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May 9, 2008 5:06 pm US/Pacific
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NBA And Cal Expo Reach Agreement On Arena Plan
SACRAMENTO (CBS13) ―
NBA executives and Cal Expo leaders are saying they are one step closer to getting an NBA arena done at the fairgrounds.
In a press release issued today, former state Gov. Pete Wilson and NBA Commissioner David Stern said, in essence, that they have agreed on a process for proceeding in the next phase of development at the Cal Expo site for an arena, expo facility and fair grounds.
The two parties will ask developers for plans to turn the 360 acre fairgrounds into a mixed use and entertainment development, without the need for tax payer dollars.
Members of both organizations have reportedly conducted hundreds of interviews with fans, local officials and community groups on how to best serve the needs of all parties with an interest in the development.
The press release states, "We are committed to a project that can be developed and delivered without the need for new taxes, and our analysis to date suggests that the economic benefits of this project to greater Sacramento and to the state would be substantial."
Although encouraging, the agreement isn't clear about where the money will come from to pay for the project that could cost around $700 million dollars.
The agreement is not legally binding, but how progress between the NBA and Cal Expo.
During the next 180 days, Cal Expo and the NBA will be creating a request for proposal and will begin working with local and state officials to resolve environmental, traffic and other issues.
CBS13 has discovered that the Maloofs have not been involved in this deal.
The NBA has also agreed not to discuss building the arena with owners of other sites or venues, such as the Sacramento downtown railyards.
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