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You hit the nail on the head. To calculate the city's contributions based on valuations that assumes an arena being built, while at the same time arguing against the building of said arena, is disingenuous and illogical at best. Though with STOP, it's hard to tell where the incompetence ends...

Fair point, but then the city still wouldn't be subsidizing the ESC. The city would be building the ESC with funding contribution from the Kings, then leasing back at a discount. Effectively, a leaseback agreement with some backloading. In any case, unless the value of the ESC is zero after...

Well, considering that the arena ultimately belongs to the city, you can even argue that the subsidy come from the Kings. The city spends up with a $448m ESC after spending $258.