Friday, February 03, 2012

Companies Interested in City-Owned Parking

City staff are now examining the qualifications of 13 companies that responded to a request for firms interested in leasing city-owned parking operations. On February 14th the City Council will narrow down the list to the most qualified companies. After that, city staffers will ask the council to approve a formal request for proposals (RFP) that would lead to bids on the city's parking assets.

With hopes of raising as much as $200 million from leasing the downtown parking spaces, the City hopes to use that money to help finance a new sport and entrainment arena expected to cost around $400 million in the railyards. Last year, the NBA set a March 1st deadline for the City to show it has financing in place to build a new arena and if that did not happen it would allow the Kings' owners to explore moving the franchise.
A question that still remains is… where will the additional $200 million plus come from to finance the new complex? The Maloof’s might toss in something? Arena operator AEG has also been rumored as a contribute to the project? There is still a BIG money gap that has yet to be answered with less than 30 day till the NBA deadline.

SacBee article

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