October 19, 2005
Kings arena baaaaaaack
Where's a wooden stake when you need one? Talk of a new Sacramento Kings arena is on the rise once more, this time with a screwy money-laundering scheme that would involve financing a new arena with the help of developers, who would in turn be granted permission to develop land outside the city's urban services boundary. (Urban growth boundaries, for those unfamiliar, are based on the principle that it's nuts for cities to subsidize sprawl by providing water, sewer, and electrical hookups to new development out in the hinterlands.)
And while Kings owners Joe and Gavin Maloof haven't played the move-threat card yet, that doesn't mean the local newspaper isn't happy to do it for them: "When are they planning to leave if a new arena doesn't magically appear?" asks a Sacramento Bee editorial. "How much time does Sacramento have to come up with an arena financing package? And to come up with that package, precisely how much money is the family willing to contribute to build a $400 million sports palace?" How much money are you willing to put up to pay for your own home - can I get the Sacramento Bee to be my mortgage broker, please?
Posted by: www.keepthekings.com at January 6, 2006 12:08 AM
