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.
The Sacramento Kings finished the 2013-14 season with exactly the same record as 2012-2013. But, the team and its fans say it sure feels different.
The City of Sacramento could get as much as a million dollars as the local share of construction-related sales taxes collected for a new arena downtown.
As the demolition date for the portion of the Downtown Plaza where the arena will be built looms, business owners prepare to move or close.
Sacramento's Planning and Design commission have approved plans for the King's downtown arena.
A judge has given Sacramento possession of a former Macy's department store downtown, the last parcel of land needed for the development of a new sports arena.