We knew that, but assumed the developer would be able to carry some of that initial load, but apparently not. A troubling development.
City's railyard dream lacks funds
Railyard needs $300 million to begin construction, but the money isn't readily found.
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:00 am PST Thursday, November 8, 2007
As Sacramento races to approve the downtown railyard redevelopment project, city leaders are feverishly trying to cobble together $300 million to get construction started.
The issue of where the money will come from to lay down the backbone of a city center – with streets and sewers and lighting – in the railyard's barren acreage is far from resolved. While there are ongoing debates over a variety of issues, including the size of a proposed railroad technology museum and boundaries for a historic district, money eclipses them all.
"I think everyone right now at the city is focused on whether or not we can get this plane off the ground," said Councilman Rob Fong.
The state has emerged as the potential financial savior, but it is far from clear whether California will provide the amount that developer Thomas Enterprises is seeking.
A study released by the city this week concludes it will cost $745 million over the next 20 years to lay the basic groundwork that will make the redevelopment of the railyard possible.
Included in this total are amenities such as sewers, utilities, streets, parks, a library, community center and light-rail station. They would serve a new urban community of 12,000 housing units, offices and stores.
A smaller first phase, which would include renovating some of the historic central shops and building key streets – could be accomplished for $300 million. This would allow Thomas Enterprises to open the public market and entertainment venues anticipated for the shops, and build some retail buildings topped by housing and offices.
