City Council members last night approved debt relief of $7.5 million. Lial Jones is Director of the Crocker Art Museum.
“In exchange for giving up parking revenues and Crocker Trust Property joint control of parking lots in the vicinity of the museum we are having $5 million of our loan alleviated.”
Jones says another $2.5 million has the potential of being forgiven: for every dollar that the Crocker adds to its endowment, a dollar will come off of the loan.
Jones says the parking spaces won’t change for the foreseeable future. But they were among the properties offered to the new Sacramento Kings ownership group as part of the arena deal.