SACRAMENTO, Calif. — The Sacramento City Council approved a proposed preliminary term sheet to build a soccer stadium at the Railyards.
It was a packed house as city councilmembers listened to comments from several people rooting for the new stadium, and it became a momentous night when councilmembers voted to move forward.
Mayor Darrell Steinberg says it's an endeavor that has been eight years in the making and one that is also breaking barriers.
"Our job is to build a modern city that has something for everyone, that has more sports, more art, more theatre, more music, more vitality, more things to do, more places for people to go and to do so in a way that includes everybody," Mayor Steinberg said.
The preliminary term sheet presented Tuesday night lists three partners involved in the new development.
The city of Sacramento and "Indomitable," which is a company formed by new majority owner Wilton Rancheria. They will be the lead investor, contributing more than $217 million and focusing on the construction of the stadium.
The other partnership is with Downtown Railyard Venture, which will contribute more than $125 million.
They will focus on developing a 3,600 capacity live entertainment venue in the historic central shops.
Meanwhile, the city's contributions will come from an expanded Enhanced Infrastructure Financing District, which is anticipated to generate $518 million in tax increment from self-generating property tax over 45 years.
On Tuesday before voting, Councilmember Lisa Kaplan questioned and requested more detail about the financing behind the deal.
"The one question I have is, you got experience, are there any terms out of the norm in this term sheet that would be called out differently than what we've negotiated in the others?" Kaplan asked.
"No, I think it's very consistent with how we've negotiated others for basically using the property tax generated by the projects that they're going to be building," said a member of city staff.
Kaplan voted to move forward with the plan and gave her blessing.
Partners now say the goal is to try and have the stadium done by 2027.
Long-time Republic FC fans, who were in attendance at the meeting, say it's exciting to think of all the things there will be to do on a night-to-night basis.
"I think this is huge for Sacramento. With all the other things going on in sports... with the A's, this just sets up Sacramento to bring a lot of sporting-type venues to Sacramento," said Anthony Byers, a Sacramento native who has been behind the team since their beginning.
City Councilmembers say Tuesday marks a long road ahead. But they're excited to see where this journey will take Sacramento next, and they're hoping to start building as early as next year.
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