By Scooby Axson
May 21, 2014

16Ih4i.Xl.4 A composite of what the Kings new arena would look like. (Sacramento Kings/AECOM / Sacramento Kings/AECOM)

The city of Sacramento approved a financing plan making way for construction on a new $477 million arena for the NBA's Sacramento Kings franchise.

The city council voted 7-2 on the plan Tuesday.

Sacramento will be responsible for a $223 million subsidy under a new 36-year deal, with a majority of it being financed through a parking revenue bond. The city will also pay $21.9 million a year in debt service, which is going to be paid through lease payments from the Kings.

The new arena is scheduled to open in time for the 2016-17 season. The Kings moved to Sacramento in 1985 from Kansas City and have played in Sleep Train Arena for the past 26 seasons. The Kings ranked 22nd in the NBA in attendance last season, averaging 16,291 spectators per home game.

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"We had our backs against the wall, but we defied the odds. We made a comeback for the ages, and in doing so, I feel like we unleashed the very best that Sacramento has to offer," Sacramento mayor Kevin Johnson said, via the Sacramento Bee.

Johnson, a former NBA player, helped keep the team in town when it was close to moving to Seattle. Former Kings owners George, Joe and Gavin Maloof sold the team to a group led by Vivek Ranadive after considering moving the team from California's capital city.

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