SACRAMENTO, CA - The vote that would decide to move ahead with building a new sports and entertainment complex in Sacramento has been pushed back by a week.
Sacramento Mayor Kevin Johnson and NBA Commissioner David Stern released a joint statement, which said the Sacramento City Council will vote on a term sheet for the new sports and entertainment complex on Tuesday, March 6.
READ MORE: Johnson, Stern release press statement
The Sacramento City Council was originally set to vote on Feb. 28 on the arena term sheet.
The term sheet will outline the financial plan to fund the construction of a new sports and entertainment complex in Sacramento, including leasing city parking spaces to private investors in efforts to fund a new arena in the downtown railyards.
City officials in favor of building a new sports and entertainment complex said since the inception of the new arena plan that they do not expect to use taxpayers to build the arena. City officials are working with the NBA, Kings' owners the Maloof Family, AEG an arena management company and private investors to fund the construction of the complex.
"Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process," Mayor Kevin Johnson said in the statement.
In the statement, Stern and Johnson outlined a work plan over the next nine days:
Feb. 22 to Feb. 25 - Sacramento city officials will continue to review terms about for the arena plan with NBA officials
Feb. 26 - Johnson and city representatives will meet with Stern, NBA officials and Kings' owners the Maloof Family in Orlando during NBA All-Star Weekend
Feb. 27 to Feb. 29 - Officials will be in final discussions and briefing
March 1 - If a plan is agreed upon, the term sheet for the new sports and entertainment complex will be publicly announced
March 1 to March 5 - Sacramento City Council to review the term sheet
March 6 - The term sheet will be formally presented to the Sacramento City Council and voted upon.
At the March 6 meeting, the city council will also consider parking public-private partnership options and other funding opportunities.
News10/KXTV