Georgia developer of the railyards says it will be a wonderful development, if Sacramento approves plans, or it could fail if not approved.
Railyard bonanza for city forecast
Studies say project would bolster Sacramento's budget, add jobs; hearing set tonight.
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:00 am PST Tuesday, November 20, 2007
When Georgia developer Stan Thomas appears in front of the Sacramento City Council tonight, he'll have good news to tout.
The city released two studies Monday saying Thomas' proposed downtown railyard development will prove a budgetary bonanza for the city, injecting billions of dollars worth of new jobs and spending into the economy.
"This would be an immediate winner for the city," said city Finance Director Russell Fehr.
In an interview Monday, Thomas said the twin studies underscore the potential of the plan for the 240-acre railyard. He said he will urge council members to push ahead with approval of the development by Dec. 11, despite concern from some critics that the process is being rushed.
Tonight is the first of three council hearings on the project.
"We don't feel like it's being rushed after six years of working on it," Thomas said.
He said his company needs to move quickly so it can better compete for state bond money that could be used to defray the projected $300 million cost of building streets, sewers and other infrastructure to serve the first phase of the railyard project – money the cash-strapped city can't provide.
"If we miss this opportunity, the project could be delayed or possibly lost," Thomas warned.
