Sacramento is desperately working to come up with a new-arena plan in an attempt to keep the NBA‘s Kings in town, but huge issues remain with all four developer proposals.
The biggest problem: funding gaps with all four. Three proposals call for a new downtown arena and one for the North Natomas neighborhood where Arco Arena currently stands.
We’re sure all four arena proposals are being made in good faith. But, to be honest, no one in city goverment really seems to own the process: the Sacramento First Task Force may have made a recommendation, but at the end of last night’s meeting the City Council decided to interview all four developments to establish the financial feasibility of the proposals. None of the four actually has a fleshed-out proposal: all say the lack of information from the city in terms of potential contributions is hindering their progress.
But let’s be honest: with Gov. Jerry Brown proposing the shutdown of every city redevelopment agency in the state, there may not be a single dime of city money available. And so far the developers are looking at $200 million funding gaps: not exactly the kind of gap that can easily be closed. The Kings have until March to inform the NBA about a potential move of the franchise, and if the lack of specifics so far is any indication, you can bet the Maloofs will give serious consideration to moving the franchise, given that Anaheim, Seattle or Las Vegas would welcome the team with open arms.
RELATED STORIES: Maloofs sell naming rights to arena; admit to looking at moving NBA’s Kings; Johnson: We’ll take another run at new Kings arena; NBA: We’re done with Sacramento arena efforts; Consultant: It makes no sense to move Cal Expo as part of arena project; Maloof: We’re not looking at move to Seattle; Size of Arco Arena site threatens Kings arena deal
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