By Randy Diamond | Sacramento Bee
The city of Sacramento’s plans to use parking revenue to pay off $273 million in construction bonds for Golden 1 Center has developed funding cracks, forcing officials to use money from the city’s general fund, a pot of money that also pays for homelessness services, libraries and parks.
The problem: Too many empty spaces in Sacramento’s five garages, a continuing hangover from the COVID-19 pandemic. This has forced the city of Sacramento to divert from its $771 million general fund more than $5.7 million over the past two years to pay off the construction bonds.
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With the preseason finishing Oct. 19, the Kings hope to return to another playoff-bound campaign Oct. 25, with the first home game against the Golden State Warriors Friday, Oct. 25.
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But city officials said even as the Kings have filled Golden 1 and other entertainment events have resumed, remote work has left downtown office buildings only partially filled, lessening the demand for parking spaces.
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1 Comment
Politicians dazzled by sports jocks and entertainers are costing residents literally millions!!
Yes fans do spend big bucks to see their jock hit, bounce, kick, and catch balls but that money rarely makes it back to cities that stuck with construction bond payments, security costs, maintenance fees or massive traffic dramas which all come from residents. This general funds drama is all because the electeds contract away the potential benefit to residents so they can have photo ops!
Inglewood may be among the best poster city for how not to benefit constituents by gifting public funds to billionaires to benefit a limited number who laugh at the residents all the way to their elite mansions.