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Oct 8, 2008 4:05 pm US/Pacific

The Scoop: Cal Expo Update

R.E. Graswich

COMMENTARY (CBS13) ― Cal Expo officials are not ready to comment on their discussions about turning over part of the State Fair for a basketball arena. They say they'll have a report ready in December, and that's that.

But the landscape has changed in the recent weeks – and the changes haven't made it easier to build a basketball arena. The newest problems involve the credit markets – and whether Cal Expo could sell bonds to raise cash for an arena.

The answer is probably not. Right now, there is no bond market, which means no money. And there's no real estate market, which means Cal Expo's land isn't worth nearly what was a couple of years ago. That's why Cal Expo isn't ready to discuss its basketball plans.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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