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Old Posted Jan 20, 2011, 10:22 PM
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Join Date: Dec 2002
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Thought this should be noticed.

City takes over railyard parcel for road access
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By Tony Bizjak
tbizjak@sacbee.com The Sacramento Bee
Published: Wednesday, Jan. 19, 2011 - 12:00 am | Page 2B
Last Modified: Wednesday, Jan. 19, 2011 - 6:54 am

The Sacramento City Council gave its approval Tuesday night to a deal that puts ownership of a 24-acre wedge of the downtown railyard into city hands.

Railyard owner Inland American Real Estate Trust agreed to pay the city $3.2 million to close the deal.

That figure represents the amount, plus interest, the city overpaid the previous railyard owner, Thomas Enterprises, several years ago during a hurried purchase agreement, prior to a land appraisal.

The land sale agreement paves the way for the city to solicit contractor bids next week to move the rail tracks a few hundred feet to the north of that parcel to make room for new roads that will open 200 railyard acres for development.

City officials said several more agreements remain to be finalized and approved by the council before that bid package can be distributed.

http://www.sacbee.com/2011/01/19/333...rd-parcel.html
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