Sacramento arena proposal puts developer Kamilos in spotlight - SacbeeInvestors would buy Cal Expo from the state and build residences, offices and stores there, generating revenue that will be used to pay debt on a privately built arena on city-owned railyard land. Cal Expo officials, who are looking to finance a new fairgrounds, said they are intrigued by Kamilos' proposal and willing to talk.
The Sacramento Kings would pay $10 million annually in arena rent payments, with yearly increases over 30 years. The city and the Kings would deed the 180-acre Arco Arena site in Natomas to the state for a new fairgrounds.
NBA officials say they weren't sure what to think when Kamilos called last spring to pitch the idea. "We had a high degree of skepticism," the NBA's Moag said. "I've heard every gimmick you can come up with for financing." But Kamilos brought something to the table no one else had: private financial backers willing to put up money. "He was impressive," Moag said.
"This is Sacramento's Madison Square Garden," he said. "It's one of those generational projects that's going to be here 100 years. "It is so important this is done right."
http://www.sacbee.com/topstories/story/2474450.html There is a pic that is too big to post here with a visual explanation that shows the properties and their scale:
http://media.sacbee.com/smedia/2010/01/19/21/3W20SWAP.xlgraphic.prod_affiliate.4.gifNBA, developers unveil new downtown arena plan - Sacramento Business Journal• The Maloofs would commit $300 million to the financing of the project, paying $10 million a year for 30 years. They would pay off to the city what’s outstanding from the $68.5 million loan the city made to the franchise in 1997.
• The Maloofs would receive a 30-year lease for the downtown arena. At the end of 30 years, the city would own the complex.
Of course, the Kamilos proposal is still just one of nine projects being considered by the Sacramento First Task Force. The task force is reviewing the seven proposals that were submitted along with the earlier Cal Expo proposal on which the NBA had been negotiating, and the option of renovating the existing Arco Arena. But the Kamilos proposal now has the support of the NBA and partners with big money, names and experience.
The Sacramento Convergence team estimates the project would inject more than $1 billion into the region’s economy at build out, and would significantly increase property, sales and use tax revenue for the city and Sacramento County.
http://sacramento.bizjournals.com/sacramento/stories/2010/01/11/daily46.htmlThis article discusses the other proposals as well; a good read for sure.
No favorite yet among Kings arena proposals, Sacramento mayor says - Sacbee"This is not about a shining arena for the Kings and NBA," Lehane said. "It is about what is best for Sacramento. The Kings and the league have backed other proposals in the past, and those have not come to fruition."
NBA officials created shock waves by announcing they already back one of the plans – a complicated land swap moving the State Fair to the Arco Arena site in Natomas, turning Cal Expo over to private developers, and leveraging income from those moves to help finance an arena in the downtown railyard.
That proposal stands out among the seven, NBA representative John Moag said, because it includes something other proposals don't: deep-pocketed private partners to jump-start the project financially – "the guys who are going to show me the money."
http://www.sacbee.com/topstories/story/2466263.html
whole image can be viewed here:
http://media.sacbee.com/smedia/2010/01/15/20/6W16ARENA.xlgraphic.prod_affiliate.4.gifNow we need to wait and see what happens...
