Sacramento finalizes agreement for Kings arena

Sacramento city officials completed a definitive agreement Friday evening to replace aging Sleep Train Arena with a new sports and entertainment palace for the Kings.

City officials released more than 2,600 pages of documents spelling out 35-year lease terms with the Kings, financing of the project, environmental reviews and a host of other details on the $477 million project at Downtown Plaza.

The deal now goes to the City Council for a May 20 vote.

The hundreds of pages of documents released Friday include fresh details on how the city expects to finance its $255 million share, most of which is based on mortgaging its parking operations. The Kings will contribute $222 million toward the project, in addition to the $36 million they’ve spent buying crumbling Downtown Plaza.