Found March 07, 2012 on Pro Sports Daily:
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.
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