Eminent Domain Bid For $447M Sacramento Arena Approved

Law360, New York (January 8, 2014, 4:24 PM EST) -- In an effort to clear a path for a contentious $447 million Sacramento Kings arena proposal, city council officials on Tuesday night gave the city's legal counsel authority to start an eminent domain proceeding against California Public Employees' Retirement System and the U.S. Bank NA.

In a divided 7-2 vote, the Sacramento City Council passed a resolution allowing city attorneys to file eminent domain proceedings in court and to file a motion for an order of prejudgment possession so that Sacramento can take over the property as soon as possible. CalPERS owns the property, but U.S. Bank holds the ground lease,...

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