Sacramento city leaders to vote on public financing plan for ARCO Arena site
SACRAMENTO - This week comes another big step towards the new use for the old ARCO Arena site and what will stand where Sacramento Kings fans once sat.
It's almost a distant memory now, the lines outside ARCO Arena and the stars that came to play in it.
The demolition of the Kings' old home court was completed in 2022 and we watched as it came down bit by bit.
It'll be nice to have something that, you know, doesn't look deserted.
This week, Sacramento's city council will be voting on a public financing plan, a proposal to sell $75 million in bonds.
The deal calls for the city to use that money to reimburse the owners of the land, including the Sacramento Kings, the costs of removing the foundation of a major league ballpark right next to ARCO Arena, which was never completed.
The proposed future development called "Innovation Park" would have a California Northstate teaching hospital and 2,500 homes, along with schools, stores and a library.
This is all part of the new Natomas envisioned for this spot, held sacred by so many Kings fans.
The term sheet calls for the financing plan to be in place by the end of the year.
So far there is no public timeline on exactly when the development could be completed.