More time has been put on the clock for a new arena after that the NBA and the City of Sacramento agreed to push back the vote on a term sheet until March 6th.
The league and the city are still in the midst of negotiations to determine how much the Kings will contribute to the construction of a sports and entertainment complex. With those discussions expected to run well into the weekend, both sides decided to allow more time for review.
Mayor Kevin Johnson expects the city to still be ready with a financial outline by the NBA relocation deadline.
"Sacramento stands ready to meet the March 1 deadline," wrote Mayor Kevin Johnson in a statement.
NBA Commissioner David Stern added, "(The) discussions have been constructive. Our hope is that current momentum continues in a way that we’re able to reach a deal by March 1 that makes sense for all parties."
Johnson and Stern will meet face to face during All-Star Weekend in Orlando.
If all goes as planned, the financial term sheet which outlines what the city, arena operator and the NBA will pay as well as the plan to how the general fund will be made whole after the loss of $9-million in yearly parking revenue, will be released on March 1st. This gives the public and council members several days to comb through the details before a vote takes place.
A new $387-million sports and entertainment complex will be partially paid for by the leasing of public parking garages and spaces. The exact figure the city will receive will not be known until the council moves forward on March 6th. It is then that bids can come in form the eleven companies chosen by the city council.
Negotiating for the city is Mayor Johnson, Councilman Rob Fong, Councilman Steve Cohn, City Manager John Shirey, City Attorney Eileen Teichert, City Treasurer Russ Fehr, Assistant City Manager John Dangberg, Sports Finance Consultant Dan Barrett, and Transaction Attorney Paul Jacobs.
Dateline from the Mayor Johnson's office:
2/22 – 2/25: City officials and City representatives continue to review terms with NBA officials and representatives.
2/26: Mayor Kevin Johnson and select City Representatives to meet with Commissioner David Stern and NBA officials, and representatives of the Maloof family in Orlando during the NBA All-Star Weekend.
2/27 – 2/29: Final discussions and briefings.
3/1: If a plan has been agreed to, publicly announce in form of proposed "Term Sheet"
3/1 -3/5: City Council and public review of the Term Sheet
3/6: Formally present Term Sheet to the City Council for a vote
-Rob McAllister will be at All-Star Weekend in Orlando. Rob will have the latest on the arena negotiations as well as following DeMarcus Cousins as the Kings center takes part in the Rising Stars Challenge. Follow him on Twitter @Rob_McAllister





