K Street Theater, Last Act in the Eternal Development Drama?

It might be, finally, because of the other downtown development, the arena, which makes any surrounding parcel development much more viable, as this story from the Sacramento Bee notes.

An excerpt.

State officials and the city of Sacramento finalized an agreement Friday that will allow developers to take control of the 700 block of K Street, finally paving the way for the start of a pivotal redevelopment project in the blighted area.

The property transfer had been blocked for months after the state Department of Finance ruled the city and the developers did not have financing in place for the $48 million project before the deadline for finalizing redevelopment deals. The state closed down redevelopment agencies in 2011, ending a practice that allowed local governments to use property tax revenue to subsidize redevelopment projects.

Under the settlement, the city agreed to drop a lawsuit against the state and forgo $2.6 million of the $3.6 million in redevelopment funds it had previously approved for the project. The remaining $1 million will be made available to the city. …

The block has been a focus of the city’s downtown revitalization effort for years. The city spent millions of dollars acquiring properties on the street, and the City Council voted in 2010 to grant control of the block to the development teams.

The block also borders the Downtown Plaza, where work on a $477 million arena for the Sacramento Kings is scheduled to begin next month.

“It’s great news for the economic momentum on that part of K Street,” said Michael Ault, executive director of the Downtown Sacramento Partnership. “It’s been a long time coming, and it’s exciting to see this project move forward considering this span of K is situated to be the gateway to the new arena.”

Retrieved June 28, 2014 from http://www.sacbee.com/2014/06/27/6518519/settlement-paves-way-for-k-street.html

About David H Lukenbill

I am a native of Sacramento, as are my wife and daughter. I am a consultant to nonprofit organizations, and have a Bachelor of Science degree in Organizational Behavior and a Master of Public Administration degree, both from the University of San Francisco. We live along the American River with two cats and all the wild critters we can feed. I am the founding president of the American River Parkway Preservation Society and currently serve as the CFO and Senior Policy Director. I also volunteer as the President of The Lampstand Foundation, a nonprofit organization I founded in 2003.
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