http://www.sacbee.com/1089/story/957420.html
Cal Expo board moves forward on new arena proposal
By Mary Lynne Vellinga
Published 4:33 pm PDT Wednesday, May 21, 2008
The Cal Expo board voted unanimously Wednesday to move ahead on a joint effort with the NBA to build a new entertainment zone, basketball arena and revamped state fairgrounds on Cal Expo site.
NBA Commissioner David Stern and former Gov. Pete Wilson, Cal Expo's chief negotiator, gave a progress report to the board and urged approval of a non-binding letter of understanding in which the parties agree to work together over the next six months to craft a more definite plan for the site and quantify the cost of roads and other infrastructure needed.
At the end of the period, the parties aim to solicit proposals from developers willing to pay Cal Expo for the rights to develop a mixed use project on the property. As part of the deal, the developer would be required to fund construction of both the arena and the revamped fairgrounds. The land for the development would be leased from the state, and would eventually revert to state control.
Stern said the NBA has talked to about six developers, some unsolicited, who have expressed interesting in such a project.
"This board sits astride what is perhaps the most valuable site in the state of California," he told the board Wednesday.
Cal Expo board moves forward on new arena proposal
By Mary Lynne Vellinga
Published 4:33 pm PDT Wednesday, May 21, 2008
The Cal Expo board voted unanimously Wednesday to move ahead on a joint effort with the NBA to build a new entertainment zone, basketball arena and revamped state fairgrounds on Cal Expo site.
NBA Commissioner David Stern and former Gov. Pete Wilson, Cal Expo's chief negotiator, gave a progress report to the board and urged approval of a non-binding letter of understanding in which the parties agree to work together over the next six months to craft a more definite plan for the site and quantify the cost of roads and other infrastructure needed.
At the end of the period, the parties aim to solicit proposals from developers willing to pay Cal Expo for the rights to develop a mixed use project on the property. As part of the deal, the developer would be required to fund construction of both the arena and the revamped fairgrounds. The land for the development would be leased from the state, and would eventually revert to state control.
Stern said the NBA has talked to about six developers, some unsolicited, who have expressed interesting in such a project.
"This board sits astride what is perhaps the most valuable site in the state of California," he told the board Wednesday.
