Sacramento approves $477 million Kings NBA arena

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Associated Press

Posted on May 21, 2014 at 1:05 AM

Updated Wednesday, May 21 at 4:02 AM

SACRAMENTO, Calif. (AP) — Sacramento's City Council has approved a financing plan for the Kings NBA franchise, clearing the way for construction on a $477 million downtown arena.

The council voted 7-2 on Tuesday after a lengthy meeting. The effort was championed by Mayor Kevin Johnson, a former three-time NBA All-Star.

The city had nearly lost the team to Seattle last year, a fight that resulted in new ownership and a deadline to replace the Kings' aging home.

Under the deal, the city would be responsible for a $223 million subsidy, much of it financed through a parking revenue bond. The Kings would contribute $254 million to construct the arena and develop surrounding land.

Construction on the crown-shaped sports facility will break ground this summer and open in time for the 2016-17 season.

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