Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Senate bill would clear legal path for West Sacramento stadium financing with an IRFD
Summary
SB 226 would clarify that an infrastructure revitalization financing district (IRFD) can support stadium-area redevelopment and is intended to strengthen Sacramento's MLB expansion bid; city officials said the district's tax increment would be limited to stadium-area development and would not affect general fund or school shares.
Sen. (SB 226 author) told the committee SB 226 will allow West Sacramento to layer an Infrastructure Revitalization Financing District (IRFD) over existing financing districts to support a stadium project that is part of a Major League Baseball expansion bid. The senator said the change is narrow and intended to avoid litigation risks that could derail the proposal.
Doug Drozd, Deputy City Manager for West Sacramento, said the district's tax increment would be captured from new stadium-area development and deployed for project infrastructure, and he emphasized the district "would have no impact on the city or state's general fund" and would not affect school district shares. He described the IRFD as a critical piece to assemble a financing package that would improve the competitiveness of Sacramento's bid.
Supporters included hotel, retail and business associations. No primary opposition spoke in committee; the author asked members for an I vote and the committee passed the measure as amended.
