Mayor Kevin Johnson and NBA Commissioner David Stern released a joint statement today outlining an updated timeline for finalizing terms of a new arena deal for Sacramento.
According to the release, the city of Sacramento and the NBA are continuing “constructive discussions” on the details of a financing plan for a new entertainment and sports complex.
Johnson said at his weekly press conference Tuesday that details of a completed financing term sheet were expected to be available to the public by Thursday, in advance of a Feb. 28 City Council discussion and vote on the plan.
Wednesday’s press release, however, offers an adjusted timeline in an effort to “ensure adequate time for public and City Council review of any proposed financing plan,” Johnson said in the release.
The new timeline – called the “work plan” – follows this nine-day outline:
Feb. 22 – Feb. 25: City officials and city representatives continue to review terms with NBA officials and representatives.
Feb. 26: Johnson and select city representatives will meet with Stern, other NBA officials and representatives of the Maloof family in Orlando
Feb. 27 – Feb. 29: Final discussions and briefings.
3/1: If a plan has been agreed to, Think Big committee representatives will publicly announce in the form of a proposed term sheet
After the term sheet is made available, the public and City Council members will have until March 5 to review the proposed financing plan, the release states.
The City Council will consider both the proposed term sheet and a companion plan at the March 6 council meeting to ensure there is no impact to the city’s general fund, the release stated.
The council will also consider public-private parking partnership options and other funding opportunities at that meeting.
Melissa Corker is a staff reporter for The Sacramento Press. Follow her on Twitter @MelissaCorker.
