The fight to keep the Kings did not end in May with the announcements by David Stern and the Maloof family that they would give Sacramento one more chance to get a new entertainment and sports facility built in the capitol city. Mayor Kevin Johnson and his team have been busy putting together a financing plan that will hopefully take care of the pesky $387 million cost of a new building. That plan needs to be in place by March 1, 2012, but the mayor's office has to lay a lot of ground work before a definitive agreement is put into place.During a December 13th Sacramento City Council meeting, Mayor Johnson is going to roll out a plan to lease 8000+ Downtown Sacramento area parking spaces to a private parking firm and possibly even take the idea to a vote. Despite recent reports, we've confirmed through our own private sources, that the leasing figure is at least $200-million and possibly more. In the past, we have talked about parking being the "magic bullet" in this deal, and $200 million of a $387 million stadium deal is exactly that.... More
- Sacramento parking spaces and garages have emerged as a potential game-changer in the battle to build a new arena. However, new findings reported by the Sacramento Bee's Ryan Lillis, Dale Kasler and Tony Bizjak suggest they may not be as valuable as the city originally hoped. "But with a pivotal City Council decision on the deal scheduled in less than two weeks, city officials say those parking spots may not be as valuable as originally hoped. City Manager John Shirey told The Bee on Thursday that the assessed value of the city's parking facilities is lower than officials' early 'hopes or expectations.' The recent estimates came from financial consultants at Bank of America. Multiple sources familiar with the details of the project told The Bee this week that the city may be able get $200 million – or slightly more – in upfront cash by leasing its parking operations to a private company. That would include 7,200 spaces in garages, 5,500 on-street spaces and parking citation revenue. Shirey would not confirm that figure, but he said the new estimates are lower than originally believed. Officials have never said publicly what their early estimates were."