First sketch of new Sacramento arena
Yesterday more details for a new arena in Sacramento were released. Above is the first sketch of the new arena down below are more details.
According to reports the new arena would cost around $387 million to complete (construction cost is $241 million and $146 million in soft cost). How this all this will get paid for will be determined during the 100 day review period. The review will consist of three phases: first a technical review of the plans and whats needed to get construction going, then regional contribution must be sorted out, and then development of public-private partnership. The ICON/Taylor group who is in charge of this revealed in their report that they used five arenas as the basis of the Sacramental model (AT&T Center in San Antonio, Sprint Center in Kansas City, Amway Center in Orlando, FedEx Forum in Memphis, and another complex still under construction in Edmonton, Alberta). The report states all these arenas used hotel and car rental fees, arena use sale tax, and in the Edmonton arena a provincial tax to fund construction. The report also has some information on the benefits of a entertainment and sports complex in the region. A $556 million cash infusion during construction! As well as $25 million annually during operation of the building, $2.3 million in new local municipal revenue during construction, and $770,000 annually druing operation.The arena would hold 19,000 people (up from 17,317) and would include 74 luxury suites (up from 30). This plan sounds great for the city of Sacramento as the Kings badly need a new arena. Power Balance Pavilion (I still call it Arco Arena) is one of the oldest buildings used in the NBA and is badly outdated. The Kings owners said if a plan for a new arena wasn't put in motion they would leave Sacramento after next season. Hopefully this all works and the Kings stay in Sactown. I wouldn't be able to continue with my life if my team left Sacramento.
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