The development group trying to pull off the three-way land swap for a new downtown
But it also isn't tying City Hall's hands if other arena proposals come down the pike.
The team behind the "Convergence" proposal said this week in a letter to the City Council that it hopes to come back with a revised plan in January, but isn't asking to extend an exclusive negotiating agreement with the city that expires Oct. 25.
"We have to admit that we have yet to find a solution that works for all the key stakeholders," local developers Gerry Kamilos and David Taylor wrote in the letter they released this afternoon. "However, our original commitment remains unaltered - to develop a workable development and financing plan that creates new opportunity at the downtown railyards and in
Their original plan was to move the State Fair to the current Arco Arena site, sell off the fair site to developers and to use the proceeds to help finance the new arena in the railyards. But it was blocked last month when the Cal Expo board refused to consider relocating the fair.
In their letter, Kamilos and Taylor also disclosed that VisionMaker Worldwide, a Southern California company run by former Disney executives whom they brought in to run the proposed new entertainment complex at the Arco site, including a revamped fair, has agreed to "a full partnership as a potential financier and participating developer." Among the ideas being discussed is expanding the city-owned footprint in the railyards that would be home to the arena and a transit hub, they said.
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