SACRAMENTO, CA - The development group tasked with figuring out the feasibility of a new sports and entertainment venue for Sacramento and the Sacramento Kings presented its report to city leaders Thursday.
Arena study presentation PDF (large file)
The ICON-Taylor group favors an arena at the site of the downtown railyards that would cost $386,603,445 million and seat 18,594 for basketball games. That is 1,300 more seats than Power Balance Pavilion.
A complex in Natomas would cost an estimated $3.37 million less but the railyards location is preferred for greater economic impact, according to ICON-Taylor. The difference is due to higher site construction costs at the railyards.
The venue, at 678,697 square feet, would include 79 suites, 320 premium seats, 1,420 club seats and 330 court-side seats. An on-site practice facility for the Kings is not part of the plan.
PICTURES: Drawings of arena
The arena would cover 5.23 acres of a 10.86-acre plot. The city of Sacramento owns the land purchased with transit funds. The money is built into the budget to refund the transit budget.
The city would own the venue.
There are many unknowns yet.
How would the arena would be funded? ICON-Taylor says a public-private model is the most likely scenario. The group looked at how five other municipalities financed their arenas. Potential private investors have been identified by ICON-Taylor.
Who would operate the venue? The Kings would be tenants.
The arena may change in size and amenities.
A committee including city and business leaders and officials now begins the job of reviewing the proposal. In 100 days it will make its recommendations to the Sacramento City Council.
Dec. 30, 2011: Funding finalized
Nov. 30, 2012: Design completed
Dec. 31, 2012: Bidding and award
March 31, 2015: Construction completed
Joe and Gavin Maloof, co-owners of the Kings, sent the following statement:
"We're optimistic because both the political and public will are here. We all realize that the time is now to get this done so the region finally has a much needed events center of which we all can be proud."
NBA Commissioner David Stern stated:
"We are encouraged by the process and the overwhelming support of the Mayor, the business community and the citizens of the region. Like the Maloofs, we want to make this new entertainment and sports complex happen.
The focus now is moving forward in developing a public-private partnership financing model that will bring a new arena to fruition. That is priority number one in Sacramento for all of us."