The Sacramento Kings are poised to pay off a 20-year-old debt to the City of Sacramento, paving the way for the team's owners to redevelop the land around the former Arco Arena in North Natomas. The Sacramento Bee is reporting that on the City Council will consider an item at tonight's meeting that would allow the Kings to make a final payment to the City to pay off what was originally a 74-million dollar loan.
Back in 1997 the team was struggling financially and asked the City for the loan as part of a package that kept the Kings in Sacramento.
It was a controversial move at the time that drew a lot of protesters to the city council. The plan for the Kings to make a final payment of 30-million dollars is not expected to be controversial. The Kings will get title to 185 acres of land around Arco Arena. They have announced preliminary plans to develop the property into a mix of housing, retail and recreation.