Inland to present plans to council
The new owner of the historic railyards will roughly outline plans for the site Tuesday.
Representatives for the Inland Real Estate Group of Companies, a Chicago-area real estate investment firm, are scheduled to appear before the Sacramento City Council for the first time since taking over the defaulted property Oct. 22.
They will briefly discuss their approach to the project and what may be the focus in the future, as well as give a quick update on infrastructure work taken over from Thomas Enterprises and other issues they're focusing on in the transition, said Assistant City Manager John Dangberg.
"I think they've gotten their bearings and just want to share with the public where they're at," Dangberg said.
Thomas Enterprises was developing the site as the Railyards, but defaulted on loans from Inland in June. Inland representatives have engaged in "a tremendous amount of coordination" with city, state and federal agencies for more than a month to ensure infrastructure work and its funding continue, said Dean Stermer, who heads up Inland's team on the project.
"Our primary job is to complete the work that's ongoing right now," Stermer said Friday from the company's offices in Oak Brook, Ill. "That's 110 percent everyone's focus right now."
The council agenda also contains a consent calendar item authorizing Interim City Manager Gus Vina to appropriate $7.5 million in federal funds and transfer $1.5 million from the city's State and Federal Grant Match Project for railyards access improvements to Richards Boulevard and Interstate 5. The contract is expected to be awarded in March. The total cost of the project is estimated at more than $10 million.
The City Council meeting at 6 p.m. Tuesday will be the council's last for 2010.
Photos by Brandon Darnell. Suzanne Hurt is a staff reporter for The Sacramento Press. Follow her on Twitter @SuzanneHurt.