City nabs $56m for redevelopment
The city of Sacramento has won $55.8 million in Proposition 1C funds for infill redevelopment, the city announced late Tuesday.
On Monday, the California Department of Housing and Community Development approved money to help fund infrastructure for four projects: the Railyards, Township 9, Curtis Park Village and Capitol Lofts. Proposition 1C was approved by voters in November 2006.
The $6 billion Railyards project will get about $30 million, said city spokesperson Wendy Klock-Johnson.
The new funding brings the project’s total public bond funding to at least $115 million.
“This is a step in the right direction for our city in terms of economic development and creation of employment opportunities in Sacramento,” Mayor Kevin Johnson said. “This is a proactive step towards Sacramento becoming a world-class city.”
Georgia developer Thomas Enterprises broke ground last winter on the infrastructure phase of its effort to transform the historic Union Pacific railyards into a mixed-use district abutting downtown’s Sacramento Valley Rail Station.