Other key details include:
The city expects to raise its share of the arena cost through the leasing of downtown garages as well as the sale of city-owned land in Natomas and dowtown.
Rob McAllister of KFBK reports that the five percent surcharge on all tickets as well as shared revenue with AEG will be the main contributors to filling the $9 million in annual revenue the city currently recieves from parking. He also mentions that there will be an additional $1 surcharge on each ticket that will be set aside to cover future repairs/improvements on the arena so that burden isn't on the owner (the city) or the operator (AEG). McAllister also reiterated yesterday's report that David Taylor's development group would take on any cost overruns.
Please read the entire excellent reports compiled by the Bee and KFBK for the full details, more of which will emerge tomorrow with the public release of the term sheet.
The Sacramento City Council is set to vote on this Term Sheet next Tuesday on March 6th. You can voice your support by showing up to the meeting, as well as signing your name to this petition, which will e-mail the city council.