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.
People with affiliations to the group Sacramento Taxpayers Opposed to Pork have filed notice they will appeal a judge's decision denying a request for an injunction blocking the downtown arena project.
Parts of Downtown Plaza will be demolished Friday to make way for the Sacramento Kings arena project.
The Sacramento Kings have released an updated work plan for the new downtown Sacramento arena than had been released before.
A judge has ruled a lawsuit over a non-binding term sheet between the City of Sacramento and the Sacramento Kings is without merit. But, the judge says the plaintiffs may amend the lawsuit to target the recently-approved arena project.
A new Sacramento arena hasn't been built yet, but the team is already selling the arena experience in a new office downtown.