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NBA, Maloofs Back Kings Arena Proposal Involving Land Swap
Published January 15, 2010
|Proposal To Build New Kings Arena,
Entertainment Complex Unveiled Thursday
OUT WITH THE OLD, IN WITH THE NEW: In Sacramento, Kelly Johnson noted the NBA and Cal Expo, which would be sold and "used for new development" under the land-swap proposal, have been "negotiating for three years over a proposal to develop a sports and entertainment complex there as part of a larger plan to revitalize the state fairgrounds." Kamilos Thursday said that his group will "provide details of its financing plan in mid February." Moag said that the project would "probably require two years for entitlements," with the goal to "break ground in October 2012 or early 2013, and open in 2014." Moag noted that "until a sports and entertainment complex would be designed, it is impossible to estimate a price tag." He suggested that the "initial phase of an arena, parking garage and the payment to Cal Expo could run" around $675-700M (BIZJOURNALS.com, 1/14). FANHOUSE.com's Tom Ziller wrote the NBA's "quick reversal on the Cal Expo project is surprising." The viability of the land-swap plan "depends on where the money comes from." Ziller noted "no one expects the Maloofs to contribute much, and public funding will likely be limited to land and tax breaks" (FANHOUSE.com, 1/14).