as it doesn't get Cohn'n in the last minute we should be golden.
 
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kennadog

kennadog

Dog On It!
#29
#29
WoooooHoooooooo!!!!!! I just got in from lunch and went immediately to the Bee website. Darn, wish I hadn't moved last fall. Oh well. If they need campaign workers, I'll volunteer! (Well, I will wait to see the details.) But the outline sounds pretty darn good and a lot better than many NBA cities have done. 15%-25% is the usual range of owner contributions in public/provate partnershiap, so we are, at minimum, going to get the top end of that.

The city gets that contribution up front (or most of it) and the Maloofs count on the future revenue stream to recoup.

As I pointed out in another thread, Graswich has had his facts wrong all along. Not a single Maloof is listed in Forbes list of the world's billionaires (about 360 Americans). They are merely millionaires.;)
 
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