Sacramento Parking Plan Drawing Robust National Interest
by Tom Ziller on Jan 20, 2012 9:50 AM PST
in Arena
Email
PrintTony Bizjak of the Sacramento Bee quotes Sacramento city officials who are pleased with the initial interest in a plan to lease the city's parking facilities to help provide up-front capital to build a new entertainment and sports complex downtown and, as a result, keep the Kings in town. The deadline for proposals from companies wishing to lease the parking facilities is January 30. Assistant City Manager John Danberg told Bizjak that the companies looking to bid on the Sacramento program is promising.
Twenty-five entities, including most of the country's largest parking companies, notified the city they are considering applying to manage city downtown parking facilities, in exchange for paying hundreds of millions of dollars upfront to help the city build an arena.
"It's a strong list," Assistant City Manager John Dangberg said Thursday. "We're pleased with the level of response."
There are a few other news bits in Bizjak's report, including that the City Council is expected to receive an update on the negotiations with the NBA and AEG as well as on the parking proposal on Feb. 14. That would allow the council to vote to approve a parking proposal and term sheet with the NBA and AEG at the Feb. 14 or Feb. 28 council meetings. The deadline for the Maloofs to file for relocation is March 1, though the league twice extended that deadline last year.
42 comments
|
1 recs |
Do you like this story?
Comments
/fingers crossed
Sounds like things are moving in the right direction here…
"I DECLARE BANKRUPTCY!" - Michael Scott
by otis29 on Jan 20, 2012 9:55 AM PST reply actions 2 recs
Make sure Tuesdays in February are clear in your calendars
Those meetings are going to be HUGE! If there is a time to pack those council chambers it will be then.
"Children want what they want when they want it." ... Andy Sims
by edm7 on Jan 20, 2012 10:01 AM PST reply actions 6 recs
What time do the meetings start?
I’m pissed I have class until 6:30 tuesdays and thursdays
HERE WE STAY
THIS IS OUR TEAM
by kangsfan on Jan 20, 2012 10:35 AM PST via mobile up reply actions
Show up late
The good stuff doesn’t usually happen until later in the meeting, all you will miss is an hour of nap time
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
Nothing could make me as happy as all this working out over the next 2 months
and then Sandy Sheedy losing her election….NOTHING
"I have talent that's there, but I just have the mentality right now that I just want to be the greatest. And I don't think that any other player has that right now." -DeMarcus Cousins
by Noble_Bloodlines on Jan 20, 2012 10:01 AM PST reply actions
I will trade the next 51 games for losses
if this all turns out well. I will definitely give my best effort to make these meetings.
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
by ElRonToro on Jan 20, 2012 10:09 AM PST reply actions 3 recs
Do you think that’s such a far fetched idea? Losing 51 games. ha ha ha
by ridingthebench on Jan 20, 2012 2:56 PM PST via mobile up reply actions
Bizjak is going to be on Carmichael Dave's show at 11;00 pst
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
Biggest point that he said was that the city
would want to nail down the other $ (Maloofs AEG Private parties NBA Hotels) before they commit to an actual bid from 5 (The number from the 25 prospects that he thought they would cut it to) entities. This process will cost both the entities and the city millions. Companies won’t bid unless they are sure of the esc.
He also said he does not believe Sheedy has the votes to put it to a vote, but he refuses to bet on it because in politics things go wierd,
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
don't worry about Sheedy
I get that people need to use her to get the “rah-rah” out (well I get it until it gets to the point of creepy death fantasties) but no way in hell she’s getting it to a public vote at this juncture. And if it does, it will either be because they are short or most likely a petition but both are further down the road.
by wallywagon11 on Jan 20, 2012 12:44 PM PST up reply actions
For the record
I don’t like the tone of a lot of the anti-Sheedy stuff, and we’ve deleted comments and warned users to that effect. Please do flag anything you see that crosses the line, everyone.
That process sound like it could be a real problem
Will the city have an out-clause with the parking companies in case the other $$‘s don’t come through? Will we get much smaller parking bids b/c of these issues?
The other money's will be contracted first
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
If they fail to comply later for some reason
I assume it goes to court, but should be a valid binding contract and I wouldn’t expect AEG or the NBA to promise then not deliver
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
awesome
"Bobby Jackson sends a dagger DEEP into the heart of Texas!" Kevin Harlan
by Loyalty2Royalty on Jan 20, 2012 10:46 AM PST reply actions
i hope this doesn't upset sheedy's morning
"Bobby Jackson sends a dagger DEEP into the heart of Texas!" Kevin Harlan
by Loyalty2Royalty on Jan 20, 2012 10:46 AM PST reply actions
why is sheedy so hell bent on opposing something as awesome as this?
Just for the sake of opposing or does she have a legit reason?
"And Solskjaer has won it!"
by 'tough as nails' spence on Jan 20, 2012 11:00 AM PST reply actions
She likes her city streets the same way that she likes her brain space -
Empty.
SACTOWN ROYALTY - Try our thick creamy shakes!
by section214 on Jan 20, 2012 11:08 AM PST up reply actions 5 recs
KJ feud
Much of it is a political feud with KJ. I don’t doubt she also sees an opening for a politician opposed to the project.
I think people need to understand
that she knows this isn’t going to happen. She will not get the votes. Granted it would be a huge victory for her if she did but that’s not what she is banking on here.
This whole thing is micro politics in action just like the fact Ashby and Schneider are in Johnson’s corner.
by wallywagon11 on Jan 20, 2012 3:55 PM PST up reply actions
General Fund backfill
Tony Bizjak mentions that,
Dangberg said those negotiations include coming to an agreement on funds to backfill the city general fund when the city no longer receives annual parking garage revenues.
That’s huge. This was the one issue that was preventing full support for this plan from city council members (other than Sheedy and Darrel Fong of course).
Yep
This is the key to the puzzle if the parking lease happens. If they can find a way of protecting the general fund, this should pass.
"Children want what they want when they want it." ... Andy Sims
Either way
the biggest issues are
1. Is there enough actual money to fund the arena project?
2. Can they avoid a petition drive like we are seeing in Santa Clara?
3. If there is a chance they can’t win in summary judgment on question 2 can they structure the deal in a way that is politically viable?
by wallywagon11 on Jan 20, 2012 11:29 AM PST up reply actions
Isn't the line D. Fong's been trotting out the fact that he won't jeopardize the general fund for this project?
If this no longer jeopardizes the general fund, then does he have a reason to oppose this proposal anymore?
Hotels are talking about kicking in a million a year
http://www.sacbee.com/2012/01/20/4203316/sacramento-hotels-may-tax-themselves.html
35 and 31. I'm calling it now. Reke and Cousins 1-2 in most improved award both All-stars. Jimmer leads rookies in scoring, passing and Ole's. Make 2nd round of playoffs and Salmons is not here by seasons end.
Does anyone know how long the bonds for projects like these tend to last?
Are we talking 1 million/year for 30 years? 20 years? 50 years?
they are trying to avoid bonds
trust me, they’d much prefer to go the municipal bond route then sell parking. That being said, usually 20 to 30 years on big infrastructure projects (and possible refinancing later).
by wallywagon11 on Jan 20, 2012 3:56 PM PST up reply actions
I ask just to get an idea of total revenue that each source is contributing.
Essentially we have a total cost: just short of $400 million
But everything we hear about possible contributions deals quote yearly contributions. $1 million/year for hotels. $10 million a year for rent from the Maloofs. Stuff like that. Which then raises the question of how much is that going to help pay for this project.
When hotels contribute $1 million a year, does that mean they’ll end up contributing $30 million to the cost of a $400 million project? Because that’s a big chunk and that’s encouraging to see.
I am taking an educated guess
that those are in fact the “alternative revenues” they talk about when they talk about trying to cover the city’s general fund gap created by selling the parking structures.
by wallywagon11 on Jan 20, 2012 4:14 PM PST up reply actions
Okay so the parking structure sale gets a good chunk of the upfront money we need.
The yearly contributions from alternative sources make up the parking revenue.
Maloofs aren't paying $10 mill.
The city council needs to get close to that $405 mark. If they can get say $275 mill out of parking, $50 mill out of AEG and then only have to finance the remaining amount backed by $3-4 mill a year from the Kings and another $750K-$1 mill a year out of hotels, then they are ok. I expect the NBA to help front some of this money for the Kings portion.
If all of this happens, the council can use stadium fees, billboards, etc to make up most or all of parking revenue lost.
Parking has been the magic bullet for a while. If it falls apart, so does the stadium proposal. Keep your fingers closed.
The world is not your Trade Machine.
-Ziller
@James_Ham
www.cowbellkingdom.com
Unless they plan to issue bonds (which sure seems like they are trying to avoid although certaintly won't say it)
If all of this happens, the council can use stadium fees, billboards, etc to make up most or all of parking revenue lost.
The Kings rent will likely have to go toward the parking revenue or reimbursing the city in some way. Same with the hotels.
by wallywagon11 on Jan 20, 2012 10:04 PM PST up reply actions
I think they can line-up a private financier to make up the difference.
It might be the NBA and it might be a private investor, but the city has a lot to offer down there in investment opportunities.
The world is not your Trade Machine.
-Ziller
@James_Ham
www.cowbellkingdom.com
good luck on that one
Either way, just pointing out the parking revenue and rent will be either backing up whatever financing they come up with or going to replenishing the general fund.
by wallywagon11 on Jan 20, 2012 11:28 PM PST up reply actions
they are trying to avoid bonds,trust me, they’d much prefer to go the municipal bond route then sell parking.
Bond rates are at historic lows right now. Seems like a smarter option than bringing in private concerns to siphon off some of the money.
Investing in infrastructure during a recession is always a good investment, it’s either that or spend the money keeping the jobless population afloat, either way it gets spent and the first way gives something tangible and ongoing as a result.
Mirror on the wall
Here we are again.
by Skeptic con Urquell on Jan 20, 2012 4:06 PM PST reply actions
honestly skeptic yes would much perfer to invest in infrasture and not sell it and yes a bond sale would be financially preferrable in a vacuum
but you are showing up like 2 hours into a 2 hour and 15 minute movie on this.
by wallywagon11 on Jan 20, 2012 4:19 PM PST up reply actions
but you are showing up like 2 hours into a 2 hour and 15 minute movie on this.
blame that on Demarcus cousins :>)
Mirror on the wall
Here we are again.
by Skeptic con Urquell on Jan 20, 2012 4:22 PM PST up reply actions
Comments For This Post Are Closed
Secondary Sidebar
User Tools
NBA Playoffs Content Module
FanPosts
Community blog posts and discussion.
Recent FanPosts
In Association With
Ball Don't Lie - NBA - Yahoo! Sport
- Behind the Box Score, where the Boston Celtics are moving on to the conference finals
- NBA Playoffs Fan Fiction: San Antonio Spurs vs. Oklahoma City Thunder
- The Indiana Pacers? Gone till November
- Shaquille O’Neal is in a Chinese beer commercial, too (VIDEO)
- ‘Deep Thoughts’ and Cheap Thoughts: San Antonio Spurs vs. Oklahoma City Thunder
