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City Council to Vote On Part of Arena Funding Plan

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(Sacramento, Ca)
Tuesday, December 13, 2011

The study says the city could fund roughly half of a new sports and entertainment complex by leasing out the city's parking operations.  

Critics of the arena have said the city shouldn't give up the 9 million dollars that parking brings to the general fund. Mayor Kevin Johnson says, not to worry.

JOHNSON:    We will be able to fill that 9 million dollars as part of whatever deal that we bring forward, so that there's no net loss to our general fund, and that's commitment.  Whether it be for that investment other revenue that comes in, etcetera.  That's just not negotiable for any of us." 

Johnson says he fully expects the city council to ask for an RFQ, or request for qualified companies to submit the paperwork needed to take over the city's parking operation.

The mayor has a meeting with NBA Commissioner David Stern on Friday.  Johnson says he hopes to have an arena deal finalized by the end of January or early February at the latest.

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