Randy Pench / Bee file, 2009

The Downtown Plaza property is envisioned as the site for a new arena.

No deal yet on new arena at Downtown Plaza

Published: Thursday, Mar. 21, 2013 - 3:10 pm
Last Modified: Monday, Sep. 23, 2013 - 8:32 am

There's no deal yet on the financing of a new downtown sports arena.

Despite working under a self-imposed deadline of today, city officials are still working to strike a deal with billionaire Ron Burkle over the financing of a new arena at Downtown Plaza.

City Manager John Shirey said he wanted a term sheet containing the deal points included on the agenda for Tuesday's City Council meeting, but the item will not appear when the agenda is posted this afternoon.

“We continue to make progress and have productive discussions with the Investor Group," Shirey said in a statement. "It is important to get this right and not rush to make an artificial deadline. The bottom line for me is to get the best deal possible while adhering to the Council’s adopted core principles, including a city commitment comparable to last year, no new taxes, and protection for the General Fund.”

It is unclear what the sticking points in the talks are or whether the sides hope to reach a deal soon. It is also unclear whether the city is planning to cancel a public forum scheduled for 5:30 p.m. today at City Hall to discuss an arena plan.

Call The Bee's Ryan Lillis, (916) 321-1085. Read his City Beat blog at sacbee.com/citybeat. Follow him on Twitter @ryan_lillis.

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