The city of Sacramento finalized an agreement to build a downtown arena for the Kings, according to the Associated Press.
Sacramento released the 35-year lease agreement Friday night. City Council is expected to vote on the deal May 20.
Cost for the arena is estimated at $477 million. The city is financing $223 million and the Kings will pay $254 million.
The Kings hope the arena opens in time for the 2016-17 season. Sacramento is required by the NBA to build the arena by 2017 or risk losing the team, which nearly moved to Seattle last year before software tycoon Vivek Ranadive bought the team from the Maloof family.
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