The City of Sacramento still owns eight land parcels downtown that have been promised to the Sacramento Kings. The team is asking for two parcels to be signed over.
The Kings have asked the City to continue managing six properties, which include two parking garages, until the team is ready to develop them. The team would save about $74,000 in property taxes each year by not taking ownership.
Desmond Parrington is the arena project manager for the city. He says the Kings will pay the City a management fee of $1,650 for operating the two garages.
"They would like the City to continue that for the two-year period while they focus on the hotel project and on the arena."
In May of last year, the City agreed to run the downtown parking garages on a temporary basis.
The team is asking to take ownership of two parcels on Fifth Street that are on or adjacent to its hotel project.
The Kings have reimbursed the City's parking fund about $560,000 for money the city spent studying the arena project.
CapRadio provides a trusted source of news because of you. As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.
