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Judge OKs Turning Over Old Macy's Building for Downtown Arena

 
Judge OKs Turning Over Old Macy's Building for Downtown Arena
Posted Thursday, March 20th 2014 @ 11am  by KFBK News

A judge is giving the City of Sacramento rights to a parcel of land at the Downtown Plaza for the new planned downtown arena.  

Judge Raymond Cadei made his ruling this morning in a Sacramento court today, after a delay yesterday, so he could review last minute arguments from some of property mortgage holders.

Next month the two sides will present arguments in court to determine the price to be paid in the eminent domain process.  

The site is owned by mortgage investors who seemed ready to sell the property to the Kings ownership group. Then, a dispute over the value of the land put plans on hold.

The city is offering just more than $4 million, while the property owners say the value is closer to $10 million.

Cadei ruled that the city would likely suffer hardships if it wasn't allowed to take over the property in question immediately. 

A group of jurors will deliberate on a fair price for the property at a later date. 

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