Rancho CordovaTuesday, November 3
Rancho Cordova approves public financing for the Downtown Dova arena
The Daily Folsom team
Rancho Cordova's City Council has approved a development agreement and public financing package for Downtown Dova, a 7,500-seat arena planned near Kilgore Road and Trade Center Drive. The vote was 4-1, with Councilmember Joe Little voting against. KCRA reports the complex will also include hotels, a retail and dining district and housing.
Downtown Dova is built around a 7,500-seat arena
- 7,500
- seats in the planned arena
- 800
- combined rooms in at least two hotels
- 4-1
- council vote Monday
Sources: KCRA, CBS Sacramento
Owners would get half the sales tax revenue the development generates and all of its hotel and casino tax revenue, and the city would contribute up to $15 million toward police and fire services. The package could provide up to $185 million in support. "This is performance-based, and we are holding them accountable," Councilmember Siri Pulipati said. Indoor soccer fans, take note: the arena is expected to host a professional team.
- Jobs: 70 full-time and 300 part-time projected
- Construction: nearly 5,000 people expected to be hired
- Groundbreaking: developers hope within the next 90 days
- Opposition: traffic and the project's financial impact
The city's package would give owners tax revenue and up to $185 million
| Public support | What it means |
|---|---|
| Sales tax revenue | Half goes to the owners |
| Hotel and casino tax revenue | All goes to the owners |
| Police and fire services | City contributes up to $15 million |
| Total public support | Up to $185 million |
Source: CBS Sacramento
Sources: KCRA, CBS Sacramento