Sacramento is considering privatizing parking structures to help pay for a $400 million basketball arena project, according to published reports.
Sacramento Mayor Kevin Johnson’s “Think Big” arena committee highlighted 8,000 city-owned parking spots that could be turned into a public-private partnership to help fund the $387 million complex, according to the Sacramento Bee.
Chris Lehane, executive director of the task force, told the newspaper that the task force has also identified a mix of potential revenue streams linked to the arena that could be used to fund the project, even without the privatized parking.
The city’s National Basketball Association team, the Kings, pulled back earlier in the year from being on the verge of moving to Anaheim, Calif.
Concerns about their current arena, Power Balance Pavilion, include its size and lack of luxury boxes.
The move by the task force to find funding is a difficult task amid the city and region’s tough economy.
Assessed property values have dropped by 2.9% in the greater Sacramento region this year.
The city cut services earlier the year to help close a major budget deficit.