S
Maybe this one will finally stick...
Sac Bee just posted this online:
http//www.sacbee.com/content/sports/story/13916860p-14755073c.html
Tsakopoulos hands Kings new development-for-arena plan
By Mary Lynne Vellinga, Terri Hardy and R.E. Graswich -- Bee Staff Writers
Published 9:49 pm PST Tuesday, November 29, 2005
Local developer Angelo K. Tsakopoulos has submitted a new proposal to the Sacramento Kings that would involve rezoning agricultural land for development and using the profits to build an arena for the basketball team.
An earlier plan by Tsakopoulos to open up thousands of acres of North Natomas to development and use 20 percent of the profits for an arena fell apart in February after several landowners said they would not participate.
Neither Tsakopoulos nor the Maloofs, owners of the Kings, would discuss Tuesday the details of the latest written proposal, or say exactly what portion of Tsakopoulos' extensive land holdings would be targeted for development.
"It's basically a deal similar to the one we talked about in North Natomas," Tsakopoulos said. "Some property has to be sold to raise the money for the arena."
Joe Maloof said the owners received the written proposal shortly before the Thanksgiving weekend. He said they need more time to evaluate the plan, but added, "There's an opportunity here."
Tsakopoulos did not sound optimistic on Tuesday, however. "We want the Kings to stay, and we want to do whatever we can to make that happen," he said. "I don't know what's going to happen, but I have to say, I don't think the chances are very good."
For months, Tsakopoulos has been talking to public officials and civic leaders about the idea of developing large tracts of rolling ranch land he owns on both sides of the El Dorado and Sacramento County lines, and paying for an arena with the proceeds.
Neither Tsakopoulos nor the Maloofs would specify which parcels were included, but people who have been briefed on Tsakopoulos' idea say it involves farmland that would have to be rezoned.
Tsakopoulos has large land holdings outside Sacramento County's urban growth boundary and outside any area contemplated for growth in the new El Dorado County general plan.
Public officials and planners in both counties said they didn't think the rezoning proposals would be an easy sell with the public, or could be accomplished in the rapid timeline needed to fund an arena.
The area lacks drinking water and major roads. Environmental groups have been working for years to establish southeastern Sacramento County as a permanent ranching corridor.
"That's an area that's been reserved for agricultural uses," said Peter Maurer, El Dorado County's director of planning services. "We've just completed a 12-year process of adopting a new general plan, and now we're going to change it to build a new Kings arena? It doesn't make sense."
Sacramento County Supervisor Don Nottoli, who represents the area, noted that it isn't designated for growth in Sacramento County's general plan. He said he doesn't think there's been a big shift in board sentiment since 1999, when the supervisors rejected a plan by developer C.C. Myers to build a gated senior community in the same vicinity.
Myers took his Deer Creek Hills proposal to the ballot, where it was rejected by 69 percent of voters despite his spending more than $2 million to promote it. The area has since been preserved as open space by the Sacramento Valley Conservancy.
"The people were pretty clear," Nottoli said.
If the Tsakopoulos funding proposal doesn't succeed, however, it's unclear where the Maloofs will turn to get the $400 million or so that they have said they need to replace Arco Arena, which they say is outmoded and undersized.
Local political consultants frequently cite polling data suggesting that Sacramento-area residents are unwilling to spend public money in order to fund professional sports facilities.
"There are people who have approached Gavin and me with ideas; a couple of them have merit," Maloof said. He offered no more specifics, however.
Tsakopoulos said the community has to decide if it wants the Kings to stay.
Previous arena discussions at Sacramento City Hall went nowhere. Mayor Heather Fargo twice tried and failed to advance plans to build a new arena downtown - either in the old Union Pacific railyard or at the end of Downtown Plaza. Both times, discussions fell apart over financing.
Maloof said Tuesday that his family still has no plans to move the Kings to another city, despite the rumor of a possible departure to Anaheim.
"We're going to stay focused and try to work something out," he said.
If the Maloofs did decide to leave town, they have no contractual obligations to the city that would tie them here, said city Treasurer Tom Friery.
In 1997, former Kings owner Jim Thomas in two separate loans borrowed more than $82 million from the city to keep the team afloat. The deal included an escape clause that obligated the team to stay in the city for 10 years, unless revenues and attendance slipped by certain amounts outlined in the contract.
During a player lockout in the 1998-99 season, the Kings lost money and met provisions outlined in the escape clause. It happened again in 2001, Friery said.
Although the team's financial fortunes turned around in following years, Friery said the team still would be able to exercise the escape clause.
"The Kings could give us notice, pay off the remainder of their loan and leave now," Friery said.
Friery said the Kings have given no such notice. If the Maloofs were to leave, they would be obligated to pay off their loan from the city. Friery estimated the balance at between $70 million and $72 million.
Watching developments in Sacramento will be Anaheim businessman Michael Schulman, the chairman of the board of Anaheim Arena Management, the private company that manages Anaheim's Arrowhead Pond Arena for the city under a long-term contract.
Schulman is also chief executive officer of the Anaheim Mighty Ducks National Hockey League franchise, which plays all its home games at the arena.
The arena and hockey team are both owned by Henry Samueli, the billionaire co-founder of wireless equipment maker Broadcom Corp.
Schulman declined to comment on possible meetings between members of the Maloof and Samueli families, saying: "I'm not going to answer that."
"My understanding is that their (the Maloofs') goal is to get a new arena in Sacramento and that if they don't get it, they will move," Schulman said.
"If the team wants to come here, the door is wide open," Schulman added.
"We're an arena that doesn't have a basketball team and we want one," Schulman said. "Our door is open to any team that wants to move here. And we don't have the corporate suite problem that Sacramento has - we have 82 suites."
Sac Bee just posted this online:
http//www.sacbee.com/content/sports/story/13916860p-14755073c.html
Tsakopoulos hands Kings new development-for-arena plan
By Mary Lynne Vellinga, Terri Hardy and R.E. Graswich -- Bee Staff Writers
Published 9:49 pm PST Tuesday, November 29, 2005
Local developer Angelo K. Tsakopoulos has submitted a new proposal to the Sacramento Kings that would involve rezoning agricultural land for development and using the profits to build an arena for the basketball team.
An earlier plan by Tsakopoulos to open up thousands of acres of North Natomas to development and use 20 percent of the profits for an arena fell apart in February after several landowners said they would not participate.
Neither Tsakopoulos nor the Maloofs, owners of the Kings, would discuss Tuesday the details of the latest written proposal, or say exactly what portion of Tsakopoulos' extensive land holdings would be targeted for development.
"It's basically a deal similar to the one we talked about in North Natomas," Tsakopoulos said. "Some property has to be sold to raise the money for the arena."
Joe Maloof said the owners received the written proposal shortly before the Thanksgiving weekend. He said they need more time to evaluate the plan, but added, "There's an opportunity here."
Tsakopoulos did not sound optimistic on Tuesday, however. "We want the Kings to stay, and we want to do whatever we can to make that happen," he said. "I don't know what's going to happen, but I have to say, I don't think the chances are very good."
For months, Tsakopoulos has been talking to public officials and civic leaders about the idea of developing large tracts of rolling ranch land he owns on both sides of the El Dorado and Sacramento County lines, and paying for an arena with the proceeds.
Neither Tsakopoulos nor the Maloofs would specify which parcels were included, but people who have been briefed on Tsakopoulos' idea say it involves farmland that would have to be rezoned.
Tsakopoulos has large land holdings outside Sacramento County's urban growth boundary and outside any area contemplated for growth in the new El Dorado County general plan.
Public officials and planners in both counties said they didn't think the rezoning proposals would be an easy sell with the public, or could be accomplished in the rapid timeline needed to fund an arena.
The area lacks drinking water and major roads. Environmental groups have been working for years to establish southeastern Sacramento County as a permanent ranching corridor.
"That's an area that's been reserved for agricultural uses," said Peter Maurer, El Dorado County's director of planning services. "We've just completed a 12-year process of adopting a new general plan, and now we're going to change it to build a new Kings arena? It doesn't make sense."
Sacramento County Supervisor Don Nottoli, who represents the area, noted that it isn't designated for growth in Sacramento County's general plan. He said he doesn't think there's been a big shift in board sentiment since 1999, when the supervisors rejected a plan by developer C.C. Myers to build a gated senior community in the same vicinity.
Myers took his Deer Creek Hills proposal to the ballot, where it was rejected by 69 percent of voters despite his spending more than $2 million to promote it. The area has since been preserved as open space by the Sacramento Valley Conservancy.
"The people were pretty clear," Nottoli said.
If the Tsakopoulos funding proposal doesn't succeed, however, it's unclear where the Maloofs will turn to get the $400 million or so that they have said they need to replace Arco Arena, which they say is outmoded and undersized.
Local political consultants frequently cite polling data suggesting that Sacramento-area residents are unwilling to spend public money in order to fund professional sports facilities.
"There are people who have approached Gavin and me with ideas; a couple of them have merit," Maloof said. He offered no more specifics, however.
Tsakopoulos said the community has to decide if it wants the Kings to stay.
Previous arena discussions at Sacramento City Hall went nowhere. Mayor Heather Fargo twice tried and failed to advance plans to build a new arena downtown - either in the old Union Pacific railyard or at the end of Downtown Plaza. Both times, discussions fell apart over financing.
Maloof said Tuesday that his family still has no plans to move the Kings to another city, despite the rumor of a possible departure to Anaheim.
"We're going to stay focused and try to work something out," he said.
If the Maloofs did decide to leave town, they have no contractual obligations to the city that would tie them here, said city Treasurer Tom Friery.
In 1997, former Kings owner Jim Thomas in two separate loans borrowed more than $82 million from the city to keep the team afloat. The deal included an escape clause that obligated the team to stay in the city for 10 years, unless revenues and attendance slipped by certain amounts outlined in the contract.
During a player lockout in the 1998-99 season, the Kings lost money and met provisions outlined in the escape clause. It happened again in 2001, Friery said.
Although the team's financial fortunes turned around in following years, Friery said the team still would be able to exercise the escape clause.
"The Kings could give us notice, pay off the remainder of their loan and leave now," Friery said.
Friery said the Kings have given no such notice. If the Maloofs were to leave, they would be obligated to pay off their loan from the city. Friery estimated the balance at between $70 million and $72 million.
Watching developments in Sacramento will be Anaheim businessman Michael Schulman, the chairman of the board of Anaheim Arena Management, the private company that manages Anaheim's Arrowhead Pond Arena for the city under a long-term contract.
Schulman is also chief executive officer of the Anaheim Mighty Ducks National Hockey League franchise, which plays all its home games at the arena.
The arena and hockey team are both owned by Henry Samueli, the billionaire co-founder of wireless equipment maker Broadcom Corp.
Schulman declined to comment on possible meetings between members of the Maloof and Samueli families, saying: "I'm not going to answer that."
"My understanding is that their (the Maloofs') goal is to get a new arena in Sacramento and that if they don't get it, they will move," Schulman said.
"If the team wants to come here, the door is wide open," Schulman added.
"We're an arena that doesn't have a basketball team and we want one," Schulman said. "Our door is open to any team that wants to move here. And we don't have the corporate suite problem that Sacramento has - we have 82 suites."
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