SACRAMENTO (CBS13) — The Sacramento City Council unanimously agreed to loan up to $27.2 million to pay for the infrastructure for the planned Sacramento Republic FC Railyards stadium and developments.
Republic FC plans to build a privately-financed $300 million soccer-specific stadium on 31-acres in the Railyards. In addition to the stadium, there are plans for an entertainment district and mixed-use facilities in the surrounding area.READ MORE: Ring Videos Show Creepy Encounters By Man At Home of Sacramento Mother And Her Children
On April 9, the city council approved the first term sheet for the stadium deal. City officials proposed a $33 million package of fee waivers, tax rebates, advertising rights, and infrastructure financing to boost the plans for a downtown stadium.'I Thank God': More California Churches To Offer Vaccines In Effort To Reach Underserved Communities
Initially, the city said they will not be paying for the construction of the stadium. Instead, the stadium will be financed by the investor’s group.
Swipe through pictures of the proposed stadium
On Tuesday, the city council agreed to an amendment to the original term sheet, providing public funding of the infrastructure in the Railyards instead of private funding. The funding will be a loan from the city’s Risk Fund of up to $27.2 million. Any infrastructure costs that exceed the loan amount will be privately funded, according to the updated term sheet.MORE NEWS: 'A Trend That Won't Go Away': Sacramento City Leaders Consider Permanent Plans For Street Dining
The loan is set to be repaid through the Enhanced Infrastructure Financing District (EIFD), which was established in April. By paying for this part of the Railyards project, Sacramento will own the completed infrastructure which is essential for future development at the Railyards.