A new financing plan could help jump-start redevelopment of the former Kings arena site in North Natomas, a decade after the team played its final game there.
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.
The arena was demolished in 2022, and plans for the roughly 171-acre site call for housing, commercial development and a California Northstate University medical campus anchored by a new hospital. So far, major construction has yet to begin.
"This has taken longer than we had hoped," Sacramento City Councilmember Phil Pluckebaum said.
City leaders are now looking to an Enhanced Infrastructure Financing District, or EIFD, as one way to help move the project forward.
"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.The district would use a portion of new property tax revenue generated by development at Innovation Park to help pay for public infrastructure, including roads, traffic signals, stormwater, sewer and utility improvements.
"Redevelopment is extremely difficult as well as extremely expensive, and that's why you need this public financing for the public infrastructure," Kaplan said.
Sacramento already uses similar financing districts at Aggie Square and the Railyards. The Aggie Square district helps finance public improvements and affordable housing, while the Railyards district supports infrastructure tied to development around the proposed soccer stadium.
"This has been a really successful tool everywhere it's been deployed," Pluckebaum said.
California Northstate University has not announced when construction on its planned hospital will begin. Once construction starts, the hospital is expected to take about four years to build.
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 city's risk is protected, we're providing for the public benefit and it's time to move forward," Pluckebaum said.
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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