News conference scheduled for 2:45 pm

Ryan

Ryan

I like turtles
#35
#35
great points

Will help jump-start the new down-town development

"it's about the quality of life"

oh god, not heather. oh bull! She's had nothing to do with this!

sorry :( Not a fan. she said she started this whole thing.
 
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Warhawk

Warhawk

Give blood and save a life!
Staff member
#36
#36
He's going into good detail on what the specifics are.

1/4% tax for 15 years (at least $1.2 billion)
at least 1/2 of the $$$ to cities and county for any legal improvement projects they would like - roads, fire stations, community programs etc.
Not about the Maloofs, about us as Sacramentans and our future
We deserve good entertainment, conventions, etc, that ARCO cannot currently host, along with the best in pro sports
Kings/Monarchs will be here 30 years (2010-2040)
Maloofs to put $20 mil into an improvement fund for the structure (new arena)
Structure to cost probably $470 to $540 million, depending on final configuration, which includes parking, infrastructure, land acquisition, and demolition of the old structure
City/county to control design and costs of arena, not the Maloofs
Maloofs to pay 26-30% of final cost depending on what the cost is
Maloofs to pay $4 mil/year for use of structure and all operations costs, estimated at over $10 mil/year
Maloofs to run facility and keep proceeds and naming rights
Maloofs to pay off loan, probably at least partially from sale of existing ARCO property
This deal equal to or better than any of the past 4 arenas built

Might have missed a few things. They are REALLY making an effort to promote this as a "future of Sacramento" discussion and not a Kings discussion.

Mayor and vice mayor saying a few encouraging words but not much specific about the plan.

Maloofs thrilled to keep the team here despite the "hard bargain" they accepted.

Loan payoff is not included into the numbers above.

Maloofs to pay $142 million total for the building, plus the $72 million on the loan remaining.

Deal (such as it is) finished at 9-something this morning.

City doesn't negotiate any deal in public, the secrecy here is routine for any deal they are working on.
 
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1

1kingzfan

Bench
#38
#38
One more feature:

Don't forget pay off by the Maloofs of the current Arco loan to the City of $72 million.

Maloofs committed to $142 million (hard number) for arena construction.
 
Prophetess

Prophetess

Gallifrayain
#39
#39
ok, clarification please? pay off of the loan was not included in %? correct?
so the maloofs pay back their loan and still pay 26-30% of cost- right?
 
Warhawk

Warhawk

Give blood and save a life!
Staff member
#44
#44
Amazing, just amazing. I think this can pass, folks. They are pushing all the right buttons in this first conference and making it look like they took the Maloofs for everything they reasonably could for this kind of deal.

Not that I want anything bad for the Maloofs, but they are not going to appear to be skating off scot-free with a new arena, that's for sure. Public perception is everything.
 
Warhawk

Warhawk

Give blood and save a life!
Staff member
#45
#45
On 1530 KHTK more details are coming out about the tax.

Tax had to be over 2x the cost of the arena so it could be considered a general-purpose tax and subject only to majority vote, as opposed to a specific, arena-only tax which would have required a higher pass rate.
 
W

Wert

G-League
#46
#46
Warhawk said:
On 1530 KHTK more details are coming out about the tax.

Tax had to be over 2x the cost of the arena so it could be considered a general-purpose tax and subject only to majority vote, as opposed to a specific, arena-only tax which would have required a higher pass rate.
Click to expand...
That might explain why it's 15 years rather than 10.

But really, those details are excellent and a better deal than I thought we'd see. It's all very encouraging and something (with a bit more detail/study about things like naming rights, etc.) that I could potentially see myself voting for.
 
W

Wert

G-League
#50
#50
D-Mass said:
Thanks for being open to it, Wert. :)
Click to expand...
Well, it's not a lock my wife and I will vote for it, but I do like those details and will keep a very open mind until I get to see the complete breakdown.

I do think it's very encouraging though. I like that the Maloofs are making a long term commitment and that there will be gobs of money for other city projects too.
 
J

JB_kings

Starter
#51
#51
I have a feeling that the more people learn about this deal, the more most will feel better about it. They take the time to listen to the facts and ask questions. What concerns me is how many out there are just lazy and won't want to learn. Those people might just vote no and think they just got a deal from Geico.
 
kennadog

kennadog

Dog On It!
#54
#54
I want to thank you for being open to the proposal. I have to admit, its more than I thought they'd get out of the Maloofs. Or maybe the Maloofs really wanted to stay in Sac. I'd say they have now put their money where their mouth is. I'm sure the NBA would like it.
 
B

BMiller52

All-Star
#55
#55
Wert said:
But really, those details are excellent and a better deal than I thought we'd see. It's all very encouraging and something (with a bit more detail/study about things like naming rights, etc.) that I could potentially see myself voting for.
Click to expand...

I'm glad you're open to voting for it now.
 
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