SACRAMENTO (CBS13) — The Sacramento City Council voted 7-2 late Tuesday night in favor of moving forward with a controversial plan to privatize city parking spots to help finance a new sports complex.

The city's latest effort to keep the Kings in Sacramento involves leasing public parking spaces to a private corporation for the next 50 years. The deal would privatize 5,500 metered spots on the street and another 10,500 off-street spots in nine city garages.

The best estimate shows privatizing parking would pay for nearly half of a $400 million arena, but some question how the city will replace revenue parking contributes to the city's general fund.

"We don't have the money for this," one man said before the vote. "I apologize to all the Kings fans here. I love the Kings too."

But others supported the plan. "This will bring more money in," said Kings fan Dave Garcia. "I'm from Tracy, I don't live here, but I'm bringing my money here."

The chamber was packed before the vote with people on both sides of the fence.

"They're asking patrons of the new arena to walk four or five blocks to park, and now the parking rates are going to go up exorbitantly," said opponent Doug Tatara.

The NBA has given Sacramento until March 1 to come up with a financing plan. Mayor Johnson is set to meet with NBA Commissioner David Stern on Friday to discuss the progress of the plan.

"In terms of telling the NBA that we are taking a big step, certainly that's true," Johnson said prior to the importance of Tuesday's yes vote.

The next step for the parking component is for private companies to submit bids for leasing the city's spots, after which the council will need to vote again.