U.S. Bank owns the building on the site and has not agreed to a sale price. The city says a court hearing is likely to be held in the next few months.
CalPERS owns the land and has agreed to let the city take control of the property.
Meanwhile, a group that opposes publicly financing an arena is making some headway in a lawsuit against the city. In a tentative ruling, a judge says Councilman Kevin McCarty and the city's Economic Development Department Director may be deposed. Both men must also turn over documents related to arena financing negotiations.
The group claims the city fraudulently concealed or misrepresented information in the term sheet agreement for development of a sports arena.
A Sacramento County Superior Court Judge has ruled against two groups that sued the Sacramento City Clerk over her decision to keep an arena-funding measure off the June ballot.
A Sacramento Superior Court Judge has told attorneys he is inclined to rule against two groups suing the City of Sacramento. They are suing over rejected arena-funding petitions.
Sacramento Mayor Kevin Johnson delivered his State of the City address with the great majority of it focused on the proposed downtown arena.
Plans for a new Sacramento Kings arena are getting good reviews from new NBA Commissioner Adam Silver.
Groups seeking to force a public vote on a new Sacramento arena and other publicly-funded projects have sued the Sacramento City Clerk, the City, and the City Council.