City of Sacramento rebating Sac Kings owners for overpriced Kings?

By CityFella

Last year the Sacramento Kings was sold to Vivek Ranadive’s Group for more than 500 million dollars..   This transaction was the highest in NBA history.

There are allegations the City of Sacramento  intended  to rebate the owners in a form of undervalued land  included in $258 million subsidy to build a new arena in downtown Sacramento.

A local grassroots group “Eye on Sacramento” questioned the city’s valuation of the land early last year.   In December, Craig Powell President, wrote: We want to draw the attention of the media and the public to Agenda Item 5 on your consent agenda this evening which seeks your approval of a deal to sell a 9.15-acre parcel of land that adjoins the 60-acre Haggin Oaks property to Rapton Investment Group for a price of $4,305,000 or $470,049 per acre. (A Mel Rapton dealership currently leases the land from the city). Unlike your staff’s valuation of the 60-acre property, the city secured an independent appraisal for the sale of the Rapton parcel and the appraiser found that that parcel has a current market value of $467,760 per acre, more than seven times the phony $65,000 per acre valuation your staff placed on the adjoining 60 acres of land that a council majority wish to give away to billionaires.

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On Tuesday, Sacramento Superior Court Judge Eugene Balonon ordered the city to make Council member Kevin McCarty and city economic development director Jim Rinehart available to answer questions about the $258 million subsidy within the next 20 days. Balonon indicated a week ago he would allow the depositions of McCarty and Rinehart, which would be held behind closed doors.

City officials had contended that McCarty, as a council member, should be immune to answering questions.

City lawyers have said there was no backroom deal with the new team owners.

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34000 thousand signature are currently being verified by  Sacramento County to place the Arena issue on the June ballot.

Published by CityFella

Big city fella, Born and Raised in the San Francisco Bay Area. Lived in New York (a part time New Yorker) for three years . I have lived in the Sacramento area since 1993. When I first moved here, I hated it. Initially found the city too conservative for my tastes. A great place to raise children however too few options for adults . The city has grown up, there is much to do here. The city suffers from low self esteem in my opinion, locals have few positive words to say about their hometown. visitors and transplants are amazed at what they find here. From, the grand old homes in Alkali Flats, and the huge trees in midtown, there are many surprises in Sacramento. Theater is alive is this area . And finally ,there is a nightlife... In.downtown midtown, for the young and not so young. My Criticism is with local government. There is a shortage of visionaries in city hall. Sacramento has long relied on the state, feds and real estate for revenue. Like many cities in America,Downtown Sacramento was the hub of activity in the area. as the population moved to the suburbs and retail followed. The city has spent millions to revive downtown. Today less than ten thousand people live downtown. No one at city hall could connect the dots. Population-Retail. Business says Sacramento is challenging and many corporations have chosen to set up operations outside the cities limits. There is vision in the burbs. Sacramento has bones, there are many good pieces here, leaders seem unable or unwilling to put those pieces together into. Rant aside, I love it here. From the trees to the rivers. But its the people here that move me. Sacramento is one of the most integrated cities in America. I find I'm welcome everywhere. The spices work in this city of nearly 500,000 and for the most part these spices blend well together. From Ukrainians to Hispanics and a sizable gay community, all the spices seem to work well here. I frequently travel and occasionally I will venture into a city with huge racial borders, where its unsafe to visit after certain hours. I haven't found it here. I cant imagine living in a community where there is one hue or one spice. I love the big trees, Temple Coffee House, the Alhambra Safeway, Zelda's Pizza, Bicyclist in Midtown, The Mother Lode Saloon, Crest Theater, and the Rivers. I could go on and I might. Sacramento is home.

2 thoughts on “City of Sacramento rebating Sac Kings owners for overpriced Kings?

  1. Why Kevin McCarty, since he’s against the arena scam in the first place? Is this another of Powell’s attacks on a Democrat, rather than to get at the full scope of backroom deals waged by Powell’s friend KJ???


    1. KJ and his backyard gang will do anything to keep the Sacramento Queens. My mother and my aunt signed the petition at the Farmers Market last summer.


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