Well then. Here we are. First, let me show you an image that I think sums up this situation very well:
This is via Think Big Sacramento's Twitter.
Well, let's check in at the funding sources for the "supposed" 387 million dollar arena.
200 million from the leasing of the parking garages. Some monetary piece from the County of Sacramento using 3 parking lots nearby the city owned parking garages. 70 million from the Maloof family. 50 million or so from AEG is the number typically bandied about.
That's 320 million if those numbers are anywhere near accurate. And I think 320 million dollars gets the arena built for right now. Fully paid for? Obviously not. But you get the thing started and it's only semantics from there.
Plus their are ticket surcharges, brick selling (likely only a million or two dollars at most), a hotel tax that will likely be very little annually as well.
I believe this is a great day, I'm not sure what I can tell you that others can't. I will say that Seattle will always be lurking, and so will Anaheim.
A Bee story that suggests the Maloofs will put up 75 million up front and 75 million over the life of an arena. That's not insignificant no matter how you view the Maloofs.
As Rob McAllister notes on KFBK (who has been in Orlando following this story), the next key part is to get an "term sheet" together so that the City Council (of Sacramento) has time to review and vote for the use of parking garages on March 6th.
McAllister did a podcast with the Cowbell Kingdom crew (Jon Santiago and James Ham) this morning before the news broke. Please listen, as always.
Good news today on a lot of fronts. Whatever the case is going on, there is more news coming out and while I don't think I can get all of it, there is the reality that this is a great 1st step to getting a new arena. This is a tough step to hurdle, and possibly the toughest step of all.
But, we aren't finished, and don't forget that. Don't exhale until building of the construction starts. For now, here is my reaction: #HEREWESTAYEDBITCHES!!!!!!