The city of Sacramento has approved the funding plan for a new NBA arena for the Kings.
A 7-2 vote on Tuesday night by the city council will put the proposal for the $477 million facility into action.
The city will contribute $223 million to the project, funded mainly through a parking revenue bond, while the remaining portion would come from the Kings. The plan includes the development of surrounding land with a hotel, office building and shopping.
Construction is expected to begin this summer with the building set to open for the 2016-17 season.
The Kings have played in Sacramento since 1985, after relocating from Kansas City, and have played in the building currently known as Sleep Train Arena since the 1988-89 campaign.
Sacramento mayor Kevin Johnson led the charge for a new arena as the city nearly lost the team to potential relocation. The Maloof brothers, who had controlling ownership since 1999, considered moving the franchise to Las Vegas and Anaheim before a sale agreement with a group that would have moved the club to Seattle in January 2013.
Johnson's proposal, however, led the NBA Board of Governors to reject the proposed agreement in April 2013 and he eventually put together a group led by Vivek Ranadive that purchased the franchise from the Maloofs last May.
[SportsNetwork.com]
