The term sheet will be reviewed and voted on by the Sacramento City Council on Tuesday, Dec. 1. Fans are encouraged to attend the City Council meeting, which begins at 6 p.m.
“There is tremendous enthusiasm for having a Major League Soccer team in Sacramento. The preliminary term sheet illustrates the City’s commitment to bringing an MLS team to the city and to bringing new life to the long shuttered Railyards site,” said Sacramento City Manager John Shirey.
“This is another huge win and we greatly appreciate the City’s support,” said Kevin Nagle, Managing Partner of SSEH. “This term sheet reflects just how committed, united and ready Sacramento is when it comes to bringing MLS to Sacramento and delivering a world-class MLS stadium to our community.”
The preliminary term sheet sets forth a detailed framework on key items of the stadium plan, including: location, financing, ownership, design, development, construction, operation, use and occupancy, and maintenance and repairs.
Highlights of the term sheet include:
According to the City analysis, the project will generate as much as $341 million in economic output during construction and as many as 2,628 jobs. The analysis forecasts additional economic impact spurred in the surrounding area.
While the term sheet is preliminary and non-binding, it would serve as a good faith agreement and guideline for the preparation of definitive agreements between the City and SSEH for the development of the stadium, subject to all environmental considerations. The Preliminary Term Sheet would only be effective if MLS awards an expansion team and SSEH consummates the acquisition of the team.
To view the City of Sacramento’s full staff report to City Council, please see the Council agenda at: www.cityofsacramento.org.