Kings Ask For City's Help To Buy Final Piece of Arena Land



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(Sacramento, CA)
Friday, August 09, 2013

The owner of the building that’s home to Macy’s men’s store won’t sell according to papers filed for review by the Sacramento City Council.

The Kings owners have asked the city for help with negotiations.  If the city council agrees to help, the Sacramento Basketball Holdings LLC will reimburse the city for any expenses.

“We are bringing on real estate specialists and a law firm to assist us in the transaction and have hired an appraiser," says Assistant City Manager John Dangberg.  "We are currently under way with the appraisal and expect to have a fair market value by the end of this month.”

The city describes the offer to a representative of property owner Island Capital as “generous” with “reasonable terms.”

If the city and the representative can’t agree to a sale, the city could begin eminent domain proceedings.

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