Sacramento City Council To Vote on Arena Funding



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(Sacramento, CA)
Thursday, June 20, 2013

The Sacramento City Council is scheduled to vote Tuesday night to establish a $6.5 million dollar budget to pay for services related to the proposed downtown sports and entertainment complex. 

The council will be asked to approved expenditures totalling $1.755 million dollars:

$200,000 for ESC Facility and Finance Advisor Barrett Sports Group (BSG)

$250,000 for Sports Facility Design/Construction Advisor John Hilkene of Weston Sports and Entertainment.  Weston would serve as the City’s technical consultant and project monitor.

$425,000 for parking consultant Walker Parking

$80,000  for an ESC Revenue Analysis. City staff will hire financial consultants to conduct an analysis of current as well as potential future revenues from the Downtown ESC

$550,000 for transaction attorneys and legal counsel

$200,000 for real estate services

$50,000 for communications and outreach.  

The council must approve the use of parking funds and $5 million from the sale of the Sheraton Grand Hotel for these expenditures.

 

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