The Sacramento City Council on Tuesday will consider taking the first step toward creating a special financing district for Innovation Park, the long-planned redevelopment of the former Sleep Train Arena property.
"This has taken longer than we had hoped," Sacramento City Councilmember Phil Pluckebaum said.
"The community has said, 'Where is the promise of an economic and catalytic project that we were promised when the Kings moved downtown?'" Councilmember Lisa Kaplan said.
The parking lot of the former Sleep Train Arena, which many fans still called ARCO Arena."Redevelopment is extremely difficult as well as extremely expensive, and that's why you need this public financing for the public infrastructure," Kaplan said.
"This has been a really successful tool everywhere it's been deployed," Pluckebaum said.
Under the proposed financing framework, tax revenue would not be distributed until a hospital or another qualifying "catalytic" project expected to create high-paying jobs is completed.
The proposal calls for 80% of the tax increment generated by the district to go toward public infrastructure and 20% toward affordable housing.
If the council approves the resolution Tuesday, city staff would begin preparing the financing plan and additional hearings would be held before the district could ultimately be established.
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