Kings owners ask city to possibly use eminent domain threat in arena site talksPosted by Inside Hoops
After months of negotiations, the new Sacramento Kings ownership group has been unable to close the deal on buying the remaining parcel at Downtown Plaza seen as vital to the development of a new arena.
Now, to remain on track to open the facility by 2016, the team is asking City Hall to assist in the talks and provide its threat of eminent domain as a potential negotiating tactic.
Kings officials said Thursday that they anticipated seeking the city’s help in negotiating a purchase of the building that houses a Macy’s men’s clothing and furniture store from a New York-based real estate firm that took control of the property in foreclosure last year. Under an agreement scheduled for a vote before the City Council on Tuesday, the Kings would reimburse the city for all costs incurred in the process.
Macy’s, which is the building’s tenant, said Thursday it plans to vacate the property this fall and move the men’s and furniture operations to the women’s store at the other end of the mall.
Reported by Ryan Lillis and Dale Kasler of the Sacramento Bee