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City, NBA, Kings reach arena deal: Here they stay

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Mayor Kevin Johnson headed back to Sacramento Monday from Orlando with news that an agreement has been reached to keep the Kings in Sacramento.

"Today is a new day for Sacramento and a defining moment for our community,” Johnson said in an email statement Monday.

The terms of the agreement include an upfront contribution of nearly $75 million from the Kings’ owners, the Maloof family, and an additional $75 million over the life of the deal through ticket surcharges.

The exact terms of the agreement are expected to be made public by Thursday – the original deadline set by the NBA to have a deal in place.

Johnson, the Maloofs and NBA representatives had been in discussions throughout the weekend in Orlando attempting to piece together a deal that Johnson called “a win-win” for all parties.

A City Council vote on an arena agreement was initially set for Tuesday – ahead of the March 1 deadline – however, city and NBA representatives revised the timeline last week, pushing the scheduled discussion and vote to March 6.

“None of this would be possible without support across the board – from the (City) Council to city staff to the entire community,” Johnson said in the email. “I am as proud as I have ever been to be from Sacramento."

Melissa Corker is a staff reporter for The Sacramento Press. Follow her on Twitter @MelissaCorker.

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