[CPEO-BIF] Sacramento, California railyard agreement

[Lenny Siegel <lsiegel@cpeo.org>]

Sacramento downtown railyard on verge of sale with cleanup deal

By Tony Bizjak
Sacramento Bee (CA)
June 5, 2014 

Three key stakeholders in the downtown Sacramento railyard disclosed Wednesday they have reached an agreement in principle on final toxic cleanup of the 240-acre site, clearing the way for an anticipated sale this summer to a local development group.

Sacramento developer Larry Kelley, principal of Downtown Railyard Venture LLC, confirmed his company has reached an accord with Union Pacific, the site’s former owner, and Inland American Real Estate Trust, the current owner, on a long-standing tripping point: Who is responsible for financing toxic remediation at the former industrial yard.

Union Pacific officials said a deal was struck this week, negotiated in part by State Sen. Darrell Steinberg and Sacramento Rep. Doris Matsui, that clears the way for Inland to turn over control of the largely empty site to Kelley sometime this summer for development. The agreement likely keeps the yard in the running as a possible site for the World Food Center envisioned by leaders of the University of California, Davis.


…

For the entire article, see
http://www.sacbee.com/2014/06/04/6459163/sacramento-downtown-railyard-on.html

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope Street
Mountain View, CA 94041
Voice: 650-961-8918 or 650-969-1545
Fax: 650-961-8918
LSiegel@cpeo.org
http://www.cpeo.org




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