Some clarification of the Sacramento-Elk Grove Zoo project financing revealed
During the Wednesday, January 22, Elk Grove City Council meeting, the city council spent a minuscule but crucial amount of time on the project's most important aspect - how it will be financed.
During an hour-long update on the Elk Grove-Sacramento Zoo's $300 million unfunded relocation project, a lengthy presentation on design elements and the facility's naming dominated the discussion. During the Wednesday, January 22, Elk Grove City Council meeting, the city council spent a minuscule but crucial amount of time on the project's most important aspect - how it will be financed.
The subject has been a focus of Elk Grove District 3 Councilmember Kevin Spease, who has repeatedly sought reassurance that before the zoo groundbreaking, the Sacramento Zoological Society (SZS) will have remitted $50 million in cash - not pledges of any type - to Elk Grove.
During this meeting, city manager Jason Behrmann went on record verifying this condition. After hearing public comments from Elk Grove resident Kathy Lee regarding the slipshot financial data provided to taxpayers by the SZS (see Ms. Lee's entire commentary in the first video below), District 1 Councilmember Darren Suen asked about the SZS pledges and cash remittances.
For the record, Behrmann answered the question.
"Before we go to construction, on the zoo, in any capacity, we need to have the full fifty million dollars, cash, in deposit, in our bank account, before we go to construction," Behrmann said. "Before we go to construction, pledges and a combination of cash are sufficient."
Although Berhmann clarified that construction would not start until cash was in hand, he did not specify if the city would seek its proposed $115 million in bond funding before having the SZS cash.
Later in that discussion, Spease highlighted and reemphasized Behrmann's statement.
"On the subject in general, I do want to put a punctuation point one more time in, that pledges are acceptable, cash is acceptable, but before a shovel is turned on site, that we will be cash in hand," Spease said as he looked at Behrmann and his colleague.
With Mayor Singh-Allen's voice audibly affirming the statement, Spease physically indicated that Behrmann and the city council also affirmed his statement.
Looking to all the parties, Spease said, "Correct, correct? We all got it?"
After their affirmations, he added, "Bingo."
