Following up on our post from earlier today, Think Big Sacramento and Mayor Kevin Johnson have released a statement regarding the decision to move on from the entertainment and sports complex in the Sacramento Railyards.
Click below to read the statement in its entirety.
- Parking may play a major factor in paying for the proposed entertainment-and-sports complex. McAllister: "It'll be interesting to see what kind of rate will be negotiated and what kind of company would want to take that on, knowing that they would have put up a big chunk of money up front. And these days, are there are lot of parking operating companies that have that kind of cash? I just don't know. I think we'll have to wait and see who's in line to do that."
- EB-5 is a creative and little-known option Think Big has put on the table. But it's also controversial. Why? "During the late 90s and early 2000s, it was just a way for basically (immigrant) investors to get in (the country), they could kind of bypass a lot of things and these projects would fall apart. They weren't managed correctly. It was just really a lack of oversight." McAllister adds "It's not a perfect system, but I think they've (the feds) gotten a little bit better handle on it in the last few years than the previous 20 that it was operating."
- Out of all the funding options presented, McAllister thinks parking and land sales could be the top moneymakers. But he also adds "...hopefully the (real estate) market rebounds. Sacramento's real estate is very poor. It's one of the worst in the state and the country. This is not the time you want to be selling property. This is the time you'd want to buy."