SBD/Weekend Rap

Sacramento Reaches Deal For $447.7M Downtown Plaza Arena

Sacramento officials yesterday announced that they have “reached a deal” for a $447.7M arena at the Downtown Plaza, with “up to 1.5 million square feet of offices, housing, stores and a high-rise hotel.” The agreement, announced by Sacramento Mayor Kevin Johnson in nine tweets, would “require the city to commit” $258M in value, or 58% of the arena cost. Of that amount, $212M would “come from selling bonds backed by future revenues from city downtown parking garages.” The city's contribution is “the same as it was in last year's aborted project to build an arena.” The city also agreed to give arena developers the city's empty 100-acre plot next to Sleep Train Arena ... as well as six other city properties, five of them adjacent to or near the downtown arena site" (SACRAMENTO BEE, 3/24).
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