11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:25
The Sacramento City Council next Tuesday is set to vote on a proposal to build a soccer stadium for Sacramento Republic FC and a live entertainment venue in the Downtown Railyards. Estimated at $321 million, this project is expected to bring substantial private investment and community benefits aimed at revitalizing the area.
The proposed stadium development will be supported through an investment by the Wilton Rancheria Tribe, which is acquiring Sacramento Republic FC, Sacramento's premier United Soccer League team.
City officials celebrated the announcement with Sacramento Republic FC, Downtown Railyards and Wilton Rancheria Tribe members at press conference on Nov. 7 at City Hall.
"Our journey to bring professional soccer to The Railyards began eight years ago. Today is a powerful testament to our commitment to creating a more vibrant and thriving Sacramento," said Mayor Darrell Steinberg. "These developments represent more than just economic growth; it's about building a better place for everyone, with enhanced opportunities for housing, entertainment, and commercial activity."
The proposal includes two main development plans:
If approved by City Council, these developments will partially be funded by expanding the existing Stadium Enhanced Infrastructure Financing District (EIFD) to cover the entire 220-acre site. The EIFD will use increased property taxes generated from the site for infrastructure reimbursement, with an estimated $518 million generated over 45 years, including approximately $95 million allocated for infrastructure to support this effort.
A Term Sheet outlining the broader investment plans will be presented to the Sacramento City Council for approval on Tuesday, Nov. 12. Components of the Term Sheet also include:
The stadium and entertainment venue are anticipated to generate 910 jobs, and the entertainment venue is anticipated to generate 390 jobs with the over $90 million in infrastructure anticipated to generate an additional 360 jobs.
The stadium is scheduled to be completed in late 2026 and the entertainment venue in 2027.
"I am deeply proud to witness this moment, which stands as a profound testament to the resilience and determination of the people of Wilton Rancheria," said Chairman Jesus Tarango, Jr. "In just over a decade, our Tribe has transformed from landless to becoming a significant economic force in the region. The opportunity to drive a project of such scale and importance, on land where our ancestors once walked, is deeply meaningful. This is not only a chance to honor our history and uplift our community, but also to envision a future where we are not only part of Sacramento's past, but an integral part of its future as well."
"The proposed soccer stadium and entertainment venue in the Railyards showcase what's possible when public and private sectors unite to drive meaningful progress," said Howard Chan, Sacramento City Manager. "This vision reflects the dedication of our Mayor and City Council, City staff and partners, who have been instrumental in bringing it forward."
"Both the sports and entertainment destinations combined with the imminent Kaiser hospital campus puts The Railyards on a path to become Sacramento's most dynamic mixed-use development project in our region's history," said Denton Kelley, President & CEO, Downtown Railyard Venture.
"This has been a long and winding road. I'm so happy for our incredibly patient supporters, and the City as a whole. My sincere thanks to Wilton Rancheria, the Mayor, and all involved in bringing this to fruition. Now let's get to work," said Kevin Nagle, Managing Partner of Sacramento Republic FC.
More details on the term sheet along with a City staff report can be found on the City's website.
Railyards development
The Sacramento Railyards, with its historic industrial roots, is transforming into a vibrant extension of downtown. Recent developments include the Wong Center for senior housing, the AJ mixed-use project that includes affordable housing, and a planned Kaiser hospital.
The addition of the soccer stadium, entertainment venue, and privately funded infrastructure will turn the Railyards into a cultural and economic hub, boosting connectivity, job creation, and new commercial and residential growth as part of Sacramento's vision for a lively, connected district.