The Sacramento Kings will stay in town only if a new arena is built at the Downtown Plaza.
Mayor Kevin Johnson and company convinced the public that he had a group of so-called “whale” investors with big bucks that would make the project go.
However, he also committed the city to a $258 million public sector contribution. It now comes to light that the city share will more likely be in the area of $290 million and possibly as high as $334 million.
The bottom line is that Johnson’s feeding frenzy and maniacal approach to keeping the basketball team has sold the city down the deep-water channel.
Whatever the final amount, the city has to borrow the money and pay it back with interest. Common sense dictates that the city council pull back and take a hard look at what they are doing by rubber-stamping the mayor’s pet project.
CARL LADECK, Auburn