Eye on Sacramento issued its Report on the Arena Project and Financing Plan

MEDIA RELEASE

 For Immediate Release

Date/Time: May 19, 2014; 7:30 a.m.

Contact: Craig Powell, President, Eye on Sacramento

Phone: (917) 718-3030

E-mail: craig@eyeonsacramento.org

 

Eye on Sacramento Releases its Report

on the Arena Project and Financing Plan

Civic watchdog Eye on Sacramento issued its Report on the Arena Project and Financing Plan this morning. The city council is expected to take final action on the arena project at its meeting tomorrow evening. Attached to this release is: (1) a one-page Executive Summary; and (2) the Report itself.

“Basic notions of democracy and democratic processes fundamentally failed in Sacramento during consideration of the arena proposal. The voters of Sacramento are being denied their rights under the California Constitution to vote on Sacramento’s issuance of $300 million of bonds to fund the arena project. City government leaders have turned their backs on its citizens and thumbed their noses at four decades of consistent voter opposition to a taxpayer-subsidized arena,” said EOS President Craig Powell today.

“Our city government has abandoned all notions of long-range strategic planning, sober assessment of alternative public investment opportunities and all sense of fiscal prudence and caution by approving a general fund-draining, ultra expensive massive bond offering that is pre-programmed to imposes its greatest burden on city finances just as the city goes off a fiscal cliff in 2019,” Powell concluded.

Eye on Sacramento is a nonprofit, nonpartisan civic watchdog organization and policy advisory group that works on challenging issues confronting local government.

 To view/download the EOS Report click here and to view/download the Executive Summary click here