Rancho Cordova approves public financing for proposed Downtown Dova arena
The Rancho Cordova City Council has approved a development agreement and public financing package for a proposed 7,500-seat sports and entertainment arena, clearing the way for construction of the Downtown Dova project.
The arena is planned for vacant land near Kilgore Road and Trade Center Drive and is expected to host a professional indoor soccer team. The broader development would also include hotels, shops, restaurants and at least 640 residential units.
Joshua Wood, CEO of KozPure and the project's leader, said the approval marks a major milestone after nearly a decade of work.
"It's a dream come true. I've been working on this closing in on 10 years," Wood said.
The council approved a series of fee waivers, tax rebates and other financial commitments to help move the project forward. Under the agreement, Downtown Dova's owners would receive half of the sales tax revenue generated by the development, along with all of the hotel and casino tax revenue.
The city would also contribute up to $15 million toward police and fire services.
In total, the public financing package could provide up to $185 million in support for the project. City officials say safeguards are in place to protect taxpayers and that most of the public contribution would come from revenue generated by the development.
"This is performance-based, and we are holding them accountable," Rancho Cordova City Councilmember Siri Pulipati said.
Mayor Garrett Gatewood praised the project following the vote.
"We've gone through an amazing plan, taking the hours and time, and this is going to be a trend-setting stadium. I can't wait to see all of the community here," Gatewood said.
The development is projected to create 70 full-time jobs and 300 part-time jobs. Nearly 5,000 people are also expected to be hired during construction.
Doyle Radford, business manager for Laborers Local 185, said the project could bring economic benefits to local workers and businesses.
"It's important because those dollars stay in the community. When the community is built local the community grows together locally and we all thrive," Radford said.
Wood said the developers hope to break ground within the next three months.
"Our plan is to break ground in the next 90 days and get this moving for our community," he said.
The project has faced opposition over concerns about traffic and its financial impact on the city. Monday's vote was 4-1, with Councilmember Joe Little voting against the plan.
