A preliminary term sheet released Wednesday describes a $180 million soccer stadium in the railyard for a future Major League Soccer team.
The Sacramento City Council will discuss the term sheet as part of its meeting next Tuesday. The terms do not call for any public subsidy apart from $46 million already spent or committed for general railyard infrastructure improvements.
Under the term sheet, the group Sac Soccer and Entertainment Holdings is described as wholly responsible for stadium costs, and would build up to 6,500 parking spaces in garages immediately around the stadium. Depending on how stadium parking is arranged, the city could receive up to half of future parking revenues in other lots nearby.
The stadium itself, at the eastern edge of the railyard, would have 25,000 seats, including 36 suites and three “party suites.” The breakdown includes about 3,100 premium seats and 500 standing-room only seats, with the rest general seating. The total stadium square footage would be about 450,000 square feet, including 139,000 square feet for “circulation;” 32,000 square feet for food, retail and spectator facilities; and 66,500 square feet for premium facilities.
In addition to soccer matches, the stadium would hosts other sporting events, concerts and large-scale events. The term sheet calls for the city to be able to use the stadium for up to four city-centered events a year, when schedules allow.
Though the city approved a specific plan for the entire railyard project in 2006, the stadium will also have to go through typical environmental review, according to the term sheet.
Sac Soccer and Entertainment Holdings, which includes the current Sacramento Republic FC soccer club, is listed as the developer for the stadium, and would create a separate entity to manage the stadium. The term sheet will only be applicable if MLS selects Sacramento for an expansion team. League officials have told Republic representatives Sacramento is “next up” for an expansion team, but have not said how soon a new expansion selection process will begin.