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Report: Parking Could Fund Up to 62% of a New Arena



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(Sacramento, CA)
Thursday, December 08, 2011

Walker Parking and Bank of America/Merrill Lynch's report says the city could get a one-time payment of between $170 million and $245 million to pay for part of the $387 million sports and entertainment complex.

The Sacramento City Council is expected to vote on the idea next Tuesday. 

Assistant City Manager John Dangberg expects the bidding process to begin then.

DANGBERG: "You know, I think we are where we'd thought we'd be.  It's now time to move to the next level and test the marketplace and see if the market will support the numbers that we've come up with here.."

David Vogel with Parking Design Group in Los Angeles says finding a parking place at the new arena could be a new experience.  He says the technology now exists to allow people driving to events to know how many spaces are available at and around the arena, and how much each space costs.

VOGEL:  "With better technology and pricing, we'll have reduced carbon emissions and congestion associated with cruising, vehicle trips, and single-occupancy vehicles."

Free parking on nights and weekends closer to the arena could be a thing of the past, at least on event nights.  That is an item the city could fight for during negotiations, but parking experts say the more long-term control the city has, the less up front money it will get.

The city still owes $52 million on its parking garages and would have to pay off or refinance that amount before any agreement could be finalized.

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