Sacramento City Council approved a plan to help finance a $391 million arena for the Sacramento Kings on Tuesday ending speculation the team was moving to another city.City Council voted 7-2 in favor of the new stadium. The non-binding term
sheet, signed off by the Kings and the NBA last week, will keep the
team in Sacramento for at least another 30 years.The city will contribute $255.5 million to the project. The Kings will
pick up $73.25 million of the tab and arena operator AEG will contribute
$58.75 million.Binding contracts could be signed by all parties by April."Long live Sacramento and long live the Kings," Sacramento mayor Kevin Johnson said to a crowd that gathered downtown for the announcement.