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A look at the “grand entrance” of the arena (Courtesy: Sacramento Kings)

SACRAMENTO-

The final entertainment and sports complex term sheet, which will go before the Sacramento City Council May 20, was released by the city Friday evening.

The legally-binding document sets up a 35-year partnership with the Sacramento Kings and the City of Sacramento.

With a total cost of $477 million, the city will pay $223 million and the Kings will put up $254 million. The city is also contributing land to the deal.

The Kings’ minimum lease payment will start at $6.5 million, then increase to $18 million. Sacramento stands to make $391 million from lease payments, according to the document.

The deal was originally supposed to go before the council on May 13, but the revised term sheet was reportedly not ready in time.

Read more about the term sheet by visiting the city’s website here.