Sacramento City Council alters list of properties destined for the Kings
12/17/2013 6:59 PM
10/06/2014 5:01 PM
The Sacramento City Council voted Tuesday night to alter the list of properties the city intends to give to the Kings as part of the public contribution to a new downtown arena.
A nonbinding term sheet approved by the council earlier this year included the transfer of 60 acres at the Haggin Oaks Golf Course to the Kings as part of the city’s $258 million contribution to the $448 million arena. By a 5-1 vote, the council approved a plan to substitute the Haggin Oaks land with three properties in the central city.
Now the Kings will receive a vacant lot at 14th and H streets, a vacant building on 10th Street that city officials said will likely be torn down, and a commercial building on K Street on the western edge of Downtown Plaza.
A city staff report shows the Haggin Oaks land was valued at $3.9 million. An appraisal funded by the city showed the three new properties are valued at $3 million. Assistant City Manager John Dangberg said the changes will not alter the amount of the city’s contribution to the project.
Opponents of the plan have charged that the city has vastly understated the value of the properties it intends to give to the Kings.
The council also voted Tuesday to change the arena term sheet to allow the city to own the land under the planned arena; the city had already decided to own the arena itself. Dangberg said allowing the city to control both the land and arena will “greatly simplify our agreement.”
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