Sacramento City Council has votes for arena if reachable criteria is met

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The Sacramento Kings and their fans will hold their breath on Tuesday night, as the Sacramento City Council holds the first of at least two critical votes that will determine whether or not the team leaves town.

Let me be the first to tell you that tonight’s vote will pass.  Sources close to the situation report that the council is all but certain to have the votes necessary to move the process forward.

Specifically, the vote will allow the council to finalize proposals with ten competing private parking operators that will provide upwards of $200 million toward the cost of the estimated $387 million Entertainment and Sports Complex.

This will setup a vote on February 28 that will decide the Kings’ future.  It is at this time that the council, in cooperation with mayor Kevin Johnson’s Think Big Sacramento coalition, will vote to approve a term sheet that will signal to the NBA that Sacramento can indeed fund an arena.

I’m also told by sources with knowledge of the situation that as long as a laundry list of criteria is met, the council will have at least the four votes necessary (not counting Johnson’s tie-breaking vote) to approve the term sheet.

This laundry list includes guarantees that the city’s general fund will be replenished by the approximate $9 million annual revenue stream currently provided by city-owned parking operations, a plan for some or all of the city’s employees to be transferred into the new parking company’s operation, a mechanism to cap rate hikes for parking in the future, an option for an agreement shorter than 50 years, and a mechanism to provide kickbacks to the city if parking revenues exceed certain benchmarks.

It is believed that within that framework, the city can meet or exceed their $200 million target.

The last major item on the laundry list is who will be responsible for cost overruns if the $387 million project goes over its budget.  I’m told the city will approach the developer, David Taylor, to potentially provide that guarantee.  While it is unclear whether or not Taylor would shoulder such responsibility, he will likely be given incentive to do so by an offer of development rights near the arena.

Taylor has been working on the arena deal for years and has evaluated the project for Sacramento at a significant cost to himself, and it would be surprising if he told the council that he would not be responsible for cost overruns on a project he evaluated and promoted – particularly if there is further incentive in the form of development rights.

Adding the estimated $200 million or more from parking, an estimated $30 million from local hotels, an estimated $50 million from an arena operator (AEG), and an estimated $80 million from the NBA and the Maloofs — sources tell me that the city is well in the ballpark of securing the financing necessary for the arena.

In other words, the city of Sacramento has both the will and the way to secure a ‘yes’ vote for an arena.

As far as the timing goes, while February 28 is potentially the date for a deciding vote, it is likely that the NBA will allow for an extension on the March 1 deadline so they can properly evaluate Sacramento’s findings.  That announcement could come during All Star weekend.  The NBA and the Maloofs could theoretically act on the city’s proposal quickly and provide their terms in time for a February 28 vote, but sources stress the important part is that the city will have communicated that it is ready to vote on a deal.

From there it is on David Stern and the Maloofs to pull the trigger on the estimated $80 million price tag, which amounts to about $3 million per year in rental payments for 30 years, all paid up front.

As for any talk of selling the team, The Maloofs have been consistent with their message that it’s not an option, and their sale of the Palms can be seen as either a sign that the ship is sinking or a sign that they were moving money for the purposes of an arena.  In the unlikely event they do want to sell, Think Big Sacramento executive director Jeremiah Johnson told Seattle’s King 5 News that the city has “a number of ownership groups willing to keep the Kings in Sacramento.”

It’s not going to come to that.

The Maloofs and/or the NBA could try leverage the city of Anaheim against Sacramento, who recently made improvements on their NBA-ready facility, but after Jerry Buss and Donald Sterling just agreed to revenue sharing with small market clubs it’s less likely that the NBA will place another team in their backyard.

As for Seattle, despite their clear efforts to bring an NBA team back home, they are well behind Sacramento in their pursuit of an arena.  They too would have to approve public funds for a new building, and Stern and the Maloofs will have to weigh the $80 million cost of a sure thing given a ‘yes’ vote, and a nebulous offering in Seattle that is 1-2 years away while Key Arena is a stop-gap solution at best.

With all of the support David Stern and the NBA has given Sacramento in its fight to keep the Kings – from manpower in the front office to people on the ground helping make the arena deal a reality – it just doesn’t make sense for them to pass up a viable option for two that have problems.

This is a complex situation and it is not a done deal, but the once half-court shot turned 3-pointer doesn’t even seem like a free throw at this point – it seems like a layup.  The Party of Five that voted down a public vote that would have sent the Kings packing are interested in a deal that addresses the aforementioned criteria.  That criteria reportedly can be met and still provide the project with the money that it needs to be green-lighted, assuming the private parties each put in amounts that seem reasonable, achievable, and already written in pencil.

Kings fans will probably wait until the shovels hit the dirt before they celebrate.  Let this prediction be the first bottle of Dom Perignon.

The Kings aren’t going anywhere.

Phil Jackson to miss Kobe Bryant’s jersey retirement Monday

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For one last night, Staples Center will belong to Kobe Bryant on Monday.

Sure, the Warriors are in town to take on the Lakers, but Monday night the Lakers are retiring Kobe Bryant’s numbers — both 8 and 24 — in a halftime ceremony. It’s been the hottest ticket in Los Angeles, with celebrities, luminaries, and regular Lakers fans shelling out a lot of cash to see the Laker legend be honored.

Except, Phil Jackson will not be there, reports Ramona Shelburne of ESPN.

Jackson has been in touch with Bryant in advance of the ceremony to congratulate him, sources said. But he was unable to travel from his Montana home for the ceremony in Los Angeles.

No reason was given (nor does one need to be made public, that’s between Kobe and Jackson).

Jackson coached Kobe to all five of his NBA titles, and while their relationship had its ups and downs — remember Jackson called out Kobe as almost uncoachable in one of his books — they remain close.

 

Three Things to Know: LeBron James racks up third straight triple-double

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Every day in the NBA there is a lot to unpack, so every weekday morning throughout the season we will give you the three things you need to know from the last 24 hours in the NBA. Here’s what you missed on Sunday while practicing your ax throwing in Paris

1) LeBron James has third straight triple-double… and sends equality message. Back in the 2008-09 season, LeBron James strung together three consecutive games of triple-doubles, the season he went on to win his first MVP award. Despite 61 career triple-doubles, he hasn’t had a string like that since.

Until now. LeBron put together three again this week, the most recent coming at the expense of the Washington Wizards on Sunday, a team that had no answer for his playmaking skills. James finished the game with 20 points, 12 rebounds and 15 assists. It wasn’t the most efficient LeBron scoring performance of his career (8-of-23 shooting overall, 2-of-7 from three, his legs looked a little tired on the back-to-back) and he was playing too much in isolation (nearly twice as many possessions as in pick-and-roll). However, down the stretch he was a fantastic playmaker, finding teammates — such as finding the cutting Jeff Green and Kyle Korver — and doing what it took to lift his team to the 106-99 win (Cleveland’s has won five straight and 18-of-19).

LeBron was also sending a message while playing in our nation’s capital: He wore one black and one white of the LeBron 15s, with the word “Equality” on the back of both of them. Good on LeBron, I love that he has found a voice and is comfortable using it.

2) Cavaliers sticking to plan even if he seems ready: Isaiah Thomas should join Cavaliers after the first of the year. Patience. It’s a virtue. Cleveland’s end game is to have another elite playmaker and scorer on the floor in late May and (hopefully) June, not for Christmas Day (no matter who is on the schedule).

Meaning that despite the face Isaiah Thomas is working out and says he and his injured hip feel ready to return, it will be 2018 before he officially pulls on a Cavaliers jersey and takes the court.

This is the smart play by the Cavaliers, who have racked up enough wins not to need to push him. That said, LeBron is carrying a heavy load — he’s played more minutes than anyone in the league so far, and this is his 15th NBA season — and the Cavaliers need to get him some help and rest so he is fresh for the postseason.

3) Detroit ties a franchise record with 17 made threes in win over Orlando. The Pistons are not exactly a great three-point shooting team: They average a middle-of-the-pack 29.3 attempts per game (31.6 percent of their attempts), but at least hit them at a healthy 38.3 percent clip. Detroit does a good job at least of getting corner threes up and knocking them down.

Sunday they were knocking everything down, hitting 17-of-34 threes to tie a franchise record for the most made threes in a game. Anthony Tolliver led the way (5-of-7 from deep) with Reggie Bullock pitching in 4-of-5.

The Pistons have snapped out of their seven-game losing streak to win three in a row now, including a quality win over the Pacers on the second night of a back-to-back.

Heat forward James Johnson expected to miss 7 to 10 days

AP
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MIAMI (AP) The Miami Heat will be without starting forward James Johnson for at least two games and probably more after bursitis was found in his right ankle.

Johnson left Miami’s win over the Los Angeles Clippers on Saturday with ankle pain, and an MRI performed Sunday led to the bursitis diagnosis. Johnson is not traveling with the team for its trip for games at Atlanta on Monday and Boston on Wednesday.

The team says Johnson could miss seven to 10 days, which would also mean his status for home games against Dallas on Dec. 22, New Orleans on Dec. 23 and Orlando on Dec. 26 is in some doubt.

Johnson is averaging 10.9 points and 5.2 rebounds for the Heat this season.

LeBron James wears one black, one white LeBron 15 shoes with “Equality” on back (VIDEO)

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LeBron James notched his third-straight triple-double on Sunday, this one coming against the Washington Wizards. But before the game, the story was all about how James was voicing a silent protest — in Washington D.C., no less — by wearing a special version of his shoes.

LeBron took to the floor wearing his LeBron 15s, but this player edition had the word “Equality” on the back of them. James wore one black shoe and one white shoe.

James wore the black versions of this shoe in the Cleveland Cavaliers’ opener to start the season.

Via Twitter:

LeBron finished the game with 20 points, 15 assists, and 12 rebounds. The Cavaliers beat the Wizards, 106-99.