The Sacramento Kings closed the deal Thursday on the purchase of Downtown Plaza, the site for their planned new arena.
The Sacramento Bee reported the finalization of a deal to purchase the fading mall from JMA, the San Francisco-based development firm that bought the property in 2012.
The plan is to have the $448 million arena as the centerpiece of a development that will include office towers, a hotel, housing and retail sites, according to a news release from JMA.
There are still hurdles. The Sacramento City Council still has to approve $258 million in city financing for the project, which it is scheduled to vote on in April. If that passes, demolition work at Downtown Plaza could begin as soon as this summer.
However, a June ballot measure was rejected by Sacramento City Clerk Shirley Concolino on Friday, who said the petitions do not meet all the legal requirements for placing the issue on the ballot.
“Due to technical issues identified in the submitted petitions, I find the petition noncompliant with significant provisions of the California Elections Code and the Sacramento City Charter and therefore insufficient to move forward,” Concolino wrote in a media release.
Concolino said there were nine different versions of the petitions, which were signed by nearly 23,000 registered voters in Sacramento, with some of them containing what she termed “substantial” variations.
It is likely that STOP, the Sacramento Taxpayers Opposed to Pork, will challenge the ruling. Concolino said she briefed the city attorney’s office on the dismissal of the ballot measure.
According to the Sacramento Bee, no one from STOP or Voters for a Fair Arena Deal responded to requests for comment.