Sacramento mayor: City reaches deal on $448 million arena

03/23/2013 5:53 PM

03/23/2013 5:56 PM

Sacramento Mayor Kevin Johnson has announced the city has reached an agreement on a $448 million deal with a private investment group to build an arena at the Downtown Plaza site.

The city will put $258 million in value into the deal, mainly by bonding against its downtown parking garage future revenues, and by selling several downtown parcels to developers.

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