In a "long-awaited financing proposal" for a new NBA Kings arena, Sacramento Mayor Kevin Johnson's task force last week “identified a potential treasure trove of up to 8,000 city-owned downtown parking spots that could be leased to a private vendor,” according to a front-page piece by Dale Kasler of the SACRAMENTO BEE. The vendor “would immediately pay the city millions of dollars, maybe tens of millions, for the right to run the spots.” Kasler notes it "could be a major piece of the arena-financing puzzle." A "big upfront payday would reduce the amount of borrowing needed to fund the $387 million complex.” This "could be important if the city, and maybe other area governments, are asked to guarantee all or part of the bond debt." Arena task force member Michael Ault said, “This parking piece may end up being an asset that’s critical to making this whole thing happen.” Kasler notes another "big issue to be negotiated is whether the city would continue to get any of the $24 million in annual parking revenue it currently collects.” Arena task force co-Chair Chris Lehane said that his group “realizes that any lost revenue would have to be replaced with other dollars generated by the arena.” Meanwhile, developer David Taylor “will likely play a role in developing the arena, in partnership with Denver’s ICON Venue Group.” The Sacramento City Council tomorrow “is expected to direct city staff to begin negotiating an agreement with Taylor and ICON" (SACRAMENTO BEE, 9/12).
NO-SHOWS: In California, Randy Youngman noted Kings Owners the Maloofs “didn’t show up for the announcement” of the financing proposal. The NBA also did not “send anyone to show its support for the arena plan.” Youngman: “Maybe the Maloofs and the NBA suits were notable no-shows because they had already seen the report and there wasn’t much of substance on which to comment.” The team did “release a statement saying the financing report was a ‘very positive step,’ but it seemed hollow in their absence” (ORANGE COUNTY REGISTER, 9/11).
