Cow Palace board not yet prepared to sell

Cow Palace environs would raise a stink should anything happen to their arena, officials said at a meeting Tuesday.

Should the 77-acre site be sold to Pro SportsVenture Capital LLC and redeveloped, complaints would come from all over the state, said Board President Henry Kuechler.

“I think you’re going to see a human cry come up from the middle of the state … that the Cow Palace is like Mom and apple pie,” Kuechler said. “We’re really not interested in selling the Cow Palace.”

The development group updated the arena’s Board of Directors on its proposal to buy the arena, which includes two options: buying the Cow Palace outright or buying it and transferring the arena’s functions to an alternative site.

Mary Kay Lacey, an attorney representing the developers, said the group is in the middle of completing documents that would outline the group’s financial ability to purchase the Cow Palace, saying the documents would be ready within two months.

Board members said that, until they saw such documents, there was not much to discuss. Kuechler said the developer was “wasting” time and should be talking to state General Services Administration, which oversees the state’s owned and leased property, and the Fairs and Expositions division of the California Department of Food and Agriculture in Sacramento.

Board Member Dennis Wu said he wanted to see something, perhaps a bank statement, indicating Pro Sports Venture Capital had the money to actually move forward with a serious proposal.

“If it’s any kind of serious business situation you guys would’ve done something already,” Wu said.

But Jim Gillott of the development group said that, in preparing the financial statements, the group was making sure that, if it bought the property for $90 million, the project would bring a return.

“We’ll come in with the financial capability to complete the transaction,” Gillott said.

dsmith@examiner.com

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