City officials reached a preliminary agreement Saturday night for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.

Sacramento Mayor Kevin Johnson first announced the deal on his Twitter account. A few hours later, the city released the details of the non-binding term sheet.

The group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle. The City Council is planning to vote on the agreement Tuesday.

“Once again, we’re proving the strength of our market — both as host to an NBA team, but as an emerging region with global potential,” Johnson said.

The city of Sacramento plans to contribute $258 million to the $447 million project, mostly by leasing out parking garages and land. The other $189 million will come from the investment group.

– Reported by the Orange County Register