• NEWS 90.9 KXJZ Sacramento
  • 90.5 KKTO Tahoe/Reno
  • 91.3 KUOP Stockton
  • 88.1 KQNC Quincy
  • MUSIC 88.9 KXPR Sacramento
  • 91.7 KXSR Groveland/Sonora
  • 88.7 KXJS Sutter/Yuba City

Arbitrator: City Overpaid Nearly $3 Million for Piece of Railyards

Share | |
(Sacramento, CA)
Wednesday, April 28, 2010
This isn’t just any piece of land. It’s the proposed site for a future Sacramento Kings basketball arena, just north of downtown. But nobody knew that about three years ago. That’s when the city helped developer Thomas Enterprises buy the entire Railyards land by chipping in $55 million for that 30-acre parcel.  The two sides agreed to let an arbitrator decide the final price later on.
Both sides say they respect yesterday’s decision by the arbitrator’s and are pleased the whole issue is resolved. But the developer now owes the city close to $3 million. A lawyer representing Thomas Enterprises says how and when that money will be repaid is subject to future talks with the city. But the lawyer says the developer will most likely reinvest it in some of the future work at the Railyards.
We Get Support From:
Become a Supporter

We Get Support From:

Become a Supporter