Title:
Title
Amendment to the Preliminary Term Sheet for the Development of a Major League Soccer Stadium for Sacramento Republic FC and Railyards Infrastructure and Budget for Professional and Technical Advisory Services for Project Implementation
End
FileID
File ID: 2019-01585
Location
Location: Downtown Railyards, District 3
Recommendation:
Recommendation
1) Pass a Motion approving amendment to the Sacramento Major League Soccer (MLS) Stadium Preliminary Term Sheet (Term Sheet); and 2) adopt a Resolution transferring $174,000 from available fund balance in the General Fund (Fund 1001) to the MLS Stadium Project MYOP (I80020500).
Contact: Michael Jasso, Assistant City Manager, (916) 808-1380, Office of the City Manager
Body
Presenter: Michael Jasso, Assistant City Manager, (916) 808-1380, Office of the City Manager
Attachments:
1-Description/Analysis
2-Proposed Amendments (in redline) to the MLS Stadium Preliminary Term Sheet
3-Resolution
Description/Analysis
Issue Detail: On October 21, 2019, Major League Soccer (MLS) announced the award of an expansion team to Sac Soccer and Entertainment Holdings, LLC and its affiliates (SSEH), including Sacramento Republic FC (Team). As a part of its bid for an expansion team, SSEH and the City of Sacramento agreed to preliminary terms for the construction and operation of a new MLS-qualified stadium in the downtown Sacramento Railyards and investment in critical Railyards public infrastructure. The Preliminary Term Sheet, approved on April 9, 2019 (and dated March 21, 2019), provided for the City's formation of an Enhanced Infrastructure Financing District (EIFD). Revenues derived from the EIFD would be committed to paying for essential infrastructure in the Railyards to support the stadium and surrounding development.
While the terms provide for the EIFD to fund the infrastructure, private financing for construction was contemplated which would then be reimbursed through EIFD revenues. This repor...
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