City Beat

News, insight and discussion on Sacramento and its neighborhoods

February 3, 2012
Companies interested in Sacramento parking assets named

The 13 companies that responded to a request for firms interested in leasing city-owned parking operations includes several large companies specializing in parking assets, two partnerships with local ties and the largest single-profession pension plan in Canada.

City staff is examining the qualifications of each firm and is scheduled to go to the City Council on Feb. 14 to narrow down the list to the most qualified companies. After that, city staffers will ask the council to approve a formal request for proposals (RFP) that would lead to bids on the city's parking assets.

City officials are hoping to raise as much as $200 million from the leasing of downtown parking spaces, garages and enforcement. Officials have proposed using that upfront cash to help finance a new $387 million Kings arena in the downtown railyard.

The city is in ongoing talks with the NBA and arena operator AEG over how much those parties are willing to contribute to the project. If a workable financing plan does not materialize by March 1, the NBA has said it would allow the Kings' owners to explore moving the franchise.

Assistant City Manager John Dangberg called the response to the RFQ "encouraging."

In a letter to the City Council and Mayor Kevin Johnson, Fran Halbakken - the city's development manager overseeing the railyard - said "each team provided information on their qualifications, experience, financial and technical capabilities." She added "all teams acknowledged the minimum valuation of $185 million for the City's parking assets subject to review and due diligence."

The list includes two local partnerships.

Revitalizing Sacramento LLC is a partnership between San Francisco's Priority Parking and LDK Capital LLC. Priority owns 50 lots and garages in Sacramento and LDK revamped McClellan Air Force Base into a thriving business park.

The other firm with local ties is Sacramento Forward LLC.

According to a press release issued by the group - SacramentoForwardLLC.docx - the partnership includes "one of the largest real estate investment management firms in the world, CBRE Global Investors; the largest parking operator in the United States, Standard Parking Corporation; the top municipal underwriter in California, Stone & Youngberg; the winning bidder for the State of California's sale, since canceled, of a $2.3 billion portfolio of office buildings, Antarctica; and a Joint Powers Authority that has 150 California municipalities and counties as members, California Municipal Finance Authority."

"Our team brings together a highly qualified group with a strong record of success operating and optimizing public assets, and working in partnership with municipalities like Sacramento," said Chandra R. Patel of Antarctica PAO Partners.

A full list of the firms that responded:

- Ontario Teachers' Pension Plan Board

- Xerox Corporation

- InterPark LLC

- Guggenheim Securities, LLC

- Sacramento Forward, LLC

- Gates Group Capital Partners

- LAZ Parking / CIM Group

- The Carlyle Group

- CMB Export LLC

- Morgan Stanley Infrastructure, Inc.

- Bainbridge ZKS

- Revitalizing Sacramento LLC

- Capital City Parking Group

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About City Beat

Ryan Lillis has covered the city of Sacramento, its 108 neighborhoods and its politicians since 2008. Prior to that, he covered crime at The Bee. A native of upstate New York, Lillis has a journalism degree from the University of California, Berkeley.

Contact reporter Ryan Lillis at rlillis@sacbee.com

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