Developers say Sacramento could build a $241 million arena, with a total project cost of $387 million, by early 2015 if a mix of public and private funding can be pulled together, according to a feasibility report presented to the city Thursday.

The ICON-Taylor team says a 675,000-square-foot arena with 18,594 seats, 74 luxury suites, 2,080 premium and club seats and other amenities could be constructed.

Power Balance Pavilion in Natomas, the current home of the Sacramento Kings, can seat up to 17,317 and has 30 luxury suites and 712 club seats.

A location on city land in the downtown railyards is preferred, but city land in Natomas could also hold a new entertainment and sports complex where the National Basketball Association team would be the anchor tenant.

About $3.4 million in sitework costs could be saved if the facility were built in Natomas, according to the report being presented at a special City Council meeting Thursday afternoon.

The railyards site would present the most potential to "create jobs, activate downtown and enhance transit connectivity," the developers wrote in an executive summary. The "Natomas site (is) also feasible, but would mean Sacramento remains one of only three NBA cities with arenas not based in downtown areas."

The development team, which began making a presentation to the council at 1 p.m. Thursday, includes ICON Venue Group President Tim Romani, Sacramento developer David Taylor and representatives from the design firm Populous and Turner Construction. The group arrived at City Hall Thursday morning to do a dry run of the presentation.

The arena's size, amenities and on-site practice facilities could change following dialogue with the Kings' owners, the Maloof family, and other stakeholders.

The owner of the arena would be a public entity, most likely a joint powers authority. Officials, developers and the Maloofs still need to discuss whether the Maloofs, the city or someone else would be the arena developer and/or operator. By including a third-party developer or operator, the possible sources of private funding would be bigger, according to the report.

The developers have put together a list of possible financing sources. They used information from five similar NBA markets to create the arena's design and programming.

In order for the arena to be completed by early 2015, the environmental review of the project must begin this summer and be completed by the summer of 2012, design must begin in September and construction must begin by January 2013.

Under a 100-day plan, developers and government officials must come up with the financing model and funding options by August. Funding must be secured by the March 2012 deadline set by the NBA and the Maloofs, who agreed to keep the Kings in Sacramento until then to give the city time to work on the arena effort.

The facility could be finished in time for the 2014 NBA season if enough funding becomes available to speed up the process, according to the report.