ASW continued: Day 3 of Arena meetings - DEAL REACHED
- Thread starter ReinadelosReys
- Start date
Fear the Putin
Starter
Rob McAllister @Rob_McAllister
Mayor and Joe Maloof announcing deal
happy george
kennadog
Dog On It!
Actually, they all look exhausted. And screw George. A deal may have been reached, but I doubt he's happy about it.
I'm cautiously optimistic. The opposition in Sacramento is talking about putting a referendum on a ballot. If they can do that, it might kill the deal. The are also talking about recalls of city councils members who vote for this.
I'm cautiously optimistic. The opposition in Sacramento is talking about putting a referendum on a ballot. If they can do that, it might kill the deal. The are also talking about recalls of city councils members who vote for this.
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fansinceday1
Starter
Who exactly is the opposition? I haven't heard of one specific group who is against this thing.
fansinceday1
Starter
I agree, George does not look happy at all. There's no doubt he was really pushing for SoCal.
NoBonus
Starter
Doubt they could get the signatures...
kennadog
Dog On It!
Its not really an organized group, but its a lot of the same people who voted down Q&R. (Which was a bad deal.) So many folks don't seem to realize that even if no arena is built, that does not create any money to fill budget deficits. Development of the rail yards, in general, will incrrease the general fund.
The main issues still outstanding is how will they replace the $9 million a year in parking revenue to the general fund. I suspect some of the propsed surchages are meant to make the city's general fund whole.
The other issue is the current outstanding loan on Power Balance Pavilion. I heard intimations that the city may re-structure that loan. Some city residents definitley won't like that, if that's the situation. I know Chris Webber had lined up someone willing to refinance/ restructure that loan. If that could still be a possibility that would be great. The city would no longer be the lender anymore. But that may not be available anymore.
KingsFanatic
Bench
Wow, not only is this huge on an arena front, but also just for Sacramento in general! Now we'll be able to have some big name concerts coming through town and tons of other events.. Downtown sacramento will be a party haven!!!! I can't wait...I know the deal hasn't 100% gone through yet, but it's looking really good... So say everthing goes as planned with the city counsel, has anyone mentioned when they would actually put the shovels in the ground?
kennadog
Dog On It!
I'm glad you're confident and that may be true. I'm almost positive some group will try. A group tried to block the Arco $70 million, bond-funded loan. They did turn in more than enough signatures, but fell short of enough valid signatures. Whew. We would have lost the Kings, before they were ever any good.
There are also people who may challange it on environmental grounds, like access and traffic, for one. I'm just not going to breathe a sigh of relief until they actually break ground.
I'll stop being the Debbie Downer now. I tend to be pessimistic, although I can't beat out our dear Piksi.
I am really, really excited about today's news. It's a huge moment for an arena in downtown.
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KingsFanatic
Bench
kennadog, I don't think we need to worry about what you mentioned this time around. If that was the case, it would probably be mentioned in the press releases...Why do I say that? because bad new sells, and if they think there was a chance to put a damper on this good news, reporters would be all over it.........Bad news sells.........
NoBonus
Starter
I'm glad you're confident and that may be true. I'm almost positive some group will try. A group tried to block the Arco $70 million, bond-funded loan. They did turn in more than enough signatures, but fell short of enough valid signatures. Whew. We would have lost the Kings, before they were ever any good.
There are also people who may challange it on environmental grounds, like access and traffic, for one. I'm just not going to breathe a sigh of relief until they actually break ground.
I'll stop being the Debbie Downer now. I tend to be pessimistic, although I can't beat out out dear Piksi.
I am trying to temper my reaction as well... but we already had a lot of "dips" on this roller coaster ride, might as well enjoy the "hills" too.
ArcoKings
Starter
This is great news. I know its not a 100% DONE deal... yet... but I want to congratulate the city of Sacramento. The CAVE people are totally stunned and in shock not to mention Anaheim City Hall. The CAVE people will come out fighting. Stay tuned.
I predicted yesterday that the money part/deal would be finalized today and it did! Everyone thought that the Maloofs couldn't afford to pay their share of the arena contribution. I may be in the minority among Kings fans/Sac town but I have always liked the Maloofs. Good for them, good for the city of Sacramento and good for Kevin Johnson. Next stop: GOVERNOR!
Again, congratulations S-A-C-R-A-M-E-N-T-O.
Go Sac town.... GO KINGS!
I predicted yesterday that the money part/deal would be finalized today and it did! Everyone thought that the Maloofs couldn't afford to pay their share of the arena contribution. I may be in the minority among Kings fans/Sac town but I have always liked the Maloofs. Good for them, good for the city of Sacramento and good for Kevin Johnson. Next stop: GOVERNOR!
Again, congratulations S-A-C-R-A-M-E-N-T-O.
Go Sac town.... GO KINGS!
Bricklayer
Don't Make Me Use The Bat
Congrats guys.
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kennadog
Dog On It!
Thanks, Brick.
ReinadelosReys
Starter
KingsFanatic
Bench
I'm actually shocked about that open date too. I guess that would mean they would have to put the shovels in the ground sometime this year to be able to reach a target date that soon...
ReinadelosReys
Starter
Back to reality.....
David Bienick @kcrabienick
Council member Angelique Ashby says she's "hopeful" she can vote yes on #arena deal, wants more info about Natomas impact. #5votes
Council member Steve Cohn: "I want to vote yes." Also wants more info.
Cohn says city's contribution to #arena will include parking lease, sale of 100 acres of city-owned land in Natomas.
Cohn says much of $9 million city budget backfill will come from ticket surcharges.
Cohn says city will not sell land "now", will wait for land values to rise.
Ashby reads statement from @KJ_MayorJohnson: "We have a handshake deal." Focus now on 3/31 deadline. Says deal needs to be put on paper.
David Bienick @kcrabienick
Council member Angelique Ashby says she's "hopeful" she can vote yes on #arena deal, wants more info about Natomas impact. #5votes
Council member Steve Cohn: "I want to vote yes." Also wants more info.
Cohn says city's contribution to #arena will include parking lease, sale of 100 acres of city-owned land in Natomas.
Cohn says much of $9 million city budget backfill will come from ticket surcharges.
Cohn says city will not sell land "now", will wait for land values to rise.
Ashby reads statement from @KJ_MayorJohnson: "We have a handshake deal." Focus now on 3/31 deadline. Says deal needs to be put on paper.
KingsFanatic
Bench
ReinadelosReys, there's no doubt the deal is going to happen. They just need to iron out the preliminaries. Heck, there's preliminaries in every deal....I heard this morning that the deal should pass the city counsel without a problem, but they have to do the vote anyway... Of course once the shovels go into the ground within the next couple of months, it will still be tough to believe because of what we've been through.
Yep,fantastic day for Sacramento!
Yep,fantastic day for Sacramento!
There is part of your answer about the 9 million back fill kennadog.
I think it's looking good for votes on 3/6 as Cohn seems to be warm. But we still have to have some substantial return on the parking lease out. No big shortfalls.
Section 101
All-Star
From the bee
The city will collect a 3 percent to 5 percent surcharge on every ticket for every event at the arena, both sports and nonsports. That revenue will go directly into the city's general fund. That figure is expected to be in the millions of dollars annually, and will cover a portion of the $9 million in lost revenues from the city's planned lease of its downtown garages.
Read more here: http://www.sacbee.com/2012/02/27/4294815/sacramento-kings-have-reached.html#storylink=cpy
NoBonus
Starter
So, for $9 Million a year, the city gets part of that back in straight cash (plus increased tax revenue that could easily go above and beyond the $9mil per year loss from parking) AND averts a massive economic collapse should the Kings leave/Arco demolished without a replacement plus revitalizes the city center with new and improved jobs and economic opportunities. Pretty good deal.
Fear the Putin
Starter
if any of you need laughs, read the comments on the sac bee site for the most recent article
Some other good info in there:
also:
and:
Read more here: http://www.sacbee.com/2012/02/27/42...have-reached.html#storylink=cpy#storylink=cpy
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Section 101
All-Star
ICON/Taylor are covering the cost overruns. More reason for them to keep it on schedule !
AWESOME!!!!!!!!111 KJ is awesome and as hard as I have been on the Maloofs, that is a pretty good contribution from them of 75 mill +75 mill in ticket surcharges over life of arena(I'm guessing to help back fill the 9 mill loss per year of parking). That is pretty generous. I'm real excited about the future of this. This is epic.
