The Sacramento Bee's Tony Bizjak has a thorough update on the arena land-swap deal in today's paper. The news hook: today is the deadline for legislation to be introduced this session, and the principals will need a bill to approve selling Cal Expo, which is needed for the swap to go through. The problem: Cal Expo hasn't even decided if they are on board, especially with a skeptical consultant report in hand, a report that argues the current ARCO Arena site can't support a State Fair.
The good news (for local Kings fans, that is) is that the developer, Gerry Kamilos, is working hard behind the scenes to iron out issues. He's having a second consultant whip up a new report to temper the previous Cal Expo consultant's report. The new one, which Bizjak reports will be available in September, will almost assuredly argue that Natomas will work just fine. Is it cooking the books to get it approved by the Cal Expo board and the Legislature? Perhaps. But the effort is there, which is more than can be said for previous attempts to get a new arena built.
UPDATE: Check out AnotherStupidSN's informative comment on the subject. Sheds quite a bit of light of motivations here.