13. 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 File ID: 2019-01585
This is a windfall to a billionaire developer who needed tax dollars to assuage concerns about the ridiculously over inflated cost of a MLS franchise. It will help develop the rest of the railyards, which will further benefit the developer. The collateral or interest charged for the City Council's gift has yet to be determined. The "Rationale For Recommendation" according to the "analysis" is because of the "economic and cultural benefits the project brings to the City." The economic benefit has been determined to be doubtful; the cultural benefit unprovable. In haste, the Council moves toward shackling taxpayers with debt into perpetuity.
This is a windfall to a billionaire developer who needed tax dollars to assuage concerns about the ridiculously over inflated cost of a MLS franchise. It will help develop the rest of the railyards, which will further benefit the developer. The collateral or interest charged for the City Council's gift has yet to be determined. The "Rationale For Recommendation" according to the "analysis" is because of the "economic and cultural benefits the project brings to the City." The economic benefit has been determined to be doubtful; the cultural benefit unprovable. In haste, the Council moves toward shackling taxpayers with debt into perpetuity.