The Sacramento City Council voted 7-2 to approve a financial term sheet to build a new $447.7 million sports and entertainment arena in downtown Sacramento on Tuesday night. The City Council’s decision paves the way for the usage of the city’s parking operations. In reference to the term sheet, $258 million would be used to finance the project. $189.7 million is to be paid by an investor group led by billionaire Ron Burkle.
