The City of Rancho Cordova is moving one step closer to getting a new sports and entertainment arena.
Monday evening, city leaders approved a $940,000 subsidy to offset the development fees that would otherwise need to be paid by the developer of the project, which would be the home to a new indoor professional soccer league.
“The opportunity to have a sports arena district with hotels and retail is something we really believe our community is looking for,” said Amanda Norton, the City of Rancho Cordova’s economic development director.
Last September, developers announced they wanted to build a new 7,500-seat sports and entertainment arena on vacant land partially owned by the city.
The venue would be designed to host a new indoor soccer league, along with concerts and other events.
“It’s exciting because our community has always needed this,” said Josh Wood, CEO of Kozpure Development, LLC.
The money comes from the city’s general fund.
“Those fees are for specific city staff as well as consultants to be able to do the work in reviewing the permits and processes as they come in,” Norton said.
The arena proposal, which has been named “Dova,” would also include hotels, restaurants and housing.
Developers say it will create 70 full-time jobs and help boost the city’s sales tax revenue. But approving this nearly million-dollar subsidy does not guarantee the project will be built.
“With any project, there’s always some risk involved,” Norton said. “However, this is a monumental project for the city. We’re really excited for it.”
Developers say they have investors lined up to pay the estimated $175 million construction costs, and they’re on track to break ground this spring.
“If it was easy, everyone would do it,” Wood said. “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 next step is to get approval of the arena designs from the planning commission, which is scheduled for February or early March.
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