Anaheim City Council approves funding for KingsPosted by Inside Hoops
The AP reports:
The Anaheim city council unanimously approved a $75 million bond deal Tuesday night to entice the Sacramento Kings to relocate to Orange County.
The city council twice voted 5-0 for the lease-revenue bond measures, resulting in a round of applause from the audience at its packed City Hall meeting room.
“Anaheim took a giant step closer to bringing an NBA team to Anaheim and the Honda Center,” Anaheim Mayor Tom Tait said. “I am thrilled. A better word is stoked.”
Tait repeatedly emphasized the city is borrowing no money and has no financial risk in the deal. According to every Anaheim official at the meeting, the city is merely acting as a conduit for a private investment by Henry Samueli, the billionaire owner of the NHL’s Anaheim Ducks.
“I’d like to recognize this is a historic moment for us,” Council Member Harry Sidhu said. “This is going to be a great economic engine for us. A lot of jobs are going to be created, and I’m fully confident in that.”
Samueli, who also manages the city-owned arena, is financing the deal, which includes $25 million in upgrades to Honda Center, including a practice court and new locker rooms. Another $50 million will be working capital for moving costs that could include relocation fees paid to the NBA’s other owners.