Key Takeaways
- The City of Rancho Cordova has approved a $940,000 subsidy to support the development of a new sports and entertainment arena
- The arena, named "Dova," would be home to a new indoor professional soccer league and host concerts and other events
- The project would create 70 full-time jobs and boost the city’s sales tax revenue
- Developers have investors lined up to pay the estimated $175 million construction costs and plan to break ground this spring
- The project still requires approval from the planning commission, which is scheduled for February or early March
Introduction to the Project
The City of Rancho Cordova is one step closer to getting a new sports and entertainment arena, as city leaders have approved a $940,000 subsidy to offset the development fees that would otherwise need to be paid by the developer. This subsidy is a significant investment in the project, which would bring a new indoor professional soccer league to the city, as well as host concerts and other events. According to Amanda Norton, the City of Rancho Cordova’s economic development director, "The opportunity to have a sports arena district with hotels and retail is something we really believe our community is looking for." This project has been in the works for some time, with developers announcing their plans last September to build a new 7,500-seat sports and entertainment arena on vacant land partially owned by the city.
Project Details and Benefits
The proposed arena, named "Dova," would be a state-of-the-art facility designed to host a variety of events, including indoor soccer games, concerts, and other entertainment events. The project would also include hotels, restaurants, and housing, making it a comprehensive development that would bring new amenities and opportunities to the city. According to Josh Wood, CEO of Kozpure Development, LLC, "It’s exciting because our community has always needed this." The project is expected to create 70 full-time jobs and help boost the city’s sales tax revenue, making it a significant economic development opportunity for the city. The subsidy approved by the city would cover the costs of specific city staff and consultants who would be involved in reviewing permits and processes related to the project.
Project Funding and Timeline
The $940,000 subsidy approved by the city comes from the city’s general fund, and would be used to offset the development fees that would otherwise need to be paid by the developer. While this subsidy is a significant investment in the project, it does not guarantee that the project will be built. According to Norton, "With any project, there’s always some risk involved. However, this is a monumental project for the city. We’re really excited for it." Despite the risks, developers are confident that the project will move forward, with investors lined up to pay the estimated $175 million construction costs. The project is on track to break ground this spring, with the next step being to get approval of the arena designs from the planning commission, which is scheduled for February or early March.
Developer Confidence and Next Steps
Developers are confident that the project will be a success, despite the risks involved. According to Wood, "If it was easy, everyone would do it. We have built what I think is the best team and the best plan in order to make it happen, and we’re really confident that it’s going to move forward great." The developer’s confidence is backed up by the fact that they have investors lined up to pay the construction costs, and a comprehensive plan in place to bring the project to fruition. The next step in the process is to get approval of the arena designs from the planning commission, which is a critical step in moving the project forward. If everything goes according to plan, the project could be completed in the near future, bringing a new sports and entertainment arena to the City of Rancho Cordova.
Conclusion and Future Outlook
In conclusion, the City of Rancho Cordova is one step closer to getting a new sports and entertainment arena, with the approval of a $940,000 subsidy to support the project. The project, named "Dova," would bring a new indoor professional soccer league to the city, as well as host concerts and other events. While there are risks involved, developers are confident that the project will be a success, and have investors lined up to pay the estimated $175 million construction costs. The next step is to get approval of the arena designs from the planning commission, which is scheduled for February or early March. If everything goes according to plan, the project could be completed in the near future, bringing new amenities and opportunities to the City of Rancho Cordova.
