Thursday, December 28, 2006

Railyard Work on Track

This will be truly magnificent if this could be done for the New Year.

Railyard sale picks up speed
Amid flurry of last-minute details, developer hopes to close the deal today.
By Mary Lynne Vellinga - Bee Staff Writer
Published 12:00 am PST Thursday, December 28, 2006

The city of Sacramento's longtime quest to revitalize its urban core is expected to hit a major milestone today when the shuttered downtown railyard passes into the hands of a private developer -- ending nearly 150 years of railroad ownership.

Representatives of Thomas Enterprises, a Georgia development firm, were working furiously Wednesday to nail down the final details of the purchase of the 240-acre property from Union Pacific.

Even after an escrow that lasted more than two years, the closing was coming down to the wire. Members of the Sacramento City Council were called back from vacation for a special meeting today to deal with a last-minute hiccup.

"There's all kinds of paperwork flying back and forth that has to come together in the next 24 hours," said Suheil Totah, vice president of development for Thomas Enterprises. "Until it's done, there won't be any announcements."

In its meeting today, the City Council will deal with a request from the Bank of America, Thomas Enterprises' lender, that the council be more specific about the sources of repayment for a $25 million note that the city is issuing.