NBA, Cal Expo Agree To Six-Month Pursuit Of New Kings Arena Deal
The Cal Expo BOD yesterday voted unanimously to "approve a document that defines its courtship" with the NBA for the next 180 days, according to Mary Lynne Vellinga of the SACRAMENTO BEE. The two sides will "work together on a conceptual plan for how the 360-acre site might accommodate a new arena for the Kings, a revamped fairground and a development profitable enough to pay for both." NBA and Cal Expo consultants also will "try to calculate the enormous cost of building roads, alleviating traffic congestion and bringing other needed improvements to Cal Expo, and the potential pots of money that could be tapped to fund them." The two parties by the end of the 180-day period "plan to solicit proposals from developers interested in overhauling" the complex. Vellinga notes the "arena alone could easily cost $500[M], and the cost of rebuilding the fairgrounds has been estimated at $150[M]." Cal Expo Deputy GM Brian May said that Cal Expo has "no intention of selling its land," but instead would "lease the property long-term to a developer." While the length of the lease has not been determined, May said that when it expires, "control of everything on the site -- from the arena to the retail shops -- would revert to Cal Expo." Kings Owner Maloof Sports & Entertainment yesterday in a statement said that the team was "appreciative of the efforts made by the NBA and Cal Expo, and 'optimistic about the progress made so far'" (SACRAMENTO BEE, 5/22).
INTEREST FROM DEVELOPERS: Baltimore-based Moag & Co. CEO John Moag, a consultant for the NBA on the Kings' arena efforts, said that he has "spoken to developers who, without being solicited, are interested in participating in a project at Cal Expo." He called it "substantial interest from substantial players." The SACRAMENTO BUSINESS JOURNAL's Kelly Johnson noted it is "uncertain whether horse racing would be part of a new plan for the fairgrounds." Cal Expo GM Norb Bartosik: "We're in horse racing until we're not" (BIZJOURNALS.com, 5/21).
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