cosmog@newsreview.com
This article was published on 02.16.12.
It was not—despite what you might have picked up from some breathless Sacramento Bee columnists—a do-or-die moment for a new Sacramento Kings arena. It wasn’t make or break. It wasn’t even put up or shut up.
It was just one more in a seemingly endless series of incremental baby steps. The Sacramento City Council was expected on Tuesday night (after press time) to approve a list of 10 “most qualified” companies bidding to take over the city’s public-parking system. The lucky company would get the city’s parking revenue for the next 20, 30, maybe 50 years, in exchange for a large upfront payment to help build an arena.
The payment could be as large as $200 million, depending on the conditions of the parking deal. Right now, the city gets about $9 million in revenue from its parking operations every year.
Tuesday’s vote marked the end of the city’s request for qualifications from bidders and a pivot to the much more exciting request for proposals phase.
OK, so not “crunch time,” exactly. But there is a more significant council meeting coming up on February 28.
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