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CBS News
4 hours ago
- Business
- CBS News
Sacramento Railyards soccer stadium plan faces key city council vote
A key Sacramento city council vote deciding the future of Republic FC's new soccer stadium is set for Tuesday. Plans for Republic FC's new home, an expandable 12,000-seat facility, can't come to life without figuring out how to cover infrastructure in the area – things like roadways, pedestrian bike lanes, and traffic lights that the city estimates will to cost north of $90 million. Tuesday's vote will be to approve a special tax district that the city is looking to use to cover the cost. "I think this one is a good investment. We're not investing, subsidizing the stadium," said Sacramento Mayor Kevin McCarty. The Railyards development will cost an estimated $321 million at least, according to city numbers, with most of it privately funded, like Republic FC's stadium and the area around it. Developers of the project – including Indomitable Ventures, formed by Republic FC – would pay for the infrastructure costs up front, then be reimbursed through funds generated by the special tax district. "We're subsidizing the infrastructure by giving a return on property taxes that but for this project wouldn't be generated anyways," McCarty said. If approved by the council, the deal would commit the city to paying more than $90 million to the project developers in the form of future tax revenue from the soccer stadium and central shops. McCarty says construction would start this year if the plan passes. The stadium is planned to be opened by 2027.
The Guardian
03-06-2025
- Business
- The Guardian
Chicago Fire announce plans to build 22,000-seat stadium near downtown
This Chicago Fire on Tuesday announced plans to build a $650m, soccer-specific stadium in the South Loop of Chicago – a venue that will be part of a large development project called 'The 78.' The club aims to open the stadium in the spring of 2028, with the building of the venue itself requiring no public money, according to an announcement by the team's owner Joe Mansueto. It is planned to hold 22,000 spectators. The 62-acre vacant plot of land that will be used to construct 'The 78' is a former landfill and railyard along the banks of the Chicago river that has sat vacant and in development limbo for decades. The site is set to be developed by Realted Midwest, which acquired the land in 2016. The Chicago White Sox of Major League Baseball have also sought to build a new stadium there, even constructing a temporary field at the site. The MLB team and Related Midwest have sought more than $1bn in public financing for the baseball stadium project. 'This project is more than just a stadium,' Mansueto said in a statement released by the team. 'It's a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game – right in the heart of our city. It's about investing in Chicago, not just on match days, but every day as a committed community partner.' The Fire have played at a number of venues since their founding in 1998 as one of Major League Soccer's first expansion clubs. The team began their life at Soldier Field, home of the NFL's Chicago Bears, where they build a considerable home field advantage and enjoyed some of the most vocal support in MLS at the time. Extensive renovations to Soldier Field forced the team to decamp to suburban Naperville, Illinois in 2002, before the club built its own stadium, SeatGeek Stadium, which opened in suburban Bridgeview in 2006. The stadium's location and the team's own struggles led to a decline in fan interest in the club, causing Mansueto to move the Fire back to Soldier Field after purchasing sole ownership of the team in 2019. Sign up to Soccer with Jonathan Wilson Jonathan Wilson brings expert analysis on the biggest stories from European soccer after newsletter promotion The site of 'The 78,' so called because it is seen as a new neighborhood in addition to the 77 that currently make up Chicago, is well served by public transportation. A home for the Fire there will be among a select group of MLS stadiums to be situated close to a home city's downtown area. When built, the Fire's stadium will be the 22nd soccer-specific stadium in the 30-team league.
