New Kings arena would cost $387 million

[Dash]

A much-awaited analysis due for release today says a new arena and entertainment facility in downtown Sacramento would cost $387 million, would fit on city-owned land near Fifth and H streets and would be open by 2015.

 

Yet the 40-page document is most notable for what it doesn't include: a way to pay for the sleek glass-fronted building shown in the colorful renderings released with the report.

 

Downtown Sacramento developer David Taylor and officials with national arena builder ICON Venue Group of Denver reportedly have a tentative list of funding sources. But the group hasn't had time to do enough detail work to make them public, city officials said.

 

In particular, the analysis has not yet concluded how much money might come from private sources, including the Kings' owners, and how much might come from the public, potentially from hotel taxes, car rental taxes and arena district sales taxes.

 

Instead, Mayor Kevin Johnson said he will form a regional coalition of elected officials and community leaders to spend the next 100 days working with Taylor and ICON to fashion a proposal for a financing plan.

 

Read more: http://basketball.realgm.com/news#ixzz1NVj2sptM

 

The Kings may be back for another season in Sacramento but without a new arena, the Maloofs will likely be moving the team to Anaheim for 2012-13. The city has been struggling with raising the funds for such an arena.