Sacramento Railyards recommended for state bond grants

If Approved, Proposition IC Bond Will Jump-start Development
of Nation’s Largest Urban Infill Site

Sacramento, CA (June 16, 2008) – Thomas Enterprises, developer of the massive 244-acre downtown Sacramento Railyards redevelopment, has been recommended to receive a substantial award of state bond funds totaling $47 million from the California Department of Housing and Community Development (HCD) grant programs established in 2006 following passage of the $2.85 billion Proposition IC housing bond.

A recommended award of $30 million was made from the Infill Infrastructure Grant Program and an additional $17 million was recommended from the Transit Oriented Development Program. Successful applicants were rated by the HCD on a point system, based on such criteria as proximity to transit, housing density, affordability, local support, consistency with regional plans and closeness to amenities.    

“This important funding, in conjunction with local support and private investment will result in the immediate creation of hundreds of jobs for the Sacramento region,” said Suheil Totah, vice president, Thomas Enterprises.  “If we are successful in obtaining the final award, based on this recommendation, work will begin immediately on planning, design and building infrastructure at the Railyards to allow the public access into the historic area.”  

The HCD Loan and Grant committee will conduct hearings in Los Angeles on June 19 and 20 at the Ronald Reagan Building at 300 Spring Street to consider the recommendations for bond awards.  A final decision is expected later this month.  

The infrastructure grants will be used to extend Fifth Street to the north to Railyards Boulevard and to construct Railyards Boulevard from Bercut, east to 7th Street.  This will allow pedestrian, bicycle and automobile access over the railroad tracks. Infrastructure work will include the installation of underground water, sewer and utilities as well as road and overpass construction.
The grants will also allow for the development of a mix of high-density housing, including affordable housing close to public transportation.  

As a large, multi-phased, brownfield infill project, The Railyards development is strategically situated to complement, integrate and connect to the existing downtown. The Railyards will
create a vibrant new neighborhood of mixed-use, high density housing in the heart of Sacramento, with entertainment and retail venues, a transportation hub, offices, a public market,
open space and cultural offerings in a setting that celebrates the connection to Sacramento’s historic past.  The development will be anchored by a new state-of-the-art intermodal transportation facility to be built by the City of Sacramento.

For more information visit www.sacramentorailyards.com.