The NBA Kings last week reached a settlement to pay a combined $12M to two entities who controlled a property "seized by the city of Sacramento last year" for the construction of the team's new arena, "clearing what had become a prolonged legal hurdle" in the arena project, according to Ryan Lillis of the SACRAMENTO BEE. The Kings agreed to pay $7M to C-III Asset Management and $5M to the California Public Employees' Retirement System, ending the "eminent domain case arguing the value of the former Macy’s men’s store." The two entities "controlled the Macy’s property"until it was seized by the city "following a contentious court battle." After a judge ruled that the city "could take possession of the property, the Kings tore down the former 211,000 square-foot department store to make way for the new arena." C-III had asked for $21.75M for its "share of the property." The Kings have now paid $48M for the land where the arena will stand, as the team "already spent" $36M for the rest of Downtown Plaza. The city and the Kings are "still facing two other unrelated legal battles" as construction of the $477M arena continues (SACBEE.com, 2/10).
KICKSTART MY HEART: Lillis noted Sacramento's annual State of Downtown address was held yesterday, and it was a "celebration focused on the impact professional sports is having on the area." Downtown Sacramento Partnership Exec Dir Michael Ault said that a proposed soccer stadium for USL club Sacramento Republic would "kick-start development in the downtown railyard, a 240-acre site that would roughly double the size of downtown once it’s developed with housing, offices and retail space." Auld: “If Sacramento Republic has shown us one thing, it’s that this town wants more" (SACBEE.com, 2/10).
