I had the whole weekend to stew on the arena terms sheet, fueled by Cosmo Garvin’s great piece on the math of the thing on the SNOG Blog, and bolstered by Isaac Gonzalez’s excellent takedown of the “good, bad and the ugly” aspects of the proposal. I wanted to get my final thoughts out there before the proposal passes at tonight’s meeting.
I still can’t get over the inclusion of a provision giving the City a suite at the arena. The fact that folks were willing to sign their names to a proposal in which the City pays 65% of the costs and breaks even at best, but made sure the council gets a sweet ticket deal is beyond embarrassing. If I was a council member I wouldn’t go any further without demanding that the suite be off the table until the actual deal is signed. It’s shameful and disgusting, but fortunately for me it is also completely hilarious.
Another key facepalm item to me is that the City will own the building, but AEG controls naming rights on the building and splits profits with the Kings.