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For Immediate Release
Contact:
Leslie Valpey
916.329.4500
lvalpey@thomasent.com
GOVERNOR
SCHWARZENEGGER HIGHLIGHTS ECONOMIC BENEFITS OF THE SACRAMENTO RAILYARDS
Largest Proposition 1C Bond Award in State
Distributed to The Railyards
Sacramento, CA (July 9, 2008) –
California Governor Arnold Schwarzenegger presided over a ceremony at
the Sacramento Railyards designating Thomas Enterprises, developer of
the massive 244-acre downtown Sacramento Railyards redevelopment, as
the recipient of a state bond award totaling $47 million. The
money comes from the California Department of Housing and Community
Development (HCD) Proposition 1C grant programs established in 2006
following passage of the $2.85 billion Proposition 1C housing bond.
The ceremony was
also attended by HCD director Lynn Jacobs, Sacramento Mayor Heather
Fargo, housing advocates, labor, representatives of Thomas Enterprises
and other state and local dignitaries. During the event, Governor
Schwarzenegger stated the awards to The Railyards and other projects in
northern California will result in neighborhood revitalization, the
creation of infrastructure and the construction of affordable housing
near transit. In addition, the distribution of Proposition 1C funds
will stimulate the economy by immediately creating thousands of new
jobs.
“This award will
result in a renaissance at The Railyards,” said Suheil Totah,
vice-president, Thomas Enterprises. “We want the public to
experience this national treasure as we restore the historic buildings
left by the creators of the Transcontinental Railroad.”
As a large,
multi-phased, brownfield infill project, The Railyards development will
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. The first phase of the project will be
completed by 2012.
An award of $30
million was made from the HCD Infill Infrastructure Grant Program and
an additional $17 million was awarded from the Transit Oriented
Development Program for a total award of $47 million, the largest in
the state.
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.
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.
Planning, design and building infrastructure at the site will begin
immediately.
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