County Votes To Pledge About $3 Million Annually Toward New Arena
SACRAMENTO (CBS13) – The Sacramento County Board of Supervisors has voted to move forward with a plan to help finance a new sports and entertainment complex in downtown Sacramento.
The Board of Supervisors voted 4-1 Tuesday to earmark approximately $3 million in parking revenue for a new entertainment and sports arena with the caveat that at least $500,000 be set aside annually to fund county regional parks.
The vote authorizes county workers to begin crafting a plan with the city for the board's consideration.
The resolution passed Tuesday estimates the county could generate $2,500,000 in parking revenue from county parking lots.
It also depends on taxes that the county would get the from a new entertainment and sports complex and from the privatization of the parking lots. The taxes, called Possessory Interest Taxes, are assessed when companies or individuals use publicly owned property for a profit.
The county estimates it would get $600,000 in taxes from a new arena and $400,000 from the parking lot taxes.
Together, the parking lot revenues and taxes would generate $3,560,000 annually that would be pledged to help fund a new entertainment complex, minus $500,000 to fund county parks.
The lone no vote was cast by Supervisor Roberta MacGlashan.
