More news continues to trickle out about the Sacramento Kings arena term-sheet-but-not-yet-actually-an-official-financing-plan that was approved two weeks ago, and a few more holes have turned up:
- Sacramento County is supposed to kick in $600,000 a year for arena construction (enough to pay off maybe $10 million in bonds), but according to the Sacramento Bee, “county officials say they have not had any detailed discussions with the city this year about a county contribution – and Supervisors Don Nottoli and Phil Serna expressed surprise at a recent city staff report that says ‘the county has agreed to contribute’ funds.”
- The city’s plans to give the Kings owners the rights to erect six electronic billboards along local highways — potential value, $3 million a year — is being challenged by Clear Channel, which says it won the exclusive right to erect electronic billboards in a 2009 RFP.
- The law passed in 2011 to fast-track large California development projects had its section allowing projects to skip over trial courts and go straight to appellate courts ruled unconstitutional by a state judge a week ago Friday, which diminishes any benefit that was expected to provide for Sacramento as far as being able to get an arena open sooner than Seattle.
Now, none of these are the kiss of death: The county money will probably be approved eventually, and in any case isn’t that much; Clear Channel doesn’t seem likely to sue over the billboard thing, though it may demand other inducements (more billboards?) to go away quietly; and the fast-track thing isn’t considered to be a major issue either way. Still, right now perception counts, as the NBA gets set to render its verdict (one of these weeks or months, anyway), and it’s Sacramento that’s been getting the negative headlines about its arena plans the last few days. Still, there’s an awful lot of ballgame left to be played.