NBA to announce involvement in railyards arena proposal
- Thread starter Emma
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I like the players who have lined up behind this proposal. Still so many moving parts makes me cautious. The downtown arena site being talked about currently has a train depot and tracks located there. So next step is moving those tracks and relocating the depot. Here is what is up with that funding from the sacramentorailyards.com website:
•The California Transportation Commission (CTC) awarded $31.2 million combined from Prop 1B Trade Corridor Improvement Funds (TCIF) for track relocation and Prop 1B HRCSA funds for 6th Street overcrossing work at the Railyards.
•City meets deadline for $20 million in federal stimulus funds.
So money should be there to get this land freed up this year for development. That is supposed to start in May this year.
It's very encouraging to see the Maloofs and the NBA backing this plan. That site is smaller than previous railyard plans. And as any verteran observer of the last railyard proposal knows, the parking capacity was a huge dividing issue for the Maloofs and Thomas Ent. I see what I would call a premium parking garage on the site. There will be more parking available offsite inside the railyards development and of course existing downtown parking. Should be interesting to see the negotiations on event parking outside the premium onsite. I know parking is a boring topic and the selling point will be rail access to the arena. But don't lose sight of the nice steady revenue that parking provides and the Maloofs will want that.
•The California Transportation Commission (CTC) awarded $31.2 million combined from Prop 1B Trade Corridor Improvement Funds (TCIF) for track relocation and Prop 1B HRCSA funds for 6th Street overcrossing work at the Railyards.
•City meets deadline for $20 million in federal stimulus funds.
So money should be there to get this land freed up this year for development. That is supposed to start in May this year.
It's very encouraging to see the Maloofs and the NBA backing this plan. That site is smaller than previous railyard plans. And as any verteran observer of the last railyard proposal knows, the parking capacity was a huge dividing issue for the Maloofs and Thomas Ent. I see what I would call a premium parking garage on the site. There will be more parking available offsite inside the railyards development and of course existing downtown parking. Should be interesting to see the negotiations on event parking outside the premium onsite. I know parking is a boring topic and the selling point will be rail access to the arena. But don't lose sight of the nice steady revenue that parking provides and the Maloofs will want that.
If the Maloofs don't own the arena, which I understand that they won't, the parking is non issue then correct? The parking is part of the facility and therefore goes to the facility owner correct?
As far as any parking garage offsite, that money goes strictly to that parking garage. No one from any event anywhere can claim dibs on that as I understand.
As far as any parking garage offsite, that money goes strictly to that parking garage. No one from any event anywhere can claim dibs on that as I understand.
Rights to arena events related parking revenue from area garages + all parking revenue from the premium onsite garage. I'm sure the Maloofs will be after something like this. This is where Maloofs and Thomas got into a disagreement because they thought the Maloofs shouldn't get any revenue from offsite parking garages on event nights.
Notice I use the word "events". Not just Kings games. They want to run the arena and get revenues for all events. They need to mine all kinds of these revenue sources because they will never sell as many corporate suites as bigger markets. And they are kind of hitting a ceiling on raising ticket prices.
Remember we reached a long negotiations period before and that's when all these things started getting discussed. This time I think Thomas is out of the picture and the land is all city owned. But I wouldn't be surprised to see another round of parking revenue wars between them. Thomas does benefit by dumping thousands of people into their new retail area on event nights. Major selling point to sell or lease property.
Notice I use the word "events". Not just Kings games. They want to run the arena and get revenues for all events. They need to mine all kinds of these revenue sources because they will never sell as many corporate suites as bigger markets. And they are kind of hitting a ceiling on raising ticket prices.
Remember we reached a long negotiations period before and that's when all these things started getting discussed. This time I think Thomas is out of the picture and the land is all city owned. But I wouldn't be surprised to see another round of parking revenue wars between them. Thomas does benefit by dumping thousands of people into their new retail area on event nights. Major selling point to sell or lease property.
Note: I split off the latest post in this thread, which links to the nice coverage in today's Bee about the land swap proposal.
(Just wanted folks to know it hadn't gone *poof* or anything)...
EDIT: And now, since it appears there's going to be cross-communication, etc. I'm going to close this one in favor of the newer thread.
(Just wanted folks to know it hadn't gone *poof* or anything)...
EDIT: And now, since it appears there's going to be cross-communication, etc. I'm going to close this one in favor of the newer thread.
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