Amidst lockout, arena commission charges forward with economic benefits report

 

Taylor/ICON artist rendering of new Sacramento SEC.

At a press conference today from the Sheraton Grand Hotel in Downtown Sacramento, the regional arena commission, recently renamed Think Big Sacramento, released a study identifying the economic benefits of a new entertainment and sports complex.  According to the report, the key findings are:

  • $157 million in revenue for the entire region on an annual basis, including $100 million in Downtown Sacramento, $116 million to the City of Sacramento, $131 million to the County of Sacramento and $157 million to the greater Sacramento region.
  • Over a thirty year period, the Sacramento¬†region¬†will receive over $7 billion in economic activity.
  • 3.1 million new visitors to Downtown Sacramento annually.
  • An increase of over 300,000 guests to hotels within walking distance of a new downtown arena, should they spend at least one evening overnight in Sacramento.
  • Fiscal benefits for government agencies created by the three-million new visitors include $6.7 million¬†annually¬†generated by $5.8 million in sales taxes over $900,000 in transient occupancy taxes. ¬†Additional revenue would be expected to be generated by increases in other sources of government.

Among those present today was Think Big Sacramento’s Executive Director Chris Lehane. ¬†He said the commission hopes to announce a public-private financing model by the beginning of September. ¬†And with the NBA lockout set to take effect at midnight, Lehane was asked if a work stoppage is a concern regarding the project’s momentum.

“Obviously (we’ll have to) deal with a potential lockout situation,” Lehane said. “Obviously we’re aware of it and¬†cognizant of it. ¬†But at the end of the day, we’ve made it pretty clear that this is not solely about building a facility for a professional basketball team. ¬†This is about what makes sense for the broader region and specifically what other types of civic benefits can be¬†derived¬†from this.”

Also notably in attendance¬†was State Assembly Member Roger Dickinson, Sacramento Councilman Rob Fong and the report’s author Cathleen M. Dominico. ¬†She is managing partner of Capitol Public Finance Group – ¬†“a full service, independent public finance consulting firm¬†head-quartered¬†in Sacramento.”

After the jump, audio of Lehane and Dominico addressing media questions and a link to download the report.


Download economic report here.

comments

About: Jonathan Santiago

Jonathan Santiago serves Cowbell Kingdom as senior editor specializing in writing, podcasting and video production. He also handles the majority of CK’s day-to-day beat coverage of the Kings.