SUMMER 2010 UPDATE
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Council to Select Downtown Development Early July 
Development momentum continues on K and L streets.  In February 2010, the City received four project concepts to develop a transformative mixed-use project aimed to further revitalize the JKL Street Corridor. Four development teams submitted concepts to redevelop three opportunity sites along the 700 and 800 blocks of K and L Street. On July 13, City Council will consider a final recommendation to select a preferred developer to further refine a design concept and finance plan. Following this action, the City will enter into an Exclusive Right to Negotiate (ERN) with the selected development team(s).  Follow this link to learn more about the proposed concepts and the vision for these two critical blocks.
Digital BillboardsDeal Approved for Digital Billboards
In May, the City Council approved lease contracts with Clear Channel Outdoor to construct and operate four new electronic billboards on city-owned locations. In conjunction with their placement, Clear Channel will remove 24 existing billboard faces Citywide. The four new electronic billboards will be installed at the following locations: the north side of Interstate 80 and east of Northgate Boulevard; Business 80 and Fulton Avenue; the west side of Highway 99 and south of Mack Road; and the west side of Interstate 5 and south of Richards Boulevard. This lease will generate an alternative revenue stream for the City over the course of the 25-year lease term. All four signs will be operational mid-2011.  Contact Tom Zeidner for more information.
City Awarded $200,000 US EPA Clean-Up Grant
In April, Economic Development was awarded a $200,000 United States Environmental Protection Agency (EPA) Clean-Up Grant to aid in environmental remediation and clean-up efforts at the former PG&E power station on Jibboom Street.  Built in 1912, the power station has been shuttered since the early 1960s.  The EPA Brownfield grant will help cover costs to remove contaminated soil from the interior of the building in preparation for the development of the $40 million riverfront Powerhouse Science Center - a science, space and technology center that is planned for the vacant building.   
Docks OpeningRiverfront Promenade Extension Now Open 
In early June, Economic Development, along the city's Parks and Recreation and Transportation departments, commemorated the first phase extension of the Docks riverfront promenade. This $5.4 million project provides 3.4 acres of additional recreational opportunities along the Sacramento River by adding three quarters of a mile of pedestrian/bike path, river vistas, furniture, and a new park facility, Pioneer Landing, at R Street. The new park will serve as the entry way to the future redevelopment of the 30-acres Docks Area.  The first phase of the promenade project was made possible through the use of state and local funds.  Design plans for the second phase are being developed now, and the City is actively pursuing funding opportunities for future phases.   
Entertainment and Sports Complex
The City entered into an ERN with a team of developers to bring forth a new entertainment and sports complex. This milestone, taking place last May, is the first of many steps that will evaluate the possibility of a new entertainment and sports complex currently envisioned within the City's Intermodal development in the Sacramento downtown Railyards.  Over the next 18 months, the City will be working with the state of California regarding potential land swap legislation, as well as determining financing options to fund the new complexes.  To keep up-to-date on this project, follow this link.
DowntownFordRiver District Dealership Improves Façade
Downtown Ford, a longstanding River District fixture of more than 35 years, recently underwent a major capital improvement effort designed to improve its outer appearance and upgrade the buildings. The City assisted by provided the dealership with a loan, funded by River District redevelopment tax increment, to help leverage private investment for onsite improvements and foster economic development in the area.  This reinvestment assures the River District's sole dealership continues to contribute to jobs, tax revenue, as well as support other reinvestment underway in the district.  For more information about the River District, follow this link.
$2.7 Million Earmarked for Cars on K Street Project
Momentum continued for cars on K Street when City Council approved $2.7 million in funding. The late April approval provides staff with the resources necessary to develop additional design plans, produce an environmental document, and ultimately make necessary improvements to the corridor so that cars can be reintroduced.  Economic Development and Transportation Department staff will return to City Council in the fall for final approval of the environmental document and the design.  It is anticipated that slow moving traffic on K Street will be a reality by the end of 2011.  Contact project manager Denise Malvetti for more information.