[innov8]

Cohn makes some good points... but I think he knows deep inside
that the city would not have had a chance to keep them otherwise.


R.E. Graswich: Cohn says leaders shot an airball in striking arena deal with Maloofs
By R.E. Graswich -- Bee Columnist
Published 12:01 am PDT Wednesday, August 2, 2006

Money matters: Sacramento City Councilman Steve Cohn figured taxpayers would get a raw deal from the new Kings arena proposal. Then he ran the numbers. It's much worse than Steve dreamed. "Incredibly, we would be better off building the arena and giving it away to Joe and Gavin Maloof," said Steve of the happy Las Vegas brothers who own the Kings. "The rent they will pay is less than what they would pay in property taxes, by 2 or 3 million dollars a year." As proposed, the public will own the new arena. That means zero property taxes. Big mistake, Cohn thinks. The rent deal was cooked up by Sacramento City Councilman Rob Fong and county Supervisor Roger Dickinson. The pols negotiated with the Maloofs. Our reps gave up almost everything. The Maloofs would pay about $4 million in rent for 30 years. Joe and Gavin keep ticket sales, parking, food, beverage, even naming rights. If the Maloofs owned the building, they would pay close to $6 million each year in property taxes, Cohn figures. "We came up with a worse deal than just giving the damned thing away," Steve said. "You would think it's impossible. But we did it." Even Dickinson admits the deal isn't great for taxpayers. He says it's "the best" he and Rob could manage. Fong and Dickinson want the public to vote on the tax giveaway Nov. 7. Can't wait. …