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Cost of Sacramento's Arena Project Jumps By About $30 Million

 
Posted Monday, April 21st 2014 @ 5pm  by KFBK News

Tomorrow night, council members will see an update for the project with a price tag that's risen to 477 million dollars.

What was expected to be the city's share is shrinking to 223 million with the Kings picking up the rest. That change comes from a decision to move a practice facility out of the arena itself and into a building next door with team offices.

Kings President Chis Granger told reporters there will be plaza-level windows where fans can watch coaching sessions.

Staff reports also reveal the city won't be covering its share through surcharges, as was first proposed, but now minimum lease payments of six and a half million dollars a year, which will escalate after five years. A final package vote is expected in mid-May.

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