On Friday, the NBA announced its' ambitious plan for a new arena on the Cal Expo grounds. Cal Expo is home to the state fair every year, as well as many other local events.
The plan calls for renovation of the fairgrounds, with development on the remaining 200 acres paying for the plan.
Blueprints for the new plan include restaurants, a conference center and fairgrounds, shops, apartments offices, and town homes.
The arena, hotel, and conference center would replace over 120 acres of current racetrack on the edge of the grounds.
There is no developer committed to the plan yet.
On Friday, the Cal Expo board of directors voted 7-2 in favor of seeking developer input while negotiations with the NBA continue. The board will reconvene to move forward on March 10, 2009.
The plan also calls on taxes generated by the project to help pay for infrastructure, such as new roads.
A statement released by Maloof Sports and Entertainment said that they were “encouraged by the NBA's presentation on the potential for a new arena in Sacramento.”
Sacramento has been working toward a new arena for several years now. With the Kings losing money and the current arena becoming outdated and obsolete, the need for a new arena has become a pressing issue.
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