Rail Yards Deal Closes!!!

Wonderful news.

Railyard deal completed
By Mary Lynne Vellinga – Bee Staff Writer
Published 10:29 am PST Friday, December 29, 2006

The purchase of the downtown Sacramento railyard by a Georgia developer was completed today, despite a last minute dispute with Union Pacific that stalled the transaction yesterday, a spokeswoman for the developer said.

Shortly before noon, Deborah Pacyna, a spokeswoman for developer Thomas Enterprises, said it had been given the “green light” from Union Pacific to close escrow on the downtown railyard, and was wiring money to Omaha. A formal announcement is scheduled for 12:30 p.m.

Sacramento City Councilman Rob Fong said a disagreement between UP and the development firm over which of them would move a pipe on the property got in the way of the complicated transaction closing Thursday.

“It’s a $750,000 issue,” he said. “It’s literally like if you were buying a house and you suddenly said, ‘Whose moving the washer and dryer?'”

When Thomas Enterprises takes possession of the railyard –ending almost 150 years of railroad ownership — the city of Sacramento will simultaneously get ownership of the historic train station on I Street and the surrounding parking lots. City employees are standing buy to take over the much criticized parking operation from a private operator.

About David H Lukenbill

I am a native of Sacramento, as are my wife and daughter. I am a consultant to nonprofit organizations, and have a Bachelor of Science degree in Organizational Behavior and a Master of Public Administration degree, both from the University of San Francisco. We live along the American River with two cats and all the wild critters we can feed. I am the founding president of the American River Parkway Preservation Society and currently serve as the CFO and Senior Policy Director. I also volunteer as the President of The Lampstand Foundation, a nonprofit organization I founded in 2003.
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