Arena Update 9-1-11

[Mike0476]

By Rob McAllister via Twitter

Think Big arena committee unveiling land sale opportunities to help pay for arena. Chris Lehane speaking now on Front and V Streets.

16 minutes ago via Twitter for iPhone

Lehane says dirt lots like one on V and Front Street will increase in value with new arena. Lead Developer David Taylor here too.

14 minutes ago via Twitter for iPhone

Jack Reyan: Job correlation has been tied to housing in past... Now jobs would be created with arena and related development around it

10 minutes ago via Twitter for iPhone

David Taylor: in past private-public partnerships w/ city...the city investing then private believes and will invest (paraphrasing)

7 minutes ago via Twitter for iPhone

David Taylor: "Me and my partners are already looking to buy property around arena and intermodal station."

7 minutes ago via Twitter for iPhone

Taylor: if the arena is built and city invests, local developers like me will be there. City will get the 200 plus million back.

6 minutes ago via Twitter for iPhone

Lehane "city would have to sell 19 properties that the city could sell to raise funds" Land would be valuable to developers to build on

2 minutes ago via Twitter for iPhone

 

[bajaden]

Thanks for the info Mike... Thanks for being right on top of it...

 

[SacTownKid]

Yeah thanks as always! Man, this is going to be an interesting next couple of weeks.

 

[Mike0476]

Thanks for the info Mike... Thanks for being right on top of it...

You're welcome.

 

[Mike0476]

Yeah thanks as always! Man, this is going to be an interesting next couple of weeks.

You're welcome.

There will be more to come. Trust me on that.

 

[Dime Dropper]

Thanks, Mike. Always interesting to get updates. How long have we left to come up with the proposal?

 

[nebs]

Again, Mike, thanks.

 

[Mike0476]

Thanks, Mike. Always interesting to get updates. How long have we left to come up with the proposal?

According to Think Big Sacramento, here's the time line:

Checklist to Create Funding Plan

Determine cost (February 8, 2011 –May 26, 2011)

Propose menu of funding options (May 30, 2011 –September 8, 2011)

Select funding options (September 9, 2011 –December 31, 2011)

Secure funding sources (January 1, 2012 –February 29, 2012)

MARCH 1, 2012 RELOCATION DEADLINE

 

[Mike0476]

Again, Mike, thanks.

You're welcome.

 

[Bricklayer]

According to Think Big Sacramento, here's the time line:

Checklist to Create Funding Plan

Determine cost (February 8, 2011 –May 26, 2011)

Propose menu of funding options (May 30, 2011 –September 8, 2011)

Select funding options (September 9, 2011 –December 31, 2011)

Secure funding sources (January 1, 2012 –February 29, 2012)

MARCH 1, 2012 RELOCATION DEADLINE

Yikes, cutting it a little tight there on that last step aren't we? 4 months to "select funding options"?

 

[JB_kings]

Yikes, cutting it a little tight there on that last step aren't we? 4 months to "select funding options"?

Yeah that doesn't sound right. I hope they are building in a lot of extra time or does this have to do with fiscal reasons to wait until Jan 1? The last thing we need is for them to diddle around and the Maloofs start up taks with Anaheim and topedo the whole thing again.

 

[Livinthedream]

I don't like it either. But I guess you can't select funding unless you know exactly what you're going to build. I don't think that has been determined yet. So that might be part of the underlying issue along with negotiations with private investors. Also, we just have to have a legitimate plan in place by March 1. We don't have to have a shovel in the ground. Either way, I would prefer not to wait until the last minute.

 

[SacTownKid]

I'm pretty sure the part where they "select" the funding options is where they do most of the leg work. That last part is probably getting the paper work in order.

 

[Larry David]

Yikes, cutting it a little tight there on that last step aren't we? 4 months to "select funding options"?

I'm sure they don't hope to use all 4 months, but since "How do we pay for this" has been the problem for over a decade this is where the rubber hits the road. Thus, they've put in last date deadlines.

Basically, the people inside the tent have a pretty good idea of what this looks like. They are going to roll out all of the funding options and vet them. Some will probably get taken off the table due to public reaction.

During the 4 months, if they haven't already, they will nail down the details of the Maloofs rent and other funding, like use fees, naming rights, cell towers, ect. At which point, they'll have the rough cost and non-public funds. Who knows, that might already be done. However, that has to be completed in the next 4 months. Thus, the deadline.

Then Think Big has to decide how to close the gap with public funds that don't require a vote. Sell this property,fees on this, ect. Again, that must happen by the end of the year.

Accordingly, the deadlines probably mean: (1) 12-31-11, deadline to hammer out all deals and decide the public funding that will be used this pencil out: (2) 2-29-12, last day to pass all public funding (board vote, not general election) and finalize all contracts.

Therefore, they've got 4 months to fund it and 2 months to tie down all of loose ends.

On the bright side, its a leap year so we get an extra day.

I'd say it's 50/50, and I don't think we've ever had odds that good

 

[bajaden]

I'm sure they don't hope to use all 4 months, but since "How do we pay for this" has been the problem for over a decade this is where the rubber hits the road. Thus, they've put in last date deadlines.

Basically, the people inside the tent have a pretty good idea of what this looks like. They are going to roll out all of the funding options and vet them. Some will probably get taken off the table due to public reaction.

During the 4 months, if they haven't already, they will nail down the details of the Maloofs rent and other funding, like use fees, naming rights, cell towers, ect. At which point, they'll have the rough cost and non-public funds. Who knows, that might already be done. However, that has to be completed in the next 4 months. Thus, the deadline.

Then Think Big has to decide how to close the gap with public funds that don't require a vote. Sell this property,fees on this, ect. Again, that must happen by the end of the year.

Accordingly, the deadlines probably mean: (1) 12-31-11, deadline to hammer out all deals and decide the public funding that will be used this pencil out: (2) 2-29-12, last day to pass all public funding (board vote, not general election) and finalize all contracts.

Therefore, they've got 4 months to fund it and 2 months to tie down all of loose ends.

On the bright side, its a leap year so we get an extra day.

I'd say it's 50/50, and I don't think we've ever had odds that good

This may the most positive post by you on this subject. I'm getting excited..