A consultant for the National Basketball Association pressed the City Council earlier this week to back its proposal for a new arena in Sacramento. The NBA, developer Gerry Kamilos and the Maloofs are working together on the proposal, which is led by Kamilos. John Moag, a consultant for the National Basketball Association, expressed his preference for the NBA/Kamilos plan in a Feb. 9 letter sent to Mayor Kevin Johnson and City Council members. “We expect the City of Sacramento will be the l... KathleenHaley red slider comment-22747 2010-03-01T17:30:22Z 2010-03-01T17:30:22Z The CEAV Project notes that it would be good for all Sacramento Press articles referring to events such as Council Meetings include the actual date and time of the event somewhere in the body of their article (in this case, if memory serves, the Council meeting referred to took place on February 9th). We also urge others interested in these issues to examine the deeper issues of the story by reading our Sacramento News &Review Essay in their February 4th issue, and by going to our blog at www.stopcalexpo.com and website at www.ceav.us red slider 2010-03-01T17:30:22Z bbbbmer comment-22263 2010-02-15T17:20:56Z 2010-02-15T17:20:56Z The Kamilos three card monty 'deal' CLAIMS financial backing, but every single 'player' in the 'deal' is significantly financially compromised, including the Maloofs, claiming $300 million in rent payments they don't have, having sustained a near bankruptcy in their family's flagship liquor distribution firm requiring its sale, along with their $70 million loan from Sacramento itself, Thomas Enterprises, whose several project bankruptcies around the U.S. have required their firm to reduce staff from 750 to 50, and who have been basically living off cashflow from government funding of the Railyards project, Kamilos himself, who has several projects 'under water', including his own home in Fair Oaks, and even his touted McQuarie Capital, an Aussie firm whose portfolio has billions in mortgaged assets maturing in the next two years which are also similarly overvalued and potentially 'under water', ..... and this is the best of the proposals thus far.... and the deal itself has a clause that provides for a tax increment 'just in case'.... that means PUBLIC FINANCING, btw... And then there's the pesky problem of the NBA itself being broke..... Now, THAT should finally put a nail in this arena thingy's coffin, if reasonably prudent people were deciding this outcome.... Rather than supporting ANY proposal, it would be wiser to put this off until Sacramento has met its other obligations, including the welfare of its citizens during these profoundly hard times, instead of contributing to the coffers of irresponsible owners, overpaid players, and developers who are just barely able to tread water these days.... bbbbmer 2010-02-15T17:20:56Z Michael Zwahlen comment-22137 2010-02-13T04:20:14Z 2010-02-13T04:20:14Z In theory it has financial backing but there are many holes in this plan that no one has addressed. Who's gonna pay for building the new State Fair grounds next to Arco? That alone will cost more than a hundred million dollars. Will the Maloof's pay the city back the $70 million they owe them? That's just two sticking points that together will cost over $200 million. Michael Zwahlen 2010-02-13T04:20:14Z Rhys02 comment-22125 2010-02-13T02:04:48Z 2010-02-13T02:04:48Z I am at a loss why the city and KJ play out this fool's game of considering the other projects. The obvious outcome is they will all be studied to death (ala Fargo) and none will be built. This proposal is the best for all parties (in addition to a new entertainment arena, Sacramento stands to gain a new state of the art exhibition state if the fair is moved to Arco) and MOST importantly...it HAS financial backing. Rhys02 2010-02-13T02:04:48Z