The Sacramento City Council voted to advance the Railyards development project, approving a plan to create an enhanced infrastructure financing district for the urban infill site. The Council also voted unanimously to clear the way for construction to start as soon as next month on a new soccer stadium in the Railyards for Sacramento Republic FC and by year’s end on a live music venue called Paint Shop in an existing Railyards shops building, the Sacramento Business Journal reported.
“Is this a good deal for our taxpayers? I say unequivocally yes,” Sacramento Mayor Kevin McCarty said before the vote. “I know it will pencil out, but there’s zero risk to our general fund.”
By creating the district, the city allows Railyards master developer Downtown Railyard Venture LLC and Sacramento FC majority owner Indomitable LLC to borrow against future property tax proceeds to pay for backbone infrastructure, such as utilities and sewer.
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