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How Will the City Pay for the New Arena?

How Will the City Pay for the New Arena?

Tomorrow is a big day for the future of the downtown Sacramento arena. There are still a lot of questions surrounding the project, one of which is: Who's going to pay for it, and how? 

Joshua Wood with Region Builders is one of those in favor of a new downtown Sacramento Kings Arena.

"Because we will be able to see that this really is a great deal that's gonna bring 4,000 jobs and $7 billion in economic activity to our city," Wood said. 

City officials say they plan to contribute $258 million toward the new arena, and not a cent more.

John Hyde with Sacramento Taxpayers Opposing Pork, or STOP, says people need to be aware of the interest on the bonds to fund this project.

"It will bring the total to $800 to $900 million -- at least $800 million, according to Goldman Sachs," Hyde said. 

Hyde also says STOP has collected more than 40,000 signatures to force a vote on the arena's public funding.

Those signatures will be turned in tomorrow to the Sacramento city clerk.

 

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