Sacramento city officials completed a definitive agreement Friday evening to replace aging Sleep Train Arena with a new sports and entertainment palace for the Kings.

City officials released more than 2,600 pages of documents spelling out 35-year lease terms with the Kings, financing of the project, environmental reviews and a host of other details on the $477 million project at Downtown Plaza. The deal now goes to the City Council for a May 20 vote.

One year after nearly losing the Kings to Seattle, the city is on the brink of “the biggest economic development project we’ve had in recent memory,” said Assistant City Manager John Dangberg in an interview with The Sacramento Bee. “I’m feeling very good about what has been accomplished in the last 12 months. I couldn’t be happier with where we are right now.”

The NBA is demanding a new arena because Sleep Train, built in 1988, is considered ancient by league standards. Although the new arena will have only about 130 more seats than Sleep Train, the league’s smallest arena, the downtown facility will be designed with “club seats” and other money-making amenities that are common to modern facilities.