A partnership of a major Sacramento developer and a top parking lot operator expressed interest today in bidding on the city's parking operation as a means of funding a new downtown sports arena.
Priority Parking of San Francisco, which operates 50 lots in Sacramento, has formed a partnership with LDK Capital LLC, which converted McClellan Air Force Base into a thriving business park. The partners said they have responded to the city's request for qualifications for potential bidders on the parking operation, using the name Revitalizing Sacramento LLC.
Responses are due at 5 p.m. today. The city doesn't expect to put the project out for bid until spring or early summer, but needs a roster of qualified bidders in order to assemble an arena financing plan by March, the deadline set by the NBA. Without a plan, the league says it will give the Sacramento Kings the go-ahead to leave town.
By responding to the city's request, Priority and LDK said they're interested in bidding at least $185 million to acquire a lease for the city's parking operations - the minimum floor established by the city. Priority CEO Aaron Zeff and LDK managing principal Denton Kelley wouldn't discuss possible financial terms beyond that.
The city expects the parking privatization plan to generate roughly half the money needed for the arena.
"It's local people with local knowledge and expertise, trying to solve a local problem," Zeff said.
© Copyright The Sacramento Bee. All rights reserved.
Call The Bee's Dale Kasler, (916) 321-1066.
• Read more articles by Dale Kasler
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
• Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "Report Abuse" link to notify the moderators. Responding to the comment will only encourage bad behavior.
• Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
• Do not attack other users; focus your comments on issues, not individuals.
• Stay on topic. Only post comments relevant to the article at hand.
• Do not copy and paste outside material into the comment box.
• Don't repeat the same comment over and over. We heard you the first time.
• Do not use the commenting system for advertising. That's spam and it isn't allowed.
• Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
• Don't flag other users' comments just because you don't agree with their point of view. Please only flag comments that violate these guidelines.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "Report Abuse" link to submit those comments for moderator review. You also may notify us via email at feedback@sacbee.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them.
About Comments
Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "Report Abuse" link below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.