Oh, man, not another Marcos Breton “the extremists on both sides are wrong” article about the Sacramento Kings arena deal! I don’t think any of us has the energy for a point-by-point analysis of all his points this time, so let’s just pick one representative one and see how it looks:
Meanwhile, Fehr’s financing plan has evolved to a point that some in the public may not fully appreciate.
The city will generate most of the $258 million by borrowing against city parking assets and issuing tax-exempt bonds.
So, issuing bonds doesn’t actually “generate” money, any more than taking out a mortgage is a way to pay off your house — both just delay your payments for a while. And, for that matter, borrowing against city parking assets doesn’t really generate money either, unless you think the parking revenues will rise as a result of the arena, which Breton makes clear isn’t the case.
So the sentence comes down to “Sacramento doesn’t have to worry, because it’s borrowing the money, and paying for it later.” And this is the guy the Sacramento Bee chose to keep around while laying off pretty much everybody else. Maybe it’s for the best if newspapers die after all.