Talks Continue Between NBA, Cal Expo On New Kings Arena
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NBA Continues Talks With Cal
Expo For New Arena For Kings |
The NBA continues to negotiate with Cal Expo reps to "see if it would make financial sense" to build a new Kings arena in the state fairgrounds, according to Mary Lynne Vellinga of the SACRAMENTO BEE. Cal Expo and the NBA are trying to determine "whether they can devise a development plan for Cal Expo's 360 acres that produces enough profit to both build an arena and revamp the aging fairgrounds -- dual tasks that could carry a total price tag exceeding $650[M]." Cal Expo lawyer Sean Walsh: "We're early in our negotiations, but we're hopeful that we can achieve common ground." Dewey Square Group Partner Karen Skelton, who was hired by Baltimore-based Moag & Co. CEO John Moag, a consultant for the NBA on attempts to build a new Kings arena, said, "People may have wanted this project to be over, but there's no quick fix." The development could include retail, entertainment, office and residential uses, and Skelton said that there is "no other spot in Sacramento that could produce the amount of money needed without raising taxes." Sources familiar with the negotiations said that Cal Expo "has presented information about its needs, and the NBA has presented some design concepts for a development and a financial analysis of how it could produce a revenue stream." The NBA also has asked Cal Expo to "answer some questions about the property, its governing structure and financing authority." While the "sagging real estate market poses a significant challenge, at least in the short term," reps from both sides said that the state of the economy is "not an insurmountable obstacle" (SACRAMENTO BEE, 3/6).
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