The below release was put out this afternoon. Hence, the eerie quiet surrounding the potential Cal Expo arena dealings is no more. For our story on the matter, read here.
CAL EXPO AND THE NBA ANNOUNCE AGREEMENT IN LETTER OF UNDERSTANDING
Former California Governor Pete Wilson and NBA Commissioner David Stern
Issue Joint Statement
FOR IMMEDIATE RELEASE:
Negotiating teams for the NBA and Cal Expo have been engaged in complex and fruitful negotiations for the past four months and have now crafted a joint approach to reach the next phase in the proposed development of a joint NBA arena and state exposition and fair grounds. The negotiating teams have agreed to a Letter of Understanding (LOU) that details actions to be taken by both parties for the next 180 days.
It is our hope and expectation that together, both parties will develop a Request for Proposal (RFP) to developers with the intent of creating a world-class entertainment and exposition destination. Individually and combined, Cal Expo and the NBA have engaged in hundreds of conversations with individuals, community groups, fans, and state and local officials about what type of facility would best serve the needs of the community, state fair exhibitors and participants, basketball fans and the NBA. Through our negotiations and analysis, we believe a project can be developed and we think now is the time to move to the next phase and develop a definitive agreement for the implementation of a joint project.
In the next 180 days, Cal Expo and the NBA have committed to jointly and exclusively develop and release an RFP, meet with qualified developers and work with local and state officials to address the numerous environmental, traffic and land-use issues that are part of a comprehensive and world-class development project.
Cal Expo and the NBA recognize the historic opportunity before us.
Cal Expo and the NBA both are operating in facilities that are beyond standard useful life spans. Both facilities require significant expenditures to sustain facilities that do not serve their patrons well and currently do not maximize entertainment and economic opportunities for the greater Sacramento area. - Sam Amick