Some people want something so badly, they’ll sell their souls to the devil, they’ll ignore facts, reason and important details. A case in point is Sacramento politicians, and the ongoing arena obsession.

Sacramento’s Mayor Kevin Johnson, tweeted Saturday evening he and city officials have reached a $447.7 million arena deal at the Downtown Plaza with a public-private partnership.

There’s only one problem — Sacramento can’t afford it.

Billed as “the largest redevelopment project in city history,” the project will have up to 1.5 million square feet of offices, housing, stores and a high-rise hotel.

The deal would require the city to commit “$258 million in value, or 58 percent of the arena cost,” according to the Sacramento Bee. “Of that, $212 million would come from selling bonds backed by future revenues from city… Read More