Sacramento County Announces Plan To Contribute Toward Downtown Arena

SACRAMENTO (CBS13) — Sacramento County officials on Thursday announced their plans to contribute to the downtown arena effort by privatizing three county-owned parking garages.

The county Board of Supervisors will vote Tuesday on a non-binding agreement to privatize 1,500 garage parking spots with profits shared between the downtown arena and county parks, with 75 percent of revenues going toward the arena.

That would be in addition to the city's 7,200 garage spots and 5,500 street spots that are being sent out to bid in order to generate around $200 million toward the sports and entertainment complex.

Its contribution toward the arena would be $1 to $2 million a year, according to the county.

"I have to admit it's not the optimal situation to be here in the last week of a year-long effort and have to have some of these conversations about public assets," county Supervisor Phil Serna said at Thursday's press conference.

In detailing the arena efforts on Wednesday, Mayor Kevin Johnson mentioned seeking some financial help from the county but didn't' get into specifics. He also announced the City Council vote on the arena financing plan would be pushed back from Feb. 28 to March 6.

Johnson will be in Orlando over NBA All-Star Weekend to meet with Commissioner David Stern and other officials in an effort to finalize a financing plan for the railyards arena. The NBA had set a March 1 deadline to have a plan in place for a new facility in order to keep the Kings in Sacramento.

"We're hopeful that our participation will send this over the top," Sacramento County CEO Brad Hudson said.

Johnson and City Manager John Shirey released the following statement after the county's announcement:

"We welcome today's news. Through several months of discussion, the county has been true partner and this represents a positive step forward. Key details will need further exploration, but today shows both city and county leaders are committed to a win-win that protects taxpayers and ensures the jobs, revenue and economic development of a new entertainment and sports complex becomes a reality for our entire region."