Sacramento City Council
June 10, 2025

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2025-00435 6/10/2025 Item 2.

Approving the Expansion of the Proposed City of Sacramento Railyards Enhanced Infrastructure Financing District and the Amended Infrastructure Financing Plan, including the Division of Taxes Set Forth Therein, and Authorizing a Judicial Validation Action File ID: 2024-00435
Location: District 4
Recommendation: Adopt a Resolution approving the expansion of the City of Sacramento Railyards Enhanced Infrastructure Financing District (EIFD) and amendments to the Infrastructure Financing Plan including the Division of Taxes and Authorizing a Judicial Validation Action.

Contact: Sini Makasini, Senior Development Project Manager, (916) 808-7967, [email protected]; Eric Frederick, Special Districts Manager, (916) 808-5129, [email protected]; Department of Finance; Marco Gonzalez, Senior Development Project Manager, (916) 808-5757, [email protected], Office of Innovation and Economic Development
Presenter: Sini Makasini, Senior Development Project Manager, (916) 808-7967 [email protected], Finance Department; Marco Gonzalez, Senior Development Project Manager, (916) 808-5757, [email protected], Office of Innovation and Economic Development; Jamie Gomes, Consultant, Economic Planning Systems, (916) 649-8010 Attachments:
1-Description/Analysis
2-Schedule of Proceedings
3-Resolution Approving Infrastructure Financing Plan
4-Exhibit A (City of Sacramento Railyards EIFD Infrastructure Financing Plan) Description/Analysis
Issue Detail: The Sacramento Railyards is a large urban infill project north of the downtown Central Business District area that is anticipated to provide housing for new residents, employment opportunities, and services in an area that is substantially surrounded by urban development. The Sacramento Railyards Specific Plan (Specific Plan) was adopted in 2016 and amended in 2021 to establish goals and policies that are specific to the Railyards, while advancing the vision of the General Plan.

File ID: 2025-00435 6/10/2025 Item 2.

The Specific Plan establishes the overall project concept to accommodate a mix of residential and nonresidential uses around public transit and better connect the downtown Central Business District area to the riverfront, Old Sacramento, the River District, and other adjacent and existing neighborhoods. The 2016 approvals for the Railyards Project included a network of open space that will provide access to the historic Central Shops buildings, the riverfront, the sports stadium, and new parks.

Although a significant number of improvements have been completed in the Railyards, project development still faces an extraordinary remaining infrastructure funding burden of over $184 million.

The primary goal in financing public facilities is to catalyze significant private investment and additional infrastructure within the Railyards project site and for the surrounding area as well.

Infrastructure investment will catalyze rehabilitation of the project and support development of housing (both market rate and affordable), office, retail, hotels, and entertainment consistent with the Railyards Specific Plan.

In July 2019, the City authorized the initiation of proceedings to (i) establish the City of Sacramento Stadium Area Enhanced Infrastructure Financing District (Stadium Area EIFD), (ii) approve the establishment of the Stadium Area EIFD’s Public Financing Authority (PFA), and (iii) approve the preparation and distribution of an Infrastructure Financing Plan for the Stadium Area EIFD (Infrastructure Financing Plan), in accordance with the requirements of Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 53398.50) (EIFD Law).

An EIFD is a type of special financing district that utilizes a portion of tax increment revenue from the area within its boundaries (as well as other sources that may be identified in a financing plan) to assist in providing projects of communitywide significance that provide significant benefits to the area within the EIFD and the surrounding community. The redirection to the EIFD, a separate legal entity apart from the City, of incremental property tax revenues that would have otherwise accrued to the City is designed to be offset by the increased development generated in the area by the EIFD’s investment in public infrastructure and other projects of communitywide significance.

On November 5, 2019, the City Council approved the initial Infrastructure Financing Plan for the Stadium Area EIFD, including the division of taxes between the City and the EIFD as described therein (Resolution No. 2019-0414). On December 10, 2019, the PFA adopted the Infrastructure Finance Plan and officially formed the Stadium Area EIFD (PFA Resolution No. 2019-0002).

As proposed development continues to expand around the original Stadium Area EIFD, an expansion and amendment to the original Stadium Area EIFD is necessary to account for the potential infrastructure and facilities required to sustain the growth within the Railyards. This expansion and amendment would provide a financing tool that is available to support the overall Railyards

File ID: 2025-00435 6/10/2025 Item 2.

Development (Project). In November of 2024, the City Council unanimously approved the Sacramento Republic FC Preliminary Term Sheet that provided a framework to catalyze additional development in the Railyards, which included the proposed expansion of the original Stadium Area EIFD.

The expansion and amendment to the original Stadium Area EIFD commenced with the PFA Public Meeting that was held on March 18, 2025. At that meeting, the PFA changed the name of the Stadium EIFD to City of Sacramento Railyards Enhanced Infrastructure Financing District (Railyards EIFD) and renamed itself as the Railyards Public Financing Authority. The PFA also had the opportunity to review the draft of the amended Infrastructure Financing Plan that included all items required by the EIFD Law.

In addition to the Public Meeting held on March 18, 2025, the first of two public hearings took place April 22, 2025, by which the PFA Board approved modifications to the draft amended Infrastructure Financing Plan. EIFD Law requires that the PFA hold two public hearings to gather public input and consider adoption, modification, or rejection of the proposed amended Infrastructure Financing Plan, with each hearing required to be held at least 30 days apart. In addition, City Council must also approve the expansion of the Railyards EIFD and amended Infrastructure Financing Plan prior to the second public hearing held by the PFA on these matters.

At the conclusion of the second public hearing, the PFA will either terminate the EIFD expansion proceedings if a majority (over 50 percent of the combined number of landowners and residents in the area who are at least 18 years of age) protest exists, or adopt the amended Infrastructure Financing Plan, which will officially expand the territory of the Railyards EIFD, and establish two project areas within the boundaries of the Railyards EIFD, among other things. Adoption of the amended Infrastructure Financing Plan and addition of the expanded territory may be subject to confirmation through an election if between 25 percent and 50 percent of the combined number of landowners and residents in the area who are at least 18 years of age file a protest. The EIFD Law also conditions expansion of the Railyards EIFD upon City Council approval of the Infrastructure Financing Plan.

In accordance with the EIFD Law, the proposed amended Infrastructure Financing Plan and Final Supplemental Environmental Impact Report (SEIR) for the Railyards specific plan area have been made available for public inspection, and both documents, along with the Addendum to the SEIR prepared by the City, are made available via a link to the EIFD website. Public notices have been distributed to each affected taxing entity, each owner of land in the proposed Railyards EIFD, the PFA, the Planning and Design Commission, and the City Council.

The amended Infrastructure Financing Plan as currently proposed is included as Exhibit A to the attached resolution and includes all items required by EIFD Law. A brief summary of the amended Infrastructure Financing Plan is provided below.

File ID: 2025-00435 6/10/2025 Item 2.

EIFD Expansion / Map and Legal Description: The proposed expanded Railyards EIFD boundaries consist of approximately 244 acres on 57 parcels. It includes properties owned by Downtown Railyard Venture LLC, Gilreath Robert/Robert J Hoffman, Kaiser Foundation Hosps, City of Sacramento, State of California, State Lands Commission, Sacramento 695 LP, SMUD, and Wong Center at the Railyard LP. All property owners are aware of their inclusion and have not protested their inclusion. The amended Infrastructure Financing Plan also creates two project areas: the original Stadium EIFD territory will be known as “Railyards East,” and the newly added territory will be known as “Railyards West.” Different base years will apply for tax increment calculations. A map and legal description of the proposed boundaries of each project area are included as Attachments A and B, respectively, in the amended Infrastructure Financing Plan.

Facilities and Development Proposed to be Financed: The capital facilities proposed to be financed through the Railyards EIFD include roadway, storm water, sewer and utility improvements within and surrounding the Project. The improvements are of communitywide significance and provide significant benefit to the area of the Railyards EIFD (as expanded) and surrounding community. A list of the improvements and developments that may be financed by the Railyards EIFD is detailed in the amended Infrastructure Financing Plan.

Necessity of Expanded Railyards EIFD: The expansion of the Railyards EIFD is necessary to finance the construction of public infrastructure and development that serves the Project area, the Central City, the River District and surrounding neighborhood while providing significant communitywide benefits.

Fiscal Impact Analysis: The amended Infrastructure Financing Plan includes the results of a fiscal impact analysis of the EIFD to the City’s General Government Fund (comprised of General Fund and Measure U Fund) following completion of the initial phase of Railyards development (through 2030) and at buildout. As shown in the amended Infrastructure Financing Plan, incremental new development is anticipated to result in a net fiscal deficit for the City’s General Government Fund of approximately $0.9 million annually in 2030 and a net fiscal surplus of approximately $1.4 million annually at projected buildout in 2040 (both in 2024$). Thus, annual revenues to the City’s General Government Fund are approximately $0.9 million (2024$) less than the annual General Government Fund costs to serve new EIFD development in the initial phase of development, but annual revenues are anticipated to be $1.4 million (2024$) greater than annual costs at projected buildout in 2040.

The amended Infrastructure Financing Plan also includes additional analysis to comply with recent changes to the City Debt Management Policy adopted by the City Council in February 2025.

Pursuant to the City’s Debt Management Policy, the City must analyze the estimated cumulative fiscal impacts of the proposed Railyards EIFD along with all other EIFDs established by the City. At this time, the only other EIFD established by the City is the City of Sacramento Aggie Square EIFD.

File ID: 2025-00435 6/10/2025 Item 2.

When considered together, the estimated cumulative fiscal impacts of the Railyards EIFD and Aggie Square EIFD are similar to those findings for the Railyards EIFD alone, with fiscal deficits being estimated during the initial phase of Railyards development (through 2030) with those deficits becoming surpluses before and following project buildout. As shown in the amended Infrastructure Financing Plan, considering both EIFDs together results in a net fiscal deficit for the City’s General Government Fund of approximately $0.5 million annually in 2030 and a net fiscal surplus of approximately $1.8 million annually at projected buildout in 2043 (both in 2024$).

Use of Incremental Tax Revenue: The amended Infrastructure Financing Plan provides that the Railyards EIFD will use incremental property tax revenue that is generated by parcels within the boundaries of the Railyards EIFD (as expanded) to finance direct funding of facilities and reimbursement of the developers of the project for their cost of construction of certain authorized facilities and to pay for the costs and debt service of the issuance of bonds to reimburse the developers for those facilities. .

Other items required by the EIFD Law are included in the amended Infrastructure Financing Plan, which is attached hereto. A summary of the key actions for expanding the Railyards EIFD and amending the Infrastructure Financing Plan, as well as estimated dates of completion, is provided in the Schedule of Proceedings (Attachment 2 to this report).

Judicial Validation: The EIFD Law is relatively new and unknown to bond investors, having been adopted in response to the dissolution of redevelopment agencies in early calendar year 2012. Prior to bonds being issued by the Railyards EIFD, investors will need certainty that there are no legal impediments to the operation of the Railyards EIFD and allocation of tax increment to the Railyards EIFD in accordance with the amended Infrastructure Financing Plan. Accordingly, the proposed Resolution authorizes the City Manager and the City Attorney, in consultation with Jones Hall, A Professional Law Corporation, as bond counsel, to initiate a judicial validation action with respect to the creation of the Stadium Area EIFD, the adoption of the initial Infrastructure Financing Plan, the adoption of the amended Infrastructure Financing Plan, the allocation of incremental property tax revenue and “net available revenue” as defined in the EIFD Law, from the City within the boundary of the Railyards EIFD to the Railyards EIFD for the purpose of financing the activities of the Railyards EIFD.

Policy Considerations: Adoption of the attached resolution and approval of the amended Infrastructure Financing Plan will signify the City’s approval of the allocation of incremental property tax revenue of the City that is directly derived from the Project and other development within the expanded Railyards EIFD to finance the identified public infrastructure and other projects authorized to be financed by the Railyards EIFD. The City is the sole affected taxing entity allocating tax revenues to the Railyards EIFD, and only new incremental property tax revenue of the City will be used for this purpose.

File ID: 2025-00435 6/10/2025 Item 2.

Pursuant to Section 53398.68 of the EIFD Law, City Council must approve the Plan prior to the PFA also approving the amended Infrastructure Financing Plan and expanding the Railyards EIFD.

Expanding the Railyards EIFD boundaries and amending the Infrastructure Financing Plan is a necessary step towards the successful development of the public infrastructure and other projects of communitywide significance necessary for the development of the Railyards.

Economic Impacts: The project will generate significant economic benefits to the community, the City, and the region.

Environmental Considerations: California Environmental Quality Act (CEQA): The action involves approving a potential financing mechanisms for improvements associated with the Railyards Development project. The action is not considered a project under CEQA. The action involves review and discussion of the creation of a government funding mechanism or other government fiscal activities, which do not involve any approval or commitment to any specific project which may result in a potentially significant physical impact on the environment. CEQA Guidelines section 15352.

CEQA Guidelines section 15378(b) (4) & (5); 15060(c)(3). To the extent any planned infrastructure funded by the financing mechanism will result in physical changes to the environment, those changes have been studied in the Railyards Specific Plan Environmental Impact Report SCH No. 2006032058 (Resolution # 2007-903), the Railyards Specific Plan Update, Kaiser Permanente Medical Center and Stadium Subsequent Environmental Impact Report (Resolution #2016-0379) and Addendum. None of the circumstances set forth in Public Resources Code section 21166 and Guidelines sections 15162 require additional environmental review. The affordable housing component of the EIFD is only a funding mechanism at this point and therefore exempt from environmental review pursuant to CEQA Guidelines section 15378(b) (4). When a specific affordable housing project is identified and proposed, it will be reviewed for CEQA compliance. The creation of the funding mechanism does not commit the City to any particular affordable housing project or require its construction.

Sustainability: Not applicable.

Commission/Committee Action: Not applicable.

Rationale for Recommendation: Section 53398.68 of the EIFD Law states that a resolution approving the amended Infrastructure Financing Plan must be adopted by the City Council prior to the PFA approving the expansion of the EIFD. The recommended action satisfies this requirement.

Expansion of the Railyards EIFD is necessary to support the development of the Railyards and Council approval of the amended Infrastructure Financing Plan is a necessary step in the formation process pursuant to the EIFD Law.

Financial Considerations: The allocation of revenues to the Railyards EIFD from the City will be limited to incremental property tax revenue generated by property within the boundaries (as expanded) of the Railyards EIFD (including residual funds from the old redevelopment project area)

File ID: 2025-00435 6/10/2025 Item 2.
which is to be used to assist in the direct funding of facilities, reimbursement of the developer for its cost of construction of facilities, payment of debt service on municipal bonds, notes, or other debt obligations issued to finance eligible costs, or all or some of the foregoing. The amended Infrastructure Financing Plan contains a limit of $772 million in tax dollars over the life of the Railyards EIFD that may be allocated by the City to the Railyards EIFD; the tax allocation to the Railyards EIFD will end no later than 2075. The City has no obligation to contribute revenues to the Railyards EIFD beyond the limits set forth in the amended Infrastructure Financing Plan.

Local Business Enterprise (LBE): Not applicable.

PROPOSED SCHEDULE OF AMENDMENT PROCEEDINGS

RAILYARDS

ENHANCED INFRASTRUCTURE FINANCING DISTRICT

2025

March 7 Mail / Post / Publish Notice of PFA public meeting1 Mail & Post Draft Amended Infrastructure Financing Plan & EIR

March 18 PFA Staff presented draft amended Infrastructure Financing Plan at a public meeting

March 24 Published Notice of 1st Public Hearing1

April 11 Mail / Post Notice of PFA Public Hearing1 & Draft Amended Infrastructure Financing Plan & EIR

April 22 PFA held 1st Public Hearing
 PFA considered written and oral comments on the amended Infrastructure Financing Plan

June 10 City Council considers approval of amended Infrastructure Financing Plan & expansion of the EIFD2

June 13 Mail / Post / Publish Notice of 2nd Public Hearing1  2nd Public Hearing must be held at least 30 days after 1st Public Hearing
 Notice must be published one time, not less than 10 days before 2nd Public Hearing in a newspaper of general circulation

June 24 PFA holds 2nd Public Hearing and Protest Proceeding  PFA conducts protest proceeding
 If no majority protests, PFA Adopts Resolution Finding no Majority Protest, amending EIFD and Adopting amended Infrastructure Financing Plan

1 PFA shall post notice of each meeting or public hearing required by this section in an easily identifiable and accessible location on the enhanced infrastructure financing district’s internet website and shall mail a written notice of the meeting or public hearing to each landowner, each resident, and each taxing entity at least 10 days before the meeting or public hearing (53398.66(b)(1)(B)).
2 City Council must approve the amended Infrastructure Financing Plan prior to the PFA’s amendment of the EIFD.

RESOLUTION NO. 2025-________

Adopted by the Sacramento City Council

June 10, 2025

A Resolution Approving an Amended Infrastructure Financing Plan for the City of Sacramento Railyards Enhanced Infrastructure Financing District (formerly known as the City of Sacramento Stadium Area Enhanced Infrastructure Financing District), including the Division of Taxes Set Forth Therein, and Authorizing Filing of Judicial Validation Action and Certain Other Actions Related Thereto

BACKGROUND

A. The Sacramento Raily ards (the “Railyards Project Area”) is a large urban infill project anticipated to provide new residents, employment opportunities, and services in an area substantially surrounded by urban development. The Sacramento Railyards Specific Plan (“Railyards S pecific Plan”) was adopted in 2016 (and amended in 2021) by the City Council (the “City Council”) of the City of Sacramento (the “City”) to establish goals and policies specific to the Railyards Project Area.

B. Pursuant to Resolution No. 2019-0282 adopted on July 23, 2019 (the “Resolution of Intention”), by the City Council, the City Council authorized the initiation of proceedings to (i) establish the City of Sacramento Stadium Area Enhanced Infrastructure Financing District (the “EIFD”), (ii) approve the establishment of the EIFD’s Public Financing Authority (the “Authority”), (iii) approve the preparation and distribution of an Infrastructure Financing Plan for the EIFD (the “Infrastructure Financing Plan”), and (iv) call a public hearing of the Authority t o be held on November 12, 2019, to consider the establishment of the EIFD and adoption of the Infrastructure Financing Plan, in accordance with the requirements of Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencin g with Section 53398.50) (the “EIFD Law”).

C. Pursuant to Resolution No. 2019 -0414 adopted on November 5, 2019, the City Council approved the initial Infrastructure Financing Plan for the EIFD.

D. Pursuant to Resolution No. 2019 -0002 adopted on December 10, 2019 by the Authority, the Authority held that all prior proceedings taken by the Authority with respect to the proposed establishment of the EIFD and adoption of the initial Infrastructure Financing Plan were valid and in conformity with requirements of the EIFD Law and therefore (i) established the EIFD, (ii) adopted the initial Infrastructure Financing Plan, and (iii) approved the map of the initial boundaries of the EIFD.
2 E. As development continues to expand around the Railyards Project Area, an expansion of the boundaries of the EIFD to include additional territory not currently within the boundaries of the EIFD and amendment of the Infrastructure Financing Plan are needed and necessary to provide a financing tool for the additional infrastructure and facilities required to sustain the growth and development within the Railyards Project Area included in the Railyards Specific Plan (as amended) and not included within the initial boundaries of the EIFD.

F. Pursuant to Resolution No. 2025-0001, adopted on March 18, 2025, the Authority (i) approved the renaming of the EIFD to be “City of Sacramento Railyards Enhanced Infrastructure Financing District,” (ii) approved the renaming of the Authority to be “Railyards Public Financing Authority,” and (iii) ratified the preparation of the amended Infrastructure Financing Plan (the “Amended Infrastructure Financing Plan”) by the Executive Director of the Authority, necessary City staff, and professionals, and other related actions.

G. Pursuant to the initial Infrastructure Financing Plan and EIFD Law, the City Council must approve the Amended Infrastructure Financing Plan before it becomes effective.

H. The Amended Infrastructure Financing Plan has been presented to the City Council for its review and approval, and the City Council finds and determines it is in the best interests of the City for the City Council to approve the Amended Infrastructure Financing Plan.

BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:

Section 1. Background Statements . The City Council finds and determines that the background statements A through H are true.

Section 2. Approval of Amended Infrastructure Financing Plan . The City Council hereby approves the Amended Infrastructure Financing Plan in the form attached hereto as Exhibit A and incorporated herein. As described in more detail therein, the Amended Infrastructure Financing Plan shall (1) expand the boundaries of the EIFD to encompass the entire Railyards Specific Plan area in the City, (2) change the name of the EIFD to the “City of Sacramento Railyards Enhanced Infrastructure Financing District,” (3) designate two project areas to differentiate the EIFD revenues generated in each area, and (4) authorize the financing of the additional infrastructure and public facilities that are proposed to be financed by the EIFD, including affordable housing.

3 Section 3. Approval of Division of Taxes . Pursuant to the Amended Infrastructure Financing Plan, incremental property tax revenue and “net available revenue” as defined in the EIFD Law, from the City w ithin the two project areas established within the EIFD shall be used to finance the activities of the EIFD, subject to, and in accordance with, the terms and conditions of the Amended Infrastructure Financing Plan.

Section 4. Judicial Validation Action. The City M anager and the City Attorney, in consultation with Jones Hall, A Professional Law Corporation, as bond counsel, are hereby authorized and directed to initiate a judicial validation action with respect to the creation of the EIFD, the adoption of the initia l Infrastructure Financing Plan, the adoption of the Amended Infrastructure Financing Plan, the allocation of incremental property tax revenue and “net available revenue” as defined in the EIFD Law, from the City within the boundary of the EIFD to the EIFD for the purpose of financing the activities of the EIFD, and all the proceedings relating thereto, and such other matters as the City Attorney and bond counsel deem appropriate in order to carry out the purposes of the Amended Infrastructure Financing Plan, pursuant to section 53398.57 of the EIFD Law and section 860 et seq. of Code of Civil Procedure.

Section 5. Other Authority Granted. The Mayor, the City Manager, the City Treasurer, the City Attorney, the City Clerk, and any and all other officers of the City are hereby authorized and directed, on the City’s behalf, to do any and all things and take any and all actions, that they, or any of them, considers necessary or advisable to implement the provisions of this resolution, including execution and delivery of any and all documents, assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and documents, which they, or any of them, may deem necessary or advisable in order to effectuate the purposes of this resolution. Whenever in this resolution any officer of the City is directed to execute or attest any document or take any other action, that execution, attestation, or action may be taken on behalf of that officer by any person he or she designates to act on his or her behalf if the officer is absent or unavailable.

Section 6. Effective Date. This Resolution takes effect when adopted.

4 Table of Contents:

Exhibit A: City of Sacramento Railyards EIFD Infrastructure Financing Plan.

Adopted by the City of Sacramento City Council on __________, 2025, by the following vote:

Ayes:

Noes:

Abstain:

Absent:

Attest:

Mindy Cuppy, City Clerk

The presence of an electronic signature certifies that the foregoing is a true and correct copy as approved by the Sacramento City Council.

Draft Report
City of Sacramento Railyards
Enhanced Infrastructure Financing
District (formerly known as the
Sacramento Stadium Area Enhanced
Infrastructure Financing District)—
Infrastructure Financing Plan
Prepared for:

City of Sacramento and
Public Financing Authority for the EIFD
Prepared by:

Economic & Planning Systems, Inc. (EPS)
June 2025
EPS #242147

Table of Contents
Introduction ................................................................................... 1 Sacramento Railyards Enhanced Infrastructure Financing District ............... 1 Description of Facilities and Other Development
Financed by the EIFD ...................................................................... 8 Overview ........................................................................................... 8 Anticipated Future Development in EIFD ................................................ 9 Description of Facilities and Development to Be Financed .......................... 9 Communitywide Benefits of EIFD-Funded Facilities................................. 18 Goals Achieved by EIFD-Funded Facilities ............................................. 20 Financing Section ......................................................................... 22 Allocation of Revenues to EIFD ........................................................... 22 Tax Revenue Projections .................................................................... 25 Plan for Financing Facilities ................................................................. 34 Limit on Total Taxes Allocated to the EIFD ............................................ 37 EIFD Termination Date ...................................................................... 37 EIFD Tax Limit .................................................................................. 38 Fiscal Impact Analysis ....................................................................... 38 No Transit Priority Project Program Financing ........................................ 44 No Loss of Dwelling Units ................................................................... 44

Attachments:

Attachment A: Boundary Map of the EIFD, as Amended
(Showing Railyards East Project Area and
Railyards West Project Area)
Attachment B: Legal Description of EIFD
Attachment C: Description of Facilities and Development to Be Financed Attachment D: Tax Increment Revenue Forecast and RASA Cash Flow Model Attachment E: Fiscal Impact Analysis
Attachment F: Estimated EIFD Revenues for Affordable Housing Investments Attachment G: Calculation of Maximum Tax Revenues Allocated to the EIFD

List of Tables and Figure
Table 2-1. Land Use Development Assumptions ............................................ 10 Table 3-1. Summary of Railyards East and West Project
Area Revenue Projections ........................................................... 27 Figure 3-1 Distribution of Property Tax Revenue..................................... 29 Table 3-2. Railyards EIFD Share of RPTTF Revenues ...................................... 30 Table 3-3. Cumulative Assessed Value Growth.............................................. 32 Table 3-4. Estimated Railyards EIFD Share of Post-Redevelopment Agency Property Tax Revenues .............................................................. 33 Table 3-5. City General Government Fund Net Fiscal Impact Analysis Summary at Buildout ................................................................. 40 Table 3-6. City General Government Fund Detailed Net Fiscal Impact Analysis at Buildout ........................................................ 41 Table 3-7 Cumulative City General Government Fund Detailed Net Fiscal Impact Analysis at Buildout .................................................................. 43

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 1
Introduction
Sacramento Railyards Enhanced
Infrastructure Financing District
Introduction
California Government Code sections 53398.50–53398.88 (EIFD Law) enable cities and counties in the State of California (State) to form enhanced infrastructure financing districts as a means of using tax increment financing to fund public and private improvements that provide communitywide benefit.

Formation of an enhanced infrastructure financing district is initiated by a resolution of the legislative body of the city and/or county setting forth its intention to dedicate to the district all or a portion of its incremental property tax revenue and, if applicable, other revenues, within a designated area.

In 2019, the City Council of City of Sacramento (City) approved a resolution of intention to form an enhanced infrastructure financing district to be known as the “City of Sacramento Stadium Area Enhanced Infrastructure Financing District” (EIFD). The City Council also established the “Stadium Area Public Financing Authority” (PFA), consisting of three members of the City Council and two members of the public chosen by the City Council, for a total of five members, to serve as the governing body of the EIFD, and approved the Infrastructure Financing Plan (IFP) for the EIFD, including the division of taxes set forth therein, all as required by EIFD Law.

As described in more detail herein, the IFP is being amended to (1) expand the boundaries of the EIFD to encompass the entire Railyards Specific Plan Area in the City, (2) change the name of the EIFD to the “City of Sacramento Railyards Enhanced Infrastructure Financing District,” (3) designate two project areas to differentiate the EIFD revenues generated in each area, and (4) accommodate the additional infrastructure and public facilities that are proposed to be financed by the EIFD, including affordable housing. The PFA is also being renamed as the “City of Sacramento Railyards Enhanced Infrastructure Financing District Public Financing Authority (Railyards PFA).”
The proposed EIFD amendments are consistent with existing EIFD law and with provisions related to EIFD formations in the City’s Debt Management Policy, which was recently updated in February 2025.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 2
Original Purpose and Boundary of EIFD
At the time the EIFD was formed in 2019, the City Council approved a preliminary term sheet (Term Sheet) for infrastructure and stadium development. The Term Sheet provided the framework for a public-private partnership for the construction and operation of a new Major League Soccer (MLS) stadium (MLS Stadium) and investment in critical Railyards Specific Plan Area infrastructure. Because there was no existing stadium in the City that met MLS standards, the EIFD was formed primarily to establish a viable plan for the construction of public roadways and infrastructure in support of a new MLS Stadium to secure an expansion team. The original boundary of the EIFD consisted of a portion, but not all, of the territory within the Railyards Specific Plan Area. While the EIFD was formed, Sacramento was not awarded an MLS franchise nor have any entities undertaken MLS Stadium construction.

Expanded Purpose and Boundary of EIFD
In February 2025, the PFA and City officials requested consideration of amending the EIFD boundaries and calling for preparation of an amended IFP. Economic & Planning Systems, Inc (EPS) prepared the original IFP and this amended IFP at the request of the City and PFA. The amended IFP is being prepared to achieve the four purposes noted above. As used in this document, the terms infrastructure and public facilities (or, more simply, facilities) both describe improvements expected to be eligible for EIFD financing.

Attachment A depicts the proposed amended boundary of the EIFD. As shown in the map, the original boundary of the EIFD established in 2019 is referred to as the Railyards East Project Area, and the territory being added to the EIFD in 2025 is referred to as the Railyards West Project Area. As noted herein, the Railyards West Project area also includes the area known as the Sacramento Valley Station Area Plan Project (“SVS” or “SVS Area Plan”).

Infrastructure Financing Plan (As Amended)
The IFP (as originally adopted and as amended) is required to address specific attributes of the EIFD, primarily being the financial assistance contemplated for planned facilities, and more generally the goals, plans, expectations, and other relevant data associated with the EIFD. Under the EIFD Law, adoption of an amended IFP is pursuant to a legal process during which interested parties or any member of the public may provide comments, primarily via required public hearings, which culminates in the final PFA action to approve or reject the proposed amendments to the IFP. This IFP amendment is being prepared according to EIFD law as amended through 2024. Future amendments may be made to this IFP as described herein and in the EIFD Law (as it may be amended in the future).

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 3
The EIFD is anticipated to primarily finance a portion of the cost of public facilities, which are part of the Railyards project (referred to herein as “Railyards,” “Project,” or “Specific Plan Area”) and, to a lesser extent, affordable housing projects. The Railyards is a multi-phase Specific Plan Project with a goal of developing the former industrial site that has been vacant for decades into a vibrant, mixed-use employment, entertainment, and living environment, thereby continuing the renewed growth in the cultural and economic development of the City and the broader region. In April 2021, the City approved the SVS Area Plan for a portion of the area originally known as the Depot District within the Specific Plan Area. References in this IFP to the Railyards Specific Plan, the Project or the Specific Plan Area include the area identified as the SVS Area Plan.

Development in the Specific Plan Area, including a new outdoor, multi-purpose stadium (Stadium), which is different than the previously planned and defined “MLS Stadium,” is envisioned to further anchor downtown Sacramento as the region’s center of entertainment and cultural activity and would provide the City with a first-class outdoor venue for sports, entertainment, and cultural events.

A new Stadium and surrounding development would provide direct and indirect jobs and ongoing economic output. In addition, development of the Specific Plan area could accelerate other investment and development in downtown Sacramento, the River District, and other adjacent areas. Significant community benefits and quality of life through sports and entertainment are anticipated to be a direct result of this effort. Chapter 2 provides a description of planned land uses in the EIFD.

The EIFD’s primary funding source is expected to be incremental property tax revenues derived from increases in assessed value attributed to new development within the EIFD boundary. The EIFD does not impose any new tax on property owners, and the City will be the sole participating taxing entity that will contribute property tax increment revenues to the EIFD. Incremental tax revenues proposed to be available to the EIFD also include real property tax trust fund (RPTTF) revenues generated within the EIFD boundary that are available after payment of existing obligations of the City’s former redevelopment agency, as described herein. As detailed herein, increment from the portion of the land within the EIFD boundary that is within the boundaries of the former Railyards Redevelopment Project Area is subject to first satisfying prior outstanding redevelopment enforceable obligations. At the discretion of the City and as described herein, the amended EIFD would be eligible to receive and use any and all other revenues as may be authorized under the EIFD Law or other applicable law from time to time.

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Overview of the Infrastructure Financing Plan
As required by EIFD Law as in effect on the date of adoption of this IFP, this IFP contains the following information:

1. A map and legal description of the proposed EIFD boundaries, as amended, as presented in Attachment A and Attachment B, respectively.

2. A description of the public facilities and other forms of development or financial assistance proposed in the area of the district, including those to be provided by the private sector, those to be provided by governmental entities without assistance from the EIFD, those to be financed with assistance from the proposed EIFD, and those to be provided jointly by a governmental entity and the private sector, as presented in Chapter 2.

3. A finding that the development and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the EIFD. This information is presented in Chapter 2.

4. A financing section, containing all of the following information:
a. A specification of the maximum portion of the incremental tax revenue of each affected taxing entity proposed to be committed to the EIFD each year during which the EIFD will receive incremental property tax revenue.

The City is the only taxing entity that will allocate tax increment revenues to the EIFD. The maximum portion of the City’s property tax increment and RPTTF revenue allocation proposed to be apportioned, subject to applicable law, to the EIFD will be 100 percent1, until such time as the cost of eligible EIFD facilities has been satisfied, as described in Chapter 3.
b. A projection of the amount of tax revenues expected to be received by the EIFD in each year during which the EIFD will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year. An annual projection of tax revenues to be allocated to the EIFD is contained in Chapter 3 of this IFP.2 The inputs and assumptions used in this IFP are based on information available as of preparation of this IFP about anticipated trends and planned development within the EIFD boundaries. These projections are considered reasonable for planning purposes, but actual results will differ from those estimates included in this IFP.
1 During the period in which RPTTF is still applicable, the City will retain a dollar amount of residual RPTTF (available to the City) estimated to be attributable to the former Railyards redevelopment project area for the base year of 2025. See Chapter 3 for more detail. Following the elimination of RPTTF, the City’s maximum contribution of 100 precent will be net of a continued estimate of prior “pass-through” property tax increment dollars as described in more detail in Chapter 3.
2 Amounts shown in Chapter 3 are net of an assumed 5 percent administrative cost of the EIFD.

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c. A plan for financing facilities to be assisted by the EIFD, including a detailed description of any intention to incur debt. The financing plan is presented in Chapter 3 of this IFP. As described in more detail in Chapter 3, EIFD Revenues will be divided between the two EIFD Project Areas. Subject to terms regarding reimbursement priorities of EIFD-eligible costs, EIFD Revenues from both Project Areas will be available for developer-led facilities, City facilities, and affordable housing facilities.

Issuance of bonds by the EIFD under the EIFD law is possible; however, this IFP also reflects the current contemplation that EIFD Revenues may be used to pay debt service and/or special taxes paying debt service on bonds issued by the City under the Mello-Roos Community Facilities District (CFD) law. EIFD Revenues are also anticipated to be used to pay costs of EIFD- eligible facilities on a “pay as you go” basis. In addition, this IFP also reflects the possibility that EIFD Revenues may be used to repay one or more City or other public agency loans to the developer of the Project. d. A limit on the total number of dollars of property tax increment revenue that may be allocated to the EIFD pursuant to this IFP. The maximum number of dollars of tax revenue that may be allocated to the EIFD is limited to $772 million (as described in Chapter 3 and shown in Attachment G).
e. A date on which the EIFD will cease to exist, by which time all tax revenue allocation to the EIFD will end. Pursuant to Government Code section 53398.63(d)(5), the maximum duration of an EIFD is either 45 years from the date on which the issuance of bonds is approved, pursuant to Government Code section 53398.77, or the approval of a loan to the EIFD is approved by an affected taxing entity pursuant to Government Code section 53398.87 or if an EIFD contains project areas, for each project area 45 years from the date that project area exceeds $100,000 in annual incremental tax revenues as defined under the EIFD law. The proposed EIFD includes individual termination dates for each Project Area and an overall termination date for the entire EIFD. For each Project Area, the termination date will be the earliest of (a) 45 years from the date on which the Project Area experiences at least $100,000 in EIFD revenues (as defined herein); or (b) June 30, 2075. Because the specific dates when a Project Area may exceed $100,000 in EIFD Revenues is not known at this time, an absolute end date of June 30, 2075, is also being established.

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f. An analysis of the costs to the City of providing facilities and services to the area of the EIFD during the time the area is being developed and after the area has been developed. Appendix C in Attachment E to this IFP includes a projection of service costs during the time the EIFD area is being developed and after it has been developed. It is projected that at completion and stabilization of an initial phase (identified as Initial Phase in this IFP), new development in the EIFD will generate about $4.9 million (2024$) of additional, annual municipal service costs to the City. At full Project completion or buildout (Buildout or Project Buildout) and stabilization of all planned land uses (all Project phases), new development in the EIFD will generate approximately $14.1 million (2024$) of additional, annual municipal service costs to the City. These are estimates and subject to change.
g. An analysis of the projected fiscal impact of the EIFD and the associated development on each affected taxing entity. No taxing entity other than the City will allocate tax increment revenues to the EIFD. Given that all other taxing entities will not be impacted by the formation of the EIFD, this IFP includes an analysis of the fiscal impact of the EIFD to the City only. The fiscal impact analysis is provided as Attachment E of this IFP. It is projected that at the end of the Initial Phase, new EIFD development will generate an annual net fiscal deficit of approximately $0.7 million (2024$). Upon full buildout of all anticipated planned development in the EIFD, new development is projected to generate a net fiscal surplus of approximately $2.0 million annually (2024$). These fiscal impact analyses results are based on the assumption that 100 percent of property tax and RPTTF increment generated by properties in the EIFD is allocated to the EIFD and, for that portion of new incremental property tax revenues associated with the former Railyards Redevelopment Project Area (following termination of the former Railyards Redevelopment Project Area, which is expected in Fiscal Year 2038) that the City continues to retain the dollar amount of property tax revenues equal to the property tax pass-through revenue it had received in the fiscal year immediately preceding the official termination. h. A plan for financing any potential costs that may be incurred by reimbursing a developer of a Transit Priority Project Program that is located entirely within the boundaries of the district. The City does not contemplate reimbursing a developer for a project that is both located entirely within the boundaries of the EIFD and qualifies for the Transit Priority Project Program, pursuant to Section 65470 of the California Government Code. Therefore, this IFP does not include a plan for financing costs that would be incurred through such a reimbursement arrangement.

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5. A plan for replacing dwelling units that are proposed to be removed in the course of public works construction in the district, or private development in the district that is subject to a written agreement with the district or that receives financial assistance from the district. No dwelling units are proposed to be removed as a result of any project identified in this IFP. Therefore, a housing replacement plan is not included in this IFP.

6. The goals the district proposes to achieve for each project to be financed by the district. The goals proposed to be achieved for each project to be financed by the EIFD are addressed in Chapter 2 of this IFP.

Future Amendments to this Infrastructure Financing Plan The Railyards PFA may consider and adopt amendments to this IFP according to the provisions of the EIFD Law that are in effect at the time of any such proposed amendment; provided, that no amendment shall be effective unless and until the City Council of the City has approved such amendment pursuant to resolution.

See also “Limit on Total Taxes Allocated to the EIFD,” herein.

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Description of Facilities and Other
Development Financed by the EIFD
Overview
This section provides:
 A description of the public facilities and other forms of development or financial assistance proposed in the area of the EIFD (EIFD-eligible facilities).  The goals proposed to be achieved for each facility to be financed by the EIFD.  A finding that the IFP is consistent with the City’s General Plan.  A finding that the development and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the EIFD.

Formation of the EIFD is being considered to finance a portion of the cost of eligible public facilities, which are part of the Project and, to a lesser extent, affordable housing investments. The estimated cost to design and construct the EIFD-eligible facilities being constructed within the boundary of the EIFD is currently approximately $214.9 million (in 2025$). The EIFD’s contribution to infrastructure is just a subset of the entire estimated costs. The developers of the Project, Downtown Railyard Ventures, LLC (DRV), Sacramento Republic Football Club (SRFC), Indomitable, or successors will be responsible for funding the remaining costs for both the infrastructure and vertical development improvements.

New incremental property tax and RPTTF revenue that is derived from property within the EIFD boundary (as described herein) and related development proposed within the EIFD boundary will constitute the EIFD Revenues. See the heading “EIFD Revenues Defined” for more information.

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Anticipated Future Development in EIFD
The EIFD includes approximately 121 developable acres. Table 2-1 shows the planned residential and nonresidential development in the EIFD, including the Stadium site and surrounding stadium area, which is approximately 42 acres.

For purposes of forecasting estimated assessed value growth and estimated tax increment to the EIFD, the land use information is tabulated separately for the Railyards East Project Area and the Railyards West Project Area, which together comprise the entire area of the Project and the entire boundary of the EIFD. Although the financing section of this report is based on a certain assumed pace of development, the actual timing of development may differ from those assumptions on which this analysis is based.

Railyards West Project Area
Approximately 4,000 residential units, 1,000 hotel rooms and 2.5 million nonresidential square feet, including retail, office, and hospital uses, are anticipated to occur in the Railyards West Project Area, including the SVS area.

Within the Railyards West Project Area, Kaiser is anticipated to develop approximately 1.4 million square feet of hospital facilities and medical office buildings by 2029.

Railyards East Project Area
Approximately 2,800 residential units, 250 hotel rooms, and 0.3 million nonresidential building square feet are anticipated to occur in the Railyards East Project Area. The Stadium is anticipated to be constructed in the Initial Phase in the Railyards East Project Area, with a proposed completion date of 2027. Development of the adjacent residential and nonresidential development is anticipated to occur over several years based on market demand.

Description of Facilities and
Development to Be Financed
The EIFD is authorized to finance the purchase, construction, expansion, improvement, or rehabilitation of the facilities described herein. These facilities have an estimated useful life of 15 years or longer. In adopting this IFP, the PFA determines the facilities and development projects planned as of this date and the affordable housing are of communitywide significance and will provide significant benefits to the public within the EIFD boundary and the surrounding community, including by providing new public, quasi-public and private community-oriented facilities and affordable housing. Facilities located outside the boundary of the Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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Table 2-1. Land Use Development Assumptions
Land Uses Unit Type
Railyards
East
Railyards
West
Total
Railyards
EIFD
Residential Land Uses
Multifamily - Market Rate Units - 3,798 3,798
Multifamily - Affordable Units 215 285 500
SRFC Multifamily - Mixed Use Building Square Footage 2,334,048 - 2,334,048 -
Nonresidential Land Uses -
Central Shops Building Square Footage - 424,905 424,905 Office Building Square Footage - 2,068,500 2,068,500
Hotel Rooms 250 1,022 1,272
Garage Stalls - 1,218 1,218
Kaiser Facilities Building Square Footage - 1,351,750 1,351,750 SRFC Stadium Acres 14 - 14
Source: City of Sacramento; Sacramento Republic FC; DRV; EPS. [1] Actual number of affordable units may vary by project area. Estimates are based on the MIHO requirement and the proportional
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EIFD have a tangible connection to the work of the EIFD because they provide direct roadway, wet utility, or other service connection to proposed development in the EIFD. The EIFD may also finance, among other things, planning and design activities that are directly related to the purchase, construction, expansion, or rehabilitation of these facilities.

Authorized Facilities
Facilities authorized to be financed by the EIFD are as described below and included in Attachment C, which provides more detailed descriptions and the estimated cost of facilities authorized to be financed by the EIFD. The estimated timing for completion of authorized facilities may vary by Project Area with facilities in the Railyards West Project Area anticipated to be completed between 2025 and 2035 and facilities in the Railyards East Project Area anticipated to be completed between 2025 and 2040.

Description of Facilities and Development to be Financed The EIFD is authorized to finance the purchase, construction, expansion, improvement, seismic retrofit or rehabilitation of the facilities and underlying real property described herein. These facilities will have an estimated useful life of 15 years or longer and will be projects of communitywide significance that provide significant benefits to the EIFD or the surrounding community. Facilities that may be located outside the boundaries of the EIFD (if any) will have a tangible connection to the work of the EIFD. The EIFD may also finance planning and design work directly related to the purchase, construction, expansion, or rehabilitation of these facilities. Facilities authorized to be financed by the EIFD include, but are not limited to, the following:

EIFD Public Facilities and Development
 Roadways, overcrossings, interchanges, ramps, bridges, arterial streets, parking facilities
 Flood control walls, retention basins, storm drains, and drainage channels  Parks, recreational facilities, bike and pedestrian paths, and open space  Transit facilities
 Sewer infrastructure improvements
 Water infrastructure improvements
 Dry utilities
 Traffic signs, signals, and striping
 Affordable housing-related development authorized by the EIFD Law  Renewable energy facilities.
 Acquisition, construction, or repair of industrial structures for private use  Any other public or private infrastructure authorized by EIFD Law Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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Affordable Housing Development
The PFA is anticipated to invest a portion of EIFD Revenues on affordable housing investments (i.e., affordable housing units and related infrastructure) in the City, to be occupied by persons of very low, low, or moderate incomes, as defined in Sections 50105 and 50093 of the Health and Safety Code and the EIFD law as it may be amended. The PFA has not identified any specific affordable projects to be funded nor placed any geographic restrictions on the location as long as the affordable housing is provided within City limits. 3
Development in the Project includes employment generating uses, anticipating an estimated 18,000 new jobs and associated worker households in the region. Many of these jobs will be occupied by City residents, whether living in the Project or not, thereby generating the need for additional housing within the City, including affordable housing.

The supply of housing for Project workers will be met by housing in the Project, housing elsewhere in the City and housing elsewhere in the region. Under the Project’s approved Mixed Income Housing Strategy, the requirement to provide affordable housing units varies depending on the cumulative number of conventional, market-rate units constructed. At its maximum level, if a cumulative total of 8,000 market rate units are constructed in the Project, then the Project’s affordable housing obligation is up to 600 affordable housing units.4 Using historical data from City and other publicly available records, the average affordable housing subsidy per dwelling unit in Sacramento has approached a minimum of $100,000 per dwelling unit. Based on information in this IFP, the estimated net present value of EIFD revenues for affordable housing (assuming a 4 percent discount rate) may equal approximately $34.6 million (Appendix F).

Based on these figures, the EIFD revenues could support the estimated gap on 346 affordable housing units. This $34.6 million estimated net present value of funding for affordable housing should be considered preliminary because it is dependent on a number of funding obligation scenarios and repayment timing variables in the Master Funding Agreement that are difficult to quantify.

The comparison of Project-related demand and the Project’s planned supply of affordable housing coupled with estimated EIFD revenues to fund affordable housing demonstrates new affordable housing constructed in the City but outside of the EIFD will have a tangible connection to the EIFD because it satisfies a need for additional housing for employees in the Project available to households with a range of incomes. Transit and commute patterns in the City show that commutes 3 Financing of affordable housing development will be undertaken by the PFA only following required environmental review, if any. No specific affordable housing improvements have been identified to date.
4 A portion of the affordable housing production requirement may be met through land dedication rather than direct construction of affordable housing units.

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range between 5 and 45 minutes, depending on location, mode of transportation, and time of day. Based on the commute patterns, commuting to the EIFD development from anywhere in the City is feasible.

Other Expenses
In addition to the direct costs of the above facilities, other incidental expenses if, as, and to the extent authorized by the EIFD Law, including, but not limited to, the cost of engineering, planning, and surveying; construction staking; plan check and inspections; environmental remediation, utility relocation and demolition costs incidental to the construction of the facilities; costs of project/construction management; financing costs of improvements incurred by developers until reimbursement from the EIFD; costs of issuance of bonds or other debt of the EIFD, of a community facilities district of the City, or of any other public agency for authorized facilities and payment of debt service thereon; costs incurred by the City, the County of Sacramento or the EIFD in connection with the division of taxes pursuant to Government Code section 53398.75; costs otherwise incurred in order to carry out the authorized purposes of the EIFD; and any other expenses incidental to the EIFD and to the financing, construction, completion, inspection, and acquisition of the authorized facilities.

Estimated Cost, Timing, and Location of EIFD Facilities Cost estimates for the EIFD-eligible facilities are derived from DRV, Indomitable, and the City. As described in this IFP, the EIFD-eligible facilities are described in this chapter with additional detail included in Attachment C. If the PFA wishes to amend the list of eligible facilities or to add facilities eligible for EIFD funding, the request shall be subject to consideration by the City Council.

As shown, the estimated costs are organized by Project Area and according to the entity who is anticipated to lead construction or expenditures of costs. DRV and Indomitable currently plan to continue construction of horizontal and vertical improvements in 2025. Specific development projects in the SVS Master Plan Area are anticipated to commence in 2027. Estimated costs of EIFD-eligible facilities far exceed the amounts of EIFD Revenues being pledged to fund a portion of these eligible costs. The specific caps on reimbursements from EIFD Revenues is described in the following sections.

Except for work related to the Interstate 5 onramps (westside access) and affordable housing, all the infrastructure to be funded by the EIFD is located within the boundaries of the EIFD. The Interstate 5 on-ramps are located at Third Street and Interstate 5 just outside of the southern boundary of Railyards West/SVS project area. As described in the following sections, remaining EIFD Revenues may be available to fund affordable housing improvements, consisting of both affordable housing units and infrastructure supporting affordable housing Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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units located within the Railyards EIFD. Appendix C includes a detailed list of the specific EIFD-eligible infrastructure.

EIFD Revenues Defined
As used in this IFP, EIFD Revenues means (i) the incremental amount of property taxes levied on all parcels or taxable interests in the EIFD, plus (ii) RPTTF revenues (described herein), plus (iii) any other revenues that may be payable to or for the EIFD.5
Railyards East Project Area and Railyards West Project Area As described in Chapter 2, land uses in the entire EIFD are divided into the Railyards East Project Area land uses and the Railyards West Project Area land uses. As described below, this distinction is required because the base years for determining incremental EIFD Revenues are different for each of these two areas.

Therefore, when a distinction regarding EIFD Revenues is necessary, this IFP will use the terms “Railyards East Project Area Revenues” and “Railyards West Project Area Revenues.” Railyards East Project Area Revenues include revenues associated with the property located within the Railyards East Project Area, which has an initial base year of FY 2019/20.

As described in this IFP, EIFD Revenues will be used for several purposes. From time to time, EIFD Revenues may vary from the amount anticipated given delinquencies in collection of property taxes. Because delinquencies may be temporal in nature, until remediated, the financial modeling in this IFP does not include delinquency estimates.

EIFD Revenues after delinquencies will be used to fund EIFD administrative costs, which are estimated in this IFP as 5 percent of the EIFD Revenues. The Net Railyards East Project Area Revenues and Net Railyards West Project Area Revenues (collectively “Net EIFD Revenues,” and separately “Net EIFD East Revenues,” and “Net EIFD West Revenues”) will be used to fund facilities that are eligible for EIFD funding. Completion of these eligible facilities is anticipated to be developer-led although nothing in this IFP prohibits the City from constructing eligible facilities.

Use of EIFD Revenues
Subject to the conditions described in this IFP, and as may be more specifically directed by terms in the Comprehensive Project Agreement and/or Master Funding Agreement, Net EIFD Revenues are expected to be used as described below. 5 Such other revenues may include payments in-lieu of taxes.

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Developer-Led Improvements
In developing full buildout of new development in the Project Areas, it is anticipated that DRV, Indomitable, and other parties will spend over $5.5 billion in infrastructure, site development, and vertical development, including completion of the buildings and tenant improvements, plazas and open space, Stadium, and parking garage(s).

As described below, the estimated EIFD funding commitment to reimburse Indomitable, DRV, or the City for EIFD-eligible facilities and costs is subject to a specific flow of funds up to a specified reimbursement ceiling by entity. For purpose of this document, the following terms are used to describe the respective costs of each party - “Indomitable Facilities Costs,” “Railyards West Facilities Costs,” and “City Facilities Costs.” The amounts and terms related to this flow of funds will be subject to further clarification and definition in the Comprehensive Project Agreement and/or Master Funding Agreement.

EIFD Funding Flow of Funds
The following language is excerpted from the “Sacramento Republic FC Preliminary Term Sheet” approved by the City on November 12, 2024.

1. Indomitable shall receive Net EIFD East Revenues on a 100 percent basis for infrastructure required by the City to open a Stadium and Ancillary Development Land in the Railyards East EIFD area “Indomitable Facilities Costs” (currently estimated at $42 million in 2024 dollars) using the following waterfall:
a. Semi-annual payment of Stadium CFD bonds used to finance infrastructure.
b. Stadium CFD payment shortfalls covered by Indomitable, along with the capitalization of those costs, subject to approval by the Public Finance Authority. The City Manager’s Office will recommend to the PFA approval of those costs.
c. Direct costs of infrastructure paid by Indomitable above and beyond the proceeds of the Stadium CFD, including payment of any capitalization of those costs, subject to approval by the Public Finance Authority. The City Manager’s Office will recommend to the PFA approval of those costs.

2. DRV, Indomitable, and City shall receive Net EIFD West Revenue proceeds on a 40/40/20 percent basis, when combined with payments under paragraph 1., above, Indomitable has been fully reimbursed for the Indomitable Facilities Costs. If the City reaches an allocation of $14 million in 2024 dollars “City Facilities Costs” from Net EIFD West Revenues under this paragraph 2, before the Indomitable Facilities Costs are fully funded, the City’s share of Net EIFD West Revenues shall be equally split between DRV and Indomitable.

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3. Once Indomitable has received full reimbursement for Indomitable Facilities Costs, DRV and the City shall receive Total Net EIFD Revenues on a 50/50 percent basis until DRV has received $50 million in 2024 dollars (inclusive of amounts received by DRV under paragraph 2., above) for eligible facilities in the Railyards as applicable by law (identified and ranked by priority in the Railyards Infrastructure Financing Plan, which include reimbursement of infrastructure, structural and/or environmental renovation costs of the historic buildings and plaza area within the central Shops, parks, parking garages, and other facilities included in the Railyards Infrastructure Financing Plan) “DRV Facilities Costs”. If the City reaches an allocation of $14 million under subsection (2) above and this subsection (3) before the allocation to DRV under subsection (3) is reached, the DRV share shall increase to 100 percent.

4. Once allocations in paragraphs 1., 2., and 3., above are satisfied, all Total Net EIFD Revenues shall be subject to a 20 percent affordable housing set-aside and determination by the City and Railyards EIFD Public Financing Authority for the prioritization of facilities that enable development / redevelopment of The Sacramento Valley Station, historic Central Shops, parks, parking garages and other facilities included in the Railyards Infrastructure Financing Plan.

Net EIFD Revenue Waterfall
As described above and as subject to further definition and clarification in the Comprehensive Project Agreement and/or the Master Funding Agreement, the flow of Net EIFD East Revenues and Net EIFD West Revenues are subject to a series of waterfall flows triggered when one or more parties has been reimbursed for their eligible costs. By way of simple example, when Indomitable has been reimbursed for Indomitable Facilities Costs, Net EIFD East Revenues would then be subsequently divided evenly on a 50 percent/50 percent basis between DRV and the City. Separately, if the City were to be fully reimbursed for City Facilities Costs, then the Net EIFD West Revenues would be split on a 50 percent/50 percent basis until Indomitable Infrastructure Cost and Railyards West Infrastructure costs were fully reimbursed.

EIFD Funding for Affordable Housing Costs
Once all Indomitable Facilities Costs, Railyards West Facilities Costs, and City Facilities Costs have been fully reimbursed, 20 percent of Net EIFD Revenues shall be made available by the PFA for affordable housing. Affordable housing investments (i.e., affordable housing units and related infrastructure) in the City are restricted to occupancy by persons of very low, low, or moderate incomes per California Government Code, 53398.52(D). Appendix F includes the total and net present value of EIFD Revenues (i.e., 20 percent portion) estimated to be Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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available to fund affordable housing and related infrastructure based on full Project Buildout.6
Subject to determination by the City and Railyards PFA, Net EIFD Revenues in excess of the 20 percent affordable housing set-aside may be used for additional EIFD-eligible costs (outside of Indomitable Facilities Costs, Railyards West Facilities Costs, and City Costs) that would enable development or redevelopment of the SVS Project, historic Central Shops buildings, parks, parking garages, and other facilities included in the Railyards Public Facilities Financing Plan.

Form of Facility EIFD-Eligible Facility Financing
If all eligible facilities are constructed by Indomitable, DRV, or other private sector entity, reimbursement for eligible costs (subject to established maximums) would be payable from Net EIFD Revenues. However, if eligible facilities are funded by other sources, such as a City or other agency loan that is subject to repayment, repayment of such a loan may be in priority position for use of Net EIFD Revenues, subject to terms in the Comprehensive Project Agreement and/or Master Funding Agreement as well as terms in the loan/funding agreement. Use of the Net EIFD Revenues to repay a City or other public agency loan or to fund the reimbursement amount may take whatever form(s) as may be determined by the PFA, including:
 Payment of debt service on bonds that may be issued through the EIFD for EIFD-eligible facilities.
 Payment of debt service and/or special taxes used to pay debt service on one or more City or other public agency loans or on bonds issued through a Mello- Roos Community Facilities District (CFD) of the City, or of any other public agency, for EIFD-eligible facilities.
 Payment of EIFD-eligible facilities on a pay as you go basis, which may include an agreed upon interest component.
 Depending on certain financing arrangements, the above terms would likely be included in the Comprehensive Project Agreement or similar formal written agreement between interested parties that may include DRV, Indomitable, the City and the Railyards PFA, as needed.

EIFD-Funded Facilities Execution
The following sections required by EIFD Law describe how EIFD facilities may be constructed, whether privately or publicly. The EIFD and IFP are flexible to fund 6 These estimates are preliminary and subject to the terms of the Master Funding Agreement.

Financing of affordable housing development will be undertaken by the PFA only following required environmental review, if any. No specific affordable housing projects have been identified to date.

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facilities that may be constructed entirely privately, jointly by the private sector and the public sector, or entirely by the public sector – in this case by the City which is anticipated at the time of this EIFD amendment.

Facilities to Be Provided by the Private Sector
It is anticipated that the EIFD-eligible facilities described above as developer-led would be constructed by Indomitable, DRV, or by other constructing entities as part of the Railyards buildout. Therefore, this IFP reflects the expectation that EIFD-eligible facilities identified as developer-led would be constructed by one or more private-sector entities.

Facilities to Be Provided by the Public Sector Without Assistance from the EIFD
No Project-related public facilities are anticipated to be provided by the public sector without assistance from the EIFD. The provisions of this IFP do not preclude the City or other public-sector entity from providing facilities without assistance from the EIFD.

Facilities Provided Jointly by Private Sector and Governmental Entities Future EIFD facilities are anticipated to be funded through a combination of EIFD Revenues and additional private capital that EIFD investment could leverage in the form of affordable housing or other community investments. This IFP anticipates this potential outcome is likely.

Communitywide Benefits of EIFD-
Funded Facilities
City investment in EIFD-funded public facilities in the Railyards is anticipated to leverage private investment in the Railyards and surrounding area within the EIFD boundaries of upwards of $5.5 billion. The City and surrounding region would recognize one-time and ongoing economic benefits from these investments.

Specifically, EIFD-funded public facilities include several roadway, water, wastewater, stormwater, and transit facilities that will enhance pedestrian, bicycle, vehicular, and mass-transit access and circulation in the Railyards, while concurrently connecting and providing similar benefits to both existing and future development in the City’s downtown core and River District Specific Plan areas.

The following section, excerpted from the Railyards Specific Plan, summarizes the communitywide benefits of Railyards development: 7
7 Sacramento Railyards Specific Plan, October 12, 2016, https://www.cityofsacramento.org/- /media/Corporate/Files/CDD/Planning/Specific-Plans/000_Combined_20210406.pdf?la=en, accessed May 5, 2023.

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Redevelopment of the Railyards area, a 244 ‐acre site in downtown Sacramento, offers a unique opportunity to reinforce and implement the City of Sacramento’s (City) 2035 General Plan vision to be “the most livable city in America.” The Railyards area has the potential to expand the role of the Central City as Sacramento’s regional destination for employment; commerce; sports and entertainment; shopping; housing; government; and education, culture, and tourism. Additionally, the City intends to create a transit‐oriented mixed‐use district as an integral extension of the Central Business District. The General Plan emphasizes the following six themes, which create the basic framework for updating the Railyards Specific Plan to match the City’s current goals and policies:
 Making great places;
 Growing smarter;
 Maintaining a vibrant economy;
 Creating a healthy city;
 Living lightly‐reducing our “carbon footprint;” and
 Developing a sustainable future.

By focusing on regional employment opportunities, cultural destinations, and high-quality residential neighborhoods, the Railyards Specific Plan advances the policies of the General Plan, which calls for improved land use efficiency and reduced GHG emissions through a healthy jobs-housing balance; multi-modal connectivity; urban centers with jobs, housing, shopping, services, and transit; and advanced green building practices.

The Specific Plan Area includes the City’s plan to create a regional transportation terminal at the SVS. The SVS will also build upon the State’s commitment to increase commuter and intercity rail service, as well as the region’s objective for expanding its light rail system, all of which will accommodate increased ridership and allow for future implementation of a high-speed rail system. The multimodal facility will provide a direct connection between the transit systems operated by Amtrak, Capitol Corridor, and the San Joaquin Corridor intercity rail services; intercity bus services including private carriers; regional commuter buses; the Sacramento Regional Transit District’s local light rail; and fixed route bus services and other local public transit systems, as well as regional bus and local shuttle services serving the downtown area. The design of the SVS will offer the transit patron direct and convenient access to virtually all regional transit modes. The location of the SVS within the Specific Plan Area will also serve as a major catalyst for adjacent development, including employment centers and residential uses, all within close walking distance to the SVS and Downtown Sacramento.

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In addition to the public facilities and other improvements identified above, the EIFD is also permitted to provide funding for affordable housing, restricted to occupancy by persons of very low, low, or moderate incomes per California Government Code, 53398.52(D). Provision of adequate affordable housing for City residents is a City goal as identified in the City’s General Plan. Funding made available through the EIFD for affordable housing may be leveraged to attract additional private or other public funding to address ongoing affordable housing needs. Development in the Project includes employment generating uses, generating an estimated 18,000 new employees and associated worker households in the region. Many of these jobs will be occupied by City residents, generating the need for additional affordable housing in the City. It is anticipated that new affordable housing projects located in the City but outside of the EIFD area can support Project employees as the transit and commute patterns in the City suggest commuting to the EIFD development from anywhere in the City is feasible, with commutes ranging between 5 and 45 minutes, depending on location, mode of transportation, and time of day.

Goals Achieved by EIFD-Funded
Facilities
Each EIFD-eligible facility being financed is an infrastructure or public facility required by the Project. To achieve the City’s desire to facilitate Railyards construction, the primary goal in financing EIFD-eligible facilities is to catalyze significant private investment in additional infrastructure, site development, a sports and entertainment stadium venue and other elements of the Railyards, and subsequent development and construction of future Railyards project phases as well as River District and other areas of the City’s downtown core.

City Policy Goals
The City’s existing Economic Development strategy and the City’s General Plan highlight the importance of the Railyards to the City’s core and to the Sacramento Region. Successfully executing on a new multipurpose outdoor stadium in the Railyards and retention of SRFC soccer club is expected to continue renewed growth in the cultural and economic development of Sacramento and the region.

A downtown Stadium would further anchor downtown as the region’s center of entertainment and cultural activity and provide the City with a first-class outdoor venue for sports, entertainment, and cultural events. The SRFC soccer club as well as stadium and surrounding development construction would provide direct and indirect jobs and ongoing economic output.

In addition, the stadium and event activity may accelerate other investment and development in the Railyards, Downtown, River District, and other adjacent Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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downtown areas. Significant community benefits and improved quality of life through sports and entertainment would be a direct result of this effort.

Consistency with General Plan
By adopting this IFP, the PFA finds and declares this IFP is consistent with the City’s General Plan and the Railyards Specific Plan, as required by EIFD Law.

Communitywide Significance
By adopting this IFP, the PFA finds and declares the facilities and development projects planned as of this date and the affordable housing are of communitywide significance and provide significant benefits to an area larger than the area of the EIFD, as described above.

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Financing Section
This chapter describes the financing of EIFD-eligible facilities and fiscal impacts of the Railyards EIFD and includes:
 A description of the allocation of revenues to the EIFD.  A specification of the maximum portion of incremental tax revenue of the City proposed to be committed to the EIFD.
 A projection of the amount of tax revenues expected to be received by the EIFD each year of its existence.
 A plan for financing the public facilities to be assisted by the EIFD.  A limit on the total dollars of taxes that may be allocated to the EIFD.  A date on which the EIFD will cease to exist.
 An analysis of the costs to the City of providing facilities and services to the area of the EIFD and the projected fiscal impact of the EIFD.  An analysis of the projected fiscal impact of the district and the associated development upon the City, as the sole affected taxing entity.  A statement that no funds are anticipated to be used for a Transit Priority Project Program.

Allocation of Revenues to EIFD
Contingent Nature of Annual Allocation of Tax Revenues by City The annual allocation of tax revenues to the EIFD by the City, as the sole affected taxing entity allocating tax revenues to the EIFD, is contingent upon the PFA’s use of such increment to pay for the costs of authorized facilities, projects, or services, and to accomplish other authorized EIFD purposes, including to pay debt service on bonds issued to accomplish such purposes as well as EIFD administrative costs. Each annual allocation of tax revenues to the EIFD by the City under this IFP shall be subject to this condition, and in no event may future allocations of tax revenues be accelerated.

Description of Tax Revenues Allocated by the City to the EIFD Revenues shall be allocated to the EIFD in accordance with section 53398.75.

And, in the case where the EIFD has two separate areas with different base years, revenues from each separate area shall be identified and tracked separately.

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This goal may be accomplished by the County creating two separate tax rate areas (TRA), one for the Railyards East Project Area and one for the Railyards West Project Area, although this IFP does not dictate that outcome.

More specifically, that portion of the property taxes levied on taxable property within the boundary of the EIFD after the effective date of the resolution adopting this IFP shall be allocated as follows (taking into account the different base years established for the Railyards East Project Area and the Railyards West Project Area):
(1) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for the City, as the sole affected taxing entity that has agreed to participate pursuant to Section 53398.68, upon the total sum of the assessed value of the taxable property in the EIFD as shown upon the assessment roll used in connection with the taxation of the property by the City, last equalized prior to the effective date of the resolution adopted pursuant to Section 53398.69 to create the EIFD, shall be allocated to, and when collected shall be paid to, the City as taxes by or for the City on all other property are paid,
(2) That portion of the levied taxes each year specified in this IFP for the City, as the sole affected taxing entity that has agreed to participate pursuant to Section 53398.68, in excess of the amount specified in paragraph (1) shall be allocated to, and when collected shall be paid into a special fund of, the EIFD for all lawful purposes of the EIFD. Unless and until the total assessed valuation of the taxable property in the EIFD exceeds the total assessed value of the taxable property in the EIFD as shown by the last equalized assessment roll referred to in paragraph (1), all of the taxes levied and collected upon the taxable property in the EIFD shall be paid to the City. When the EIFD ceases to exist pursuant to this IFP, all moneys thereafter received from taxes upon the taxable property in the EIFD shall be paid to the City as taxes on all other property are paid.

Notwithstanding the foregoing, because the EIFD’s boundaries overlap with the boundaries of a former redevelopment project area, any debt or obligation of the EIFD shall be subordinate to any and all enforceable obligations of the former redevelopment agency, as approved by the Oversight Board and the Department of Finance. For purposes hereof, the division of taxes allocated to the EIFD pursuant to the foregoing shall not include any taxes required to be deposited by the County Auditor-Controller into the Redevelopment Property Tax Trust Fund created pursuant to subdivision (b) of Section 34170.5 of the Health and Safety Code.

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In addition, the net available revenue annually allocated to the City from the property within the EIFD boundary shall be allocated to, and, when collected shall be apportioned to, a special fund of the EIFD for all lawful purposes of the EIFD.

For the purposes of this IFP, “net available revenue” means periodic distributions to the City from the Redevelopment Property Tax Trust Fund, created pursuant to Section 34170.5 of the Health and Safety Code, that are available to the City from the property within the EIFD boundary after all preexisting legal commitments and statutory obligations funded from that revenue are made pursuant to Part

1.85 (commencing with Section 34170) of Division 24 of the Health and Safety Code. “Net available revenue” shall not include any funds deposited by the County Auditor-Controller into the Redevelopment Property Tax Trust Fund or funds in the Redevelopment Property Tax Trust Fund prior to distribution, and shall not include any moneys payable to a school district that maintains kindergarten and grades 1 to 12, inclusive, community college districts, county office of education, or to the Educational Revenue Augmentation Fund, pursuant to paragraph (4) of subdivision (a) of Section 34183 of the Health and Safety Code. The “net available revenue” is also sometimes referred to in this IFP as RPTTF revenue.

Notwithstanding the foregoing, the City intends to retain that portion of RPTTF revenue that it determines was attributable to the former Railyards Redevelopment Project Area as of the base year of 2025. In the base year, the estimated percentage of RPTTF attributable to the former Railyards Redevelopment Project Area is 0.044% of the RPTTF revenues of the City. Using its own discretion, the City deposits the RPTTF into the City’s Innovation and Growth Fund (IGF). As such, the above-described calculation and estimated amount is considered the former Railyards Redevelopment Project’s share of the IGF for the base year.

In addition, the EIFD shall not be prevented from utilizing revenues from any of the sources set forth in the EIFD Law or other applicable law to support its activities, provided that the applicable voter approval has been obtained (if applicable).8
Although the maximum portion (100 percent) of the City’s share of annual property tax increment (described above) is committed to the EIFD, the City has provided policy direction that the City does not wish to commit any other General Government Fund revenues toward the construction of the Railyards and related facilities (either within or outside of the amended EIFD structure). As described below in greater detail, the City currently receives “pass-through” incremental property tax revenue from the Railyards Redevelopment Project Area. The City does not intend to commit that incremental pass-through property tax revenue to the EIFD. Because it is not committed to the EIFD, that incremental pass-through revenue will continue to accrue to the City’s General Government Fund. Finally, 8 Such other revenues may include payments in-lieu of taxes.

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when the Railyards Redevelopment Project Area is terminated/dissolved, dollar amounts formerly identified as pass-through revenues will simply be identified as property tax revenues. After such termination date, the City intends for the General Government Fund to continue to receive a dollar amount at least equal to the pass-through revenue in the final year in which the Railyards Redevelopment Project Area existed.

For example, if the Railyards Redevelopment Project Area is terminated in FY 2037/38 and the pass-through revenue to the City’s General Government Fund was $1.5 million in that fiscal year, the City desires the General Government Fund continue to receive at least $1.5 million in property tax revenue from the properties within the EIFD after FY 2038/39 and that amount would not be available to the EIFD.

Tax Revenue Projections
Tax revenues available to the EIFD will be based on the City’s share of property tax revenue attributable to the growth in taxable assessed value in the Railyards East Project Area beginning in FY 2019/20 and in the Railyards West Project Area beginning in FY 2025/26. Property tax revenue is collected by the County Tax Collector through a 1.0 percent general tax levy on the taxable assessed value of all real property. The 1.0 percent property tax levy is collected and distributed to agencies within the City’s geographic area, including the City, Sacramento County (County), school districts, and special districts in accordance with applicable state statutes.

The EIFD is located within the boundaries of the former Railyards Redevelopment Project Area. Property tax revenues generated by taxable assessed values in former Redevelopment Project Areas (including the EIFD) will be distributed in accordance with the flow of funds specified by statutes effecting the dissolution of Redevelopment Agencies until all obligations of the former Redevelopment Agency are retired. Based on information from the City and the County, it is anticipated that the Railyards Redevelopment Project Area obligations will continue through Fiscal Year 2037/38. While the Railyards Redevelopment Project Area is in place, through Fiscal Year 2037/38, distributions from the RPTTF related to that portion of the EIFD areas in the former Railyards Redevelopment Project Area will be available to the EIFD on a subordinate basis to the obligations of the former Redevelopment Agency.

After termination of the Railyards Redevelopment Project Area, the City will receive its share of property tax revenues in accordance with the statutes governing the distribution of property tax revenues for property not located in a Redevelopment Project Area.

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This section describes anticipated EIFD Revenues by year, with consideration to the statutory framework dictating the distribution of property tax revenues, as that framework may change over time. Table 3-1 summarizes the EIFD Revenue projections by year, and the following sections offer a detailed description of the analysis supporting the revenue projections. As shown in Table 3-1, the PFA will segregate EIFD Revenues into the following 2 categories:

1. Railyards East EIFD Revenues.

2. Railyards West EIFD Revenues.

Amounts identified in Table 3-1 are based on the best information available regarding the amount, timing, and value of future development in the EIFD, the Railyards Redevelopment Project Area, and all other City Redevelopment Project Areas. However, given uncertainty regarding the timing of EIFD development relative to the remainder of the Railyards Redevelopment Project Area and all other Redevelopment Project Areas in the City, the actual revenues will be different than the projections contained herein. Amounts illustrated in Table 3-1 are also net of an assumed 5 percent PFA administrative charge.

Finally, it is not known when or if the issuance of tax increment bonds will be approved or when other potential debt options may be triggered. For purposes of this analysis, the tax increment projections are based on the assumption that a loan or bonds may be issued as early as Fiscal Year 2029/30, which results in a projected 45-year term for the EIFD ending in Fiscal Year 2074/75. The actual term will depend on if and when the issuance of bonds is approved for the EIFD or the outside date specified in this IFP.

RPTTF Revenues
As specified above, the EIFD is located in the Railyards Redevelopment Project Area. The availability of property tax revenues is therefore controlled by applicable statutes dictating the distribution of revenues in Redevelopment Project Areas. This section offers an overview of how RPTTF revenues are distributed in the City.

Effective February 1, 2012, the State of California dissolved Redevelopment Agencies, pursuant to the terms of Assembly Bill (AB) 26 and subsequent amendments offered by AB 1484 and other legislation (collectively referred to as the Dissolution Act). The City has assumed the role of Successor Agency to the Redevelopment Agency of the City of Sacramento (Redevelopment Agency Successor Agency or RASA).

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EIFD Year Fiscal Year
Base Year FY 2018-19 $0 $0 $0 $0 $0 $0
1 FY 2019-20 $0 $0 $0 $0 $0 $0
2 FY 2020-21 $90 $0 $90 $90 $0 $90
3 FY 2021-22 $192 $0 $192 $282 $0 $282
4 FY 2022-23 $196 $0 $196 $478 $0 $478
5 FY 2023-24 $200 $0 $200 $678 $0 $678
6 FY 2024-25 $204 $0 $204 $882 $0 $882
7 FY 2025-26 $380 $1,948 $2,328 $1,263 $1,948 $3,210
8 FY 2026-27 $4,312 $140,859 $145,171 $5,575 $142,807 $148,382 9 FY 2027-28 $4,442 $145,189 $149,631 $10,017 $287,996 $298,012 10 FY 2028-29 $281,728 $404,302 $686,030 $291,745 $692,298 $984,043 11 FY 2029-30 $543,821 $423,462 $967,282 $835,565 $1,115,759 $1,951,325 12 FY 2030-31 $672,283 $787,355 $1,459,638 $1,507,849 $1,903,114 $3,410,963 13 FY 2031-32 $815,582 $1,465,793 $2,281,375 $2,323,431 $3,368,908 $5,692,338 14 FY 2032-33 $1,323,246 $2,815,372 $4,138,618 $3,646,677 $6,184,280 $9,830,956 15 FY 2033-34 $1,642,597 $4,160,592 $5,803,188 $5,289,273 $10,344,871 $15,634,145 16 FY 2034-35 $1,649,453 $4,835,357 $6,484,810 $6,938,726 $15,180,229 $22,118,955 17 FY 2035-36 $2,032,670 $6,728,589 $8,761,259 $8,971,396 $21,908,817 $30,880,214 18 FY 2036-37 $2,351,355 $7,492,493 $9,843,849 $11,322,752 $29,401,311 $40,724,062 19 FY 2037-38 $3,039,709 $7,880,390 $10,920,100 $14,362,461 $37,281,701 $51,644,162 20 FY 2038-39 $3,720,990 $8,933,826 $12,654,817 $18,083,451 $46,215,527 $64,298,979 21 FY 2039-40 $4,053,409 $9,131,507 $13,184,916 $22,136,860 $55,347,035 $77,483,894 22 FY 2040-41 $4,135,371 $9,316,151 $13,451,522 $26,272,230 $64,663,186 $90,935,416 23 FY 2041-42 $4,597,745 $9,517,796 $14,115,541 $30,869,976 $74,180,982 $105,050,957 24 FY 2042-43 $4,690,647 $9,710,112 $14,400,760 $35,560,623 $83,891,094 $119,451,717 25 FY 2043-44 $4,785,407 $9,906,275 $14,691,682 $40,346,030 $93,797,369 $134,143,400 26 FY 2044-45 $4,882,062 $10,106,361 $14,988,424 $45,228,092 $103,903,731 $149,131,823 27 FY 2045-46 $4,980,651 $10,310,449 $15,291,100 $50,208,743 $114,214,180 $164,422,923 28 FY 2046-47 $5,081,211 $10,518,619 $15,599,829 $55,289,954 $124,732,798 $180,022,752 29 FY 2047-48 $5,183,782 $10,730,952 $15,914,733 $60,473,735 $135,463,750 $195,937,485 30 FY 2048-49 $5,288,405 $10,947,531 $16,235,936 $65,762,140 $146,411,281 $212,173,421 31 FY 2049-50 $5,395,120 $11,168,442 $16,563,562 $71,157,260 $157,579,723 $228,736,983 32 FY 2050-51 $5,503,969 $11,393,772 $16,897,741 $76,661,229 $168,973,495 $245,634,723 33 FY 2051-52 $5,614,995 $11,623,608 $17,238,603 $82,276,224 $180,597,102 $262,873,326 34 FY 2052-53 $5,728,242 $11,858,040 $17,586,283 $88,004,466 $192,455,143 $280,459,609 35 FY 2053-54 $5,843,754 $12,097,162 $17,940,916 $93,848,221 $204,552,304 $298,400,525 36 FY 2054-55 $5,961,576 $12,341,065 $18,302,642 $99,809,797 $216,893,370 $316,703,167 37 FY 2055-56 $6,081,755 $12,589,847 $18,671,602 $105,891,552 $229,483,217 $335,374,769 38 FY 2056-57 $6,204,337 $12,843,605 $19,047,942 $112,095,889 $242,326,822 $354,422,711 39 FY 2057-58 $6,329,371 $13,102,437 $19,431,808 $118,425,259 $255,429,259 $373,854,519 40 FY 2058-59 $6,456,905 $13,366,447 $19,823,352 $124,882,165 $268,795,706 $393,677,871 41 FY 2059-60 $6,586,990 $13,635,736 $20,222,726 $131,469,155 $282,431,442 $413,900,597 42 FY 2060-61 $6,719,677 $13,910,411 $20,630,089 $138,188,832 $296,341,854 $434,530,686 43 FY 2061-62 $6,855,018 $14,190,580 $21,045,598 $145,043,850 $310,532,434 $455,576,283 44 FY 2062-63 $6,993,065 $14,476,352 $21,469,417 $152,036,915 $325,008,786 $477,045,701 45 FY 2063-64 $7,133,873 $14,767,840 $21,901,713 $159,170,788 $339,776,626 $498,947,414 46 FY 2064-65 $7,277,498 $15,065,157 $22,342,655 $166,448,286 $354,841,784 $521,290,069 47 FY 2065-66 $7,423,995 $15,368,421 $22,792,416 $173,872,281 $370,210,205 $544,082,485 48 FY 2066-67 $7,573,422 $15,677,750 $23,251,172 $181,445,702 $385,887,954 $567,333,657 49 FY 2067-68 $7,725,837 $15,993,266 $23,719,103 $189,171,540 $401,881,220 $591,052,760 50 FY 2068-69 $7,881,301 $16,315,091 $24,196,392 $197,052,840 $418,196,311 $615,249,152 51 FY 2069-70 $8,039,874 $16,643,354 $24,683,228 $205,092,714 $434,839,665 $639,932,380 52 FY 2070-71 $8,201,618 $16,978,181 $25,179,800 $213,294,333 $451,817,846 $665,112,179 53 FY 2071-72 $8,366,598 $17,319,706 $25,686,303 $221,660,931 $469,137,552 $690,798,483 54 FY 2072-73 $8,534,877 $17,668,060 $26,202,937 $230,195,808 $486,805,612 $717,001,420 55 FY 2073-74 $8,706,521 $18,023,382 $26,729,903 $238,902,329 $504,828,994 $743,731,323 56 FY 2074-75 $8,881,599 $18,385,810 $27,267,409 $247,783,928 $523,214,804 $770,998,732 Source: EPS.

Annual EIFD Revenues Cumulative EIFD Revenues
Railyards East Railyards West
Total Railyards
EIFD Railyards East Railyards West
Total Railyards
EIFD
Table 3-1. Summary of Railyards East and West Project Area Revenue Projections Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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Under the terms of the Dissolution Act, tax increment revenues (now termed property tax revenues) formerly accruing to a Redevelopment Agency are deposited by the County Auditor-Controller into the RPTTF to fund the remaining Redevelopment Agency obligations. Revenues deposited into the RPTTF are used to fund the following obligations:
 Property tax administration charges.
 Statutory and negotiated pass-through payments.
 Former Redevelopment Agency obligations as established by the Redevelopment Obligations Payment Schedule (ROPS), including debt obligations, site-specific agreements, and other financial commitments or enforceable obligations assumed by the Redevelopment Agency Successor Agency.

After consideration of additional administrative charges, RPTTF revenues not needed to fund Redevelopment Agency Successor Agency obligations are redistributed to the affected taxing entities, including the City, the County, school districts, and other special districts.

In the City, there are 11 Redevelopment Project Areas that were established by the former Redevelopment Agency of the City of Sacramento. In September 2015, RASA issued Tax Allocation Refunding Bonds that were secured by a pledge of a portion of the RPTTF revenues generated by all 11 Redevelopment Project Areas.

As a result, the property tax revenues for all City Redevelopment Project Areas are pooled to fund remaining RASA obligations. Once all RASA obligations are satisfied, the remaining RPTTF funds are distributed back to the individual Redevelopment Project Areas and then to the appropriate affected taxing entities based on the property tax distribution as established by the Tax Rate Area(s) comprising each Redevelopment Project Area. Figure 3-1 illustrates the flow of property tax revenues generated by the Redevelopment Project Areas in the City.

EIFD Share of RPTTF Revenues
Table 3-2 summarizes the EIFD share of RPTTF revenues generated by the Railyards Redevelopment Project Area. RPTTF revenues attributed to the Railyards Redevelopment Project Area are established based on detailed financial modelling depicting anticipated RASA cash flows with consideration to the pooling of individual Redevelopment Project Area property tax revenues to satisfy remaining Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
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..

RPTTF Balance
RDA Property Tax Increment Revenue
Property Tax Admin Fee
- County Auditor Controller
- SB 2557 Administration Fees
Statutory Pass Through Amounts
SeniorDebt Obligations
Other Site Specific Agreements
Debt Service
(Interest + Principal)
Reserve Account/
Account Deficiency
Compliance
Costs
Term Bonds
Sinking Account
Refunds
Stockton
Boulevard
Innovation and Growth
Fund
RASA Admin
TAB Series A/B
City of Sacramento
Merged
Downtown
Alkali
Flat
Army
Depot
Del Paso
Heights
Franklin
Boulevard
North
Sacramento
Oak
Park Railyards
River
District
65th
Street
Other Taxing Entities
Redevelopment Property Tax Trust Fund (RPTTF)
Redevelopment Obligations Retirement Fund
Tax Sharing Agreements
Other Senior Debt Obligations (Discretionary)
Merged
Downtown
Alkali
Flat
Army
Depot
Del Paso
Heights
Franklin
Boulevard
North
Sacramento
Oak
Park
River
District
65th
Street
Stockton
Boulevard
OtherBond Debt
(not shown below) Other Senior Debt Obligations
Property Tax Admin Fee
- SCO Invoices for Audit and Oversight
(funding only allocated if RPTTF sufficient to fund EO) Business Incentives
Agreements Fees Housing Entity ACA
Projects (Property
Holding Costs)
Property Disposition
Costs
Unfunded Liabilities
(OPEB/PERS)
Other Enforceable Obligations
Railyards Term. Agr.
and Restructured OPA
Railyards
Railyards EIFD
(Participating ATEs
and RPTTF generated
by Railyard EIFD
property)
Figure 3-1. Distribution of Property Tax Increment Revenue Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 30
EIFD Year Fiscal Year
Railyards
Project Area
RPTTF
Revenues
City
Share of
RPTTF [2]
Less Innovation
and Growth Fund
Contribution
Net City
Share of RPTTF
(net of IGF)
Railyards
EIFD Revenues
Less
Administration
Net
Railyards EIFD
Revenues
Formula A = Table D-3.7 D = C * 0.2572 E = Table B-8 F = D + E E = D * 100% H = G * 5% I = G + H Base Year FY 2024-25 $22,560 $5,802 ($4,969) $833 $833 ($42) $0 1 FY 2025-26 $28,578 $7,350 ($5,119) $2,231 $2,231 ($112) $2,120 2 FY 2026-27 $613,585 $157,809 ($5,221) $152,588 $152,588 ($7,629) $144,959 3 FY 2027-28 $632,227 $162,604 ($5,325) $157,278 $157,278 ($7,864) $149,414 4 FY 2028-29 $2,827,991 $727,336 ($5,432) $721,904 $721,904 ($36,095) $685,809 5 FY 2029-30 $3,979,501 $1,023,495 ($5,540) $1,017,955 $1,017,955 ($50,898) $967,057 6 FY 2030-31 $5,995,023 $1,541,871 ($5,651) $1,536,219 $1,536,219 ($76,811) $1,459,408 7 FY 2031-32 $9,358,639 $2,406,965 ($5,764) $2,401,201 $2,401,201 ($120,060) $2,281,141 8 FY 2032-33 $16,960,367 $4,362,067 ($5,880) $4,356,188 $4,356,188 ($217,809) $4,138,378 9 FY 2033-34 $23,773,541 $6,114,360 ($5,997) $6,108,363 $6,108,363 ($305,418) $5,802,945 10 FY 2034-35 $26,563,722 $6,831,971 ($6,117) $6,825,854 $6,825,854 ($341,293) $6,484,562 11 FY 2035-36 $35,881,199 $9,228,350 ($6,239) $9,222,111 $9,222,111 ($461,106) $8,761,005 12 FY 2036-37 $40,312,474 $10,368,038 ($6,364) $10,361,673 $10,361,673 ($518,084) $9,843,590 13 FY 2037-38 $44,717,815 $11,501,055 ($6,492) $11,494,564 $11,494,564 ($574,728) $10,919,835 Source: EPS.
[1] Assumes termination of RDA in 2038 when all debt service and enforceable obligations resolved. [3] EIFD revenues are not anticipated the year of formation.

City Share of RPTTF Revenues
[2] Distribution factors based on the AB 1290 factors for this distribution.

Table 3-2. Railyards EIFD Share of RPTTF Revenues
Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 31
RASA obligations and the subsequent distribution of remaining RPTTF revenues to individual Redevelopment Project Areas and the affected taxing entities. 9 This model is included as Attachment D.

The City’s share of Railyards Redevelopment Project Area RPTTF revenues is approximately 25.72 percent, based on the property tax distribution factors for the Railyards Redevelopment Project Area provided by the County Auditor- Controller. The EIFD share of RPTTF revenues is established based on the cumulative taxable assessed value growth in the EIFD relative to the Railyards Redevelopment Project Area as a whole (see Table 3-3). Cumulative taxable assessed value growth is measured as taxable assessed values in excess of the base year values established by the last equalized tax roll before EIFD formation and amendment (currently assumed to be August of 2019 for the lien date of January 1, 2019, and August of 2024 for the lien date of January 1, 2024, for each area respectively). EIFD revenues then are reduced by the estimated Railyards Redevelopment Project Area’s share of the IGF for the base year in 2025 (lien date 2024). Then, EIFD revenues are reduced by a 5 percent administration charge to fund City costs associated with EIFD and PFA administration to derive the net EIFD revenues available to fund improvements.

Note that this is an estimate only, and actual administration costs may vary.

The Railyards Redevelopment Project Area is expected to be terminated no earlier than July 1, 2038, upon resolution of all RASA obligations, though the Railyards Redevelopment Project Area was originally authorized to receive tax increment through May 13, 2053. Property tax revenues generated after that date are expected to be distributed as specified in the following section.

Post-Redevelopment Agency Property Tax Revenues
Once the RASA obligations have been satisfied and the Railyards Redevelopment Project Area is dissolved, the AB 8 allocation system will provide the basis for determining the revenues available to the EIFD, as summarized in Table 3-4.

Table 3-4 identifies the incremental growth in EIFD taxable assessed values over the estimated base year value, commencing in FY 2039 (the year following the expected dissolution of the Railyards Redevelopment Project Area). 9 The estimated allocation of RPTTF revenues to the Railyards Redevelopment Project Area is based on financial modelling estimating RASA cash flows with consideration to the pooling of Redevelopment Project Area revenues to fund RASA obligations, including the 2015 Tax Allocation Bond Refunding. The 2015 Tax Allocation Bond Refunding was structured based on the expectation that original Redevelopment Plan Limits would govern the availability of property tax revenues to satisfy RASA obligations. In accordance with these assumptions, EPS’s financial modelling is based on the assumption that individual Redevelopment Project Areas terminate as originally scheduled, and those property tax revenues therefore would not be available to fund RASA obligations.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 32
Expanded
EIFD Year
Calendar
Year Fiscal Year
Beginning
Assessed
Value [1]
2%
Growth
Assessed Value
from New
Development [2]
Ending
Assessed
Value
Base Year 2024 FY 2024-25 $59,500,175 $1,190,004 $0 $60,690,179 1 2025 FY 2025-26 $60,690,179 $1,213,804 $113,712,000 $175,615,982 2 2026 FY 2026-27 $175,615,982 $3,512,320 $0 $179,128,302 3 2027 FY 2027-28 $179,128,302 $3,582,566 $415,290,896 $598,001,764 4 2028 FY 2028-29 $598,001,764 $11,960,035 $204,208,598 $814,170,397 5 2029 FY 2029-30 $814,170,397 $16,283,408 $356,720,773 $1,187,174,578 6 2030 FY 2030-31 $1,187,174,578 $23,743,492 $532,681,512 $1,743,599,581 7 2031 FY 2031-32 $1,743,599,581 $34,871,992 $1,145,167,449 $2,923,639,022 8 2032 FY 2032-33 $2,923,639,022 $58,472,780 $797,609,844 $3,779,721,646 9 2033 FY 2033-34 $3,779,721,646 $75,594,433 $717,599,651 $4,572,915,730 10 2034 FY 2034-35 $4,572,915,730 $91,458,315 $766,730,340 $5,431,104,385 11 2035 FY 2035-36 $5,431,104,385 $108,622,088 $271,116,699 $5,810,843,172 12 2036 FY 2036-37 $5,810,843,172 $116,216,863 $294,530,207 $6,221,590,242 13 2037 FY 2037-38 $6,221,590,242 $124,431,805 $126,073,309 $6,472,095,357 14 2038 FY 2038-39 $6,472,095,357 $129,441,907 $112,181,443 $6,713,718,707 15 2039 FY 2039-40 $6,713,718,707 $134,274,374 $0 $6,847,993,081 16 2040 FY 2040-41 $6,847,993,081 $136,959,862 $160,470,644 $7,145,423,586 17 2041 FY 2041-42 $7,145,423,586 $142,908,472 $0 $7,288,332,058 18 2042 FY 2042-43 $7,288,332,058 $145,766,641 $0 $7,434,098,699 19 2043 FY 2043-44 $7,434,098,699 $148,681,974 $0 $7,582,780,673 20 2044 FY 2044-45 $7,582,780,673 $151,655,613 $0 $7,734,436,287 21 2045 FY 2045-46 $7,734,436,287 $154,688,726 $0 $7,889,125,013 22 2046 FY 2046-47 $7,889,125,013 $157,782,500 $0 $8,046,907,513 23 2047 FY 2047-48 $8,046,907,513 $160,938,150 $0 $8,207,845,663 24 2048 FY 2048-49 $8,207,845,663 $164,156,913 $0 $8,372,002,576 25 2049 FY 2049-50 $8,372,002,576 $167,440,052 $0 $8,539,442,628 26 2050 FY 2050-51 $8,539,442,628 $170,788,853 $0 $8,710,231,480 27 2051 FY 2051-52 $8,710,231,480 $174,204,630 $0 $8,884,436,110 28 2052 FY 2052-53 $8,884,436,110 $177,688,722 $0 $9,062,124,832 29 2053 FY 2053-54 $9,062,124,832 $181,242,497 $0 $9,243,367,329 30 2054 FY 2054-55 $9,243,367,329 $184,867,347 $0 $9,428,234,675 31 2055 FY 2055-56 $9,428,234,675 $188,564,694 $0 $9,616,799,369 32 2056 FY 2056-57 $9,616,799,369 $192,335,987 $0 $9,809,135,356 33 2057 FY 2057-58 $9,809,135,356 $196,182,707 $0 $10,005,318,063 34 2058 FY 2058-59 $10,005,318,063 $200,106,361 $0 $10,205,424,425 35 2059 FY 2059-60 $10,205,424,425 $204,108,488 $0 $10,409,532,913 36 2060 FY 2060-61 $10,409,532,913 $208,190,658 $0 $10,617,723,571 37 2061 FY 2061-62 $10,617,723,571 $212,354,471 $0 $10,830,078,043 38 2062 FY 2062-63 $10,830,078,043 $216,601,561 $0 $11,046,679,604 39 2063 FY 2063-64 $11,046,679,604 $220,933,592 $0 $11,267,613,196 40 2064 FY 2064-65 $11,267,613,196 $225,352,264 $0 $11,492,965,460 41 2065 FY 2065-66 $11,492,965,460 $229,859,309 $0 $11,722,824,769 42 2066 FY 2066-67 $11,722,824,769 $234,456,495 $0 $11,957,281,264 43 2067 FY 2067-68 $11,957,281,264 $239,145,625 $0 $12,196,426,890 44 2068 FY 2068-69 $12,196,426,890 $243,928,538 $0 $12,440,355,427 45 2069 FY 2069-70 $12,440,355,427 $248,807,109 $0 $12,689,162,536 46 2070 FY 2070-71 $12,689,162,536 $253,783,251 $0 $12,942,945,787 47 2071 FY 2071-72 $12,942,945,787 $258,858,916 $0 $13,201,804,702 48 2072 FY 2072-73 $13,201,804,702 $264,036,094 $0 $13,465,840,796 49 2073 FY 2073-74 $13,465,840,796 $269,316,816 $0 $13,735,157,612 50 2074 FY 2074-75 $13,735,157,612 $274,703,152 $0 $14,009,860,765 [1] Beginning Assessed Values are the basis for EIFD revenues. Ending Assessed Values are shown only to illustrate how the next fiscal year's Beginning AV is derived, incorporating 2% growth and newly added AV of the prior fiscal year. [2] Includes the full Railyards Specific Plan area.

Table 3-3. Cumulative Assessed Value Growth

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 33
EIFD
Year Fiscal Year
Estimated Assessed
Value
Incremental
Value
1%
Property
Tax
Estimated
City Share
Less Pass
Through
Revenues [1]
Net City
Share
Share
Dedicated to
Railyards
EIFD
Less
Administration
Net
Railyards
EIFD
Revenues
Formula A = Table D-2.4 of Att. D B = A - Base Year Value C = B * 1% D = C * 25.72% E F = D + E G = F * 100% H = G * 5% I = G + H 0 Base Year $59,500,175
14 FY 2038-39 $6,472,095,357 $6,412,595,182 $64,125,952 $16,492,669 ($3,172,093) $13,320,576 $13,320,576 ($666,029) $12,654,547 15 FY 2039-40 $6,713,718,707 $6,654,218,532 $66,542,185 $17,114,104 ($3,235,535) $13,878,570 $13,878,570 ($693,928) $13,184,641 16 FY 2040-41 $6,847,993,081 $6,788,492,906 $67,884,929 $17,459,447 ($3,300,245) $14,159,202 $14,159,202 ($707,960) $13,451,242 17 FY 2041-42 $7,145,423,586 $7,085,923,411 $70,859,234 $18,224,414 ($3,366,250) $14,858,164 $14,858,164 ($742,908) $14,115,255 18 FY 2042-43 $7,288,332,058 $7,228,831,883 $72,288,319 $18,591,963 ($3,433,575) $15,158,387 $15,158,387 ($757,919) $14,400,468 19 FY 2043-44 $7,434,098,699 $7,374,598,524 $73,745,985 $18,966,863 ($3,502,247) $15,464,616 $15,464,616 ($773,231) $14,691,385 20 FY 2044-45 $7,582,780,673 $7,523,280,498 $75,232,805 $19,349,260 ($3,572,292) $15,776,969 $15,776,969 ($788,848) $14,988,120 21 FY 2045-46 $7,734,436,287 $7,674,936,112 $76,749,361 $19,739,306 ($3,643,738) $16,095,569 $16,095,569 ($804,778) $15,290,790 22 FY 2046-47 $7,889,125,013 $7,829,624,838 $78,296,248 $20,137,153 ($3,716,612) $16,420,541 $16,420,541 ($821,027) $15,599,514 23 FY 2047-48 $8,046,907,513 $7,987,407,338 $79,874,073 $20,542,957 ($3,790,945) $16,752,012 $16,752,012 ($837,601) $15,914,411 24 FY 2048-49 $8,207,845,663 $8,148,345,488 $81,483,455 $20,956,876 ($3,866,763) $17,090,113 $17,090,113 ($854,506) $16,235,607 25 FY 2049-50 $8,372,002,576 $8,312,502,401 $83,125,024 $21,379,074 ($3,944,099) $17,434,976 $17,434,976 ($871,749) $16,563,227 26 FY 2050-51 $8,539,442,628 $8,479,942,453 $84,799,425 $21,809,717 ($4,022,981) $17,786,736 $17,786,736 ($889,337) $16,897,399 27 FY 2051-52 $8,710,231,480 $8,650,731,305 $86,507,313 $22,248,971 ($4,103,440) $18,145,531 $18,145,531 ($907,277) $17,238,255 28 FY 2052-53 $8,884,436,110 $8,824,935,935 $88,249,359 $22,697,011 ($4,185,509) $18,511,502 $18,511,502 ($925,575) $17,585,927 29 FY 2053-54 $9,062,124,832 $9,002,624,657 $90,026,247 $23,154,012 ($4,269,219) $18,884,793 $18,884,793 ($944,240) $17,940,553 30 FY 2054-55 $9,243,367,329 $9,183,867,154 $91,838,672 $23,620,153 ($4,354,604) $19,265,549 $19,265,549 ($963,277) $18,302,272 31 FY 2055-56 $9,428,234,675 $9,368,734,500 $93,687,345 $24,095,617 ($4,441,696) $19,653,921 $19,653,921 ($982,696) $18,671,225 32 FY 2056-57 $9,616,799,369 $9,557,299,194 $95,572,992 $24,580,590 ($4,530,530) $20,050,060 $20,050,060 ($1,002,503) $19,047,557 33 FY 2057-58 $9,809,135,356 $9,749,635,181 $97,496,352 $25,075,262 ($4,621,140) $20,454,122 $20,454,122 ($1,022,706) $19,431,416 34 FY 2058-59 $10,005,318,063 $9,945,817,888 $99,458,179 $25,579,828 ($4,713,563) $20,866,265 $20,866,265 ($1,043,313) $19,822,952 35 FY 2059-60 $10,205,424,425 $10,145,924,250 $101,459,242 $26,094,485 ($4,807,834) $21,286,651 $21,286,651 ($1,064,333) $20,222,318 36 FY 2060-61 $10,409,532,913 $10,350,032,738 $103,500,327 $26,619,435 ($4,903,991) $21,715,444 $21,715,444 ($1,085,772) $20,629,672 37 FY 2061-62 $10,617,723,571 $10,558,223,396 $105,582,234 $27,154,885 ($5,002,071) $22,152,814 $22,152,814 ($1,107,641) $21,045,173 38 FY 2062-63 $10,830,078,043 $10,770,577,868 $107,705,779 $27,701,043 ($5,102,112) $22,598,931 $22,598,931 ($1,129,947) $21,468,984 39 FY 2063-64 $11,046,679,604 $10,987,179,429 $109,871,794 $28,258,124 ($5,204,154) $23,053,970 $23,053,970 ($1,152,698) $21,901,271 40 FY 2064-65 $11,267,613,196 $11,208,113,021 $112,081,130 $28,826,348 ($5,308,238) $23,518,110 $23,518,110 ($1,175,905) $22,342,204 41 FY 2065-66 $11,492,965,460 $11,433,465,285 $114,334,653 $29,405,935 ($5,414,402) $23,991,533 $23,991,533 ($1,199,577) $22,791,956 42 FY 2066-67 $11,722,824,769 $11,663,324,594 $116,633,246 $29,997,114 ($5,522,690) $24,474,424 $24,474,424 ($1,223,721) $23,250,703 43 FY 2067-68 $11,957,281,264 $11,897,781,089 $118,977,811 $30,600,117 ($5,633,144) $24,966,973 $24,966,973 ($1,248,349) $23,718,624 44 FY 2068-69 $12,196,426,890 $12,136,926,715 $121,369,267 $31,215,180 ($5,745,807) $25,469,373 $25,469,373 ($1,273,469) $24,195,904 45 FY 2069-70 $12,440,355,427 $12,380,855,252 $123,808,553 $31,842,544 ($5,860,723) $25,981,821 $25,981,821 ($1,299,091) $24,682,730 46 FY 2070-71 $12,689,162,536 $12,629,662,361 $126,296,624 $32,482,456 ($5,977,938) $26,504,518 $26,504,518 ($1,325,226) $25,179,292 47 FY 2071-72 $12,942,945,787 $12,883,445,612 $128,834,456 $33,135,166 ($6,097,496) $27,037,669 $27,037,669 ($1,351,883) $25,685,786 48 FY 2072-73 $13,201,804,702 $13,142,304,527 $131,423,045 $33,800,929 ($6,219,446) $27,581,483 $27,581,483 ($1,379,074) $26,202,409 49 FY 2073-74 $13,465,840,796 $13,406,340,621 $134,063,406 $34,480,009 ($6,343,835) $28,136,173 $28,136,173 ($1,406,809) $26,729,365 50 FY 2074-75 $13,735,157,612 $13,675,657,437 $136,756,574 $35,172,669 ($6,470,712) $28,701,957 $28,701,957 ($1,435,098) $27,266,860 Source: EPS.

City Share of Property Tax and EIFD Contribution
[1] Reflects estimated pass through revenue that the City would receive via the RDA as of 2038, escalated by 2 percent annually.

Table 3-4. Estimated Railyards EIFD Share of Post-Redevelopment Agency Property Tax Revenues Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 34
Upon dissolution of the Railyards Redevelopment Project Area, the City is expected to receive approximately 25.72 percent of the 1 percent general tax levy generated by taxable assessed values in the EIFD.

Continuation of Existing City Pass-Through Revenues
Under the RPTTF property tax allocation paradigm, the City receives a portion of the Tier 1 pass-through revenue, as established by California Redevelopment Law and in accordance with Dissolution Act provisions. That pass-through revenue is deposited in the City’s General Government Fund. Upon termination of the Railyards Redevelopment Project Area, the City will no longer receive that Tier 1 pass-through revenue. Therefore, to ensure that property tax receipts to the City’s General Government Fund are maintained at prior-year levels, the incremental share of property tax revenues available to the EIFD are reduced by estimated Tier 1 pass-through revenue received by the City as of FY 2038 and escalated by 2 percent annually (see Table B-3 of Attachment D for the estimated value of Tier 1 pass-through revenue received by the City in FY 2038).

EIFD revenues are further reduced by a 5 percent administration charge to derive net EIFD revenues.

Plan for Financing Facilities
This IFP includes flexibility in the form of one or more options of capital financing that may be used to capitalize the stream of projected EIFD Revenues. As described below, the financing contemplated is based on the assumption that a potential combination of loan-financing and pay as you go revenues will be used to reimburse DRV, Indomitable, the City, or other constructing entities for a portion of the cost of EIFD-eligible facilities.

Separately, the EIFD intends to use EIFD revenues for investments in affordable housing and related infrastructure on a pay as you go basis to leverage additional private-sector investment in affordable housing. 10 However, nothing in this IFP prohibits the EIFD from leveraging the EIFD Revenues for affordable housing investments if it elects to do so.

Financing Strategy Options
The financing strategy is dependent on developer-led construction of infrastructure and reimbursement via proceeds from EIFD Revenues as described below. As described in this IFP, the PFA may seek to issue one or more series of bonds pursuant to the EIFD law. Factors influencing such bond issuance would include status of development and absorption of Project land uses, timing of 10 Financing of affordable housing development will be undertaken by the PFA only following required environmental review, if any. No specific affordable housing improvements have been identified to date.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 35
issuance(s), interest rates, amount of EIFD tax increment, in addition to typical underwriting criteria required for bond issuances. At the time of this amendment, the timing of future bond issuances is uncertain.

Bonds and other debt issued or incurred by the PFA for the EIFD may be secured by a pledge of all or any portion of the Net EIFD Revenues. In particular, it is contemplated that bonds and other debt may be secured by a pledge of revenues generated within the Railyards East Project Area and/or the Railyards West Project Area, on an individual, combined, or other basis. Regardless of the source of repayment, any such bonds or other debt may finance any and all facilities and other costs authorized to be financed by the EIFD.

The Railyards PFA is authorized to approve and issue bonds for the Railyards EIFD in accordance with EIFD Law and other applicable laws. However, given unique circumstances regarding property ownership and proposed land uses, particularly in the Railyards East Project Area, this IFP contemplates a proposed financing strategy that will provide assistance for EIFD-eligible improvements via formation by the City of a new CFD for the Railyards East Project Area. If formed, the CFD will be authorized to levy annual special taxes on Railyards East Project Area parcels and to issue CFD bonds secured by the annual special tax revenues, with a portion of EIFD Revenues used for the payment of the CFD special taxes and/or CFD bond debt service. This arrangement assists Indomitable’s objectives with respect to timing of construction and financing of the Stadium and is contemplated to be in lieu of using EIFD Revenues to directly secure EIFD bonds specifically as it relates to the Railyards East Project Area.

The following sections describe the proposed financing strategy, which would necessitate ancillary arrangements, including an agreement between the City, Indomitable, and SRFC, and, if necessary, with the CFD, regarding the CFD formation proceedings, and the CFD bond sale process(es).

Proposed CFD and EIFD Financing Strategy
Indomitable is planning to request the City to proceed with formation of the proposed CFD with boundaries coterminous with the area in the Railyards East Project Area. The CFD Rate and Method of Apportionment of Special Tax (RMA) will establish the maximum special taxes for taxable parcels in the CFD. Subject to final determination during the CFD formation process, this IFP is based on the assumption that Indomitable would seek to establish the maximum special tax rates at an amount equal to the estimated EIFD Revenues available for Indomitable Facilities Costs subject to the terms of the Comprehensive Project Agreement and/or Master Funding Agreement.

As currently anticipated, CFD bonds would be sold following completion of the Stadium and/or of buildings with sufficient maximum special tax rates in place to support one or more CFD bond issuances. Because all the EIFD-eligible facilities for which Indomitable would be seeking reimbursement may have been Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 36
completed, each CFD bond sale would be structured to maximize special taxes and CFD proceeds available to reimburse Indomitable Facilities Costs. While the number of CFD bond sales is uncertain, Indomitable currently anticipates at least two separate CFD bond sales may be necessary, with up to 1 to 2 years of capitalized interest included with each CFD bond sale, to be determined at the time of the bond sale(s).

The financing is intended to be structured so the CFD bond debt service, which is anticipated to be payable from the levy of CFD special taxes on the Indomitable parcels, will be first sourced for payment from Indomitable share of Net EIFD East Revenues and Net EIFD West Revenues. Those EIFD Revenues not used to directly pay debt service and/or special taxes levied to pay debt service or to reimburse Indomitable for CFD special tax levies will be available to pay for any unreimbursed costs balance owed to Indomitable. Conversely, if EIFD Revenues fall short of the amount needed to pay CFD bond special taxes/debt service, Indomitable will be responsible for payment of the shortfall via the special tax levy on its property, subject to future reimbursement from Net EIFD Revenues in subsequent years, if available, and subject to the waterfall allocations described in Chapter 2.

A bank trustee may be appointed to provide services as the holder of the CFD special taxes on behalf of the CFD, along with EIFD Revenues on behalf of the Railyards EIFD. The corporate trustee may facilitate disbursement of the EIFD Revenues: first, for administrative costs of the Railyards EIFD; second, for funding Indomitable Facilities Costs (with respect to the applicable Indomitable portion(s) of Net EIFD Revenues), next for funding the DRV Infrastructure Costs (with respect to the applicable DRV portion(s) of Net EIFD Revenues), next for funding City Facilities Costs (with respect to the applicable City portion(s) of Net EIFD Revenues) and next to affordable housing investments; and finally, for any other authorized uses of the Railyards EIFD.

The brief description above and elsewhere in this IFP sets forth the proposed CFD and EIFD financing strategy, the special tax obligations, and terms for CFD acquisition of certain Project costs; many other details will be memorialized in the CFD formation documents, acquisition agreement(s), CFD bond sale documents and additional project agreements, as needed.

Developer-Led Facility Construction or Other Advance Funding Eligible facilities funded with EIFD revenues are anticipated to be constructed before or concurrently with private vertical development such as new housing, retail, office, and Stadium construction. At the time of EIFD amendment, it is unclear whether the eligible facilities will be constructed by Indomitable, DRV or other Project developers and subsequently reimbursed with EIFD funds or if alternative arrangements may be made. If privately constructed, DRV or other Project developers would be responsible for securing financing and other funding sources required to design and construct eligible EIFD facilities. The City or other Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 37
public agency may elect to provide one or more sources of advance funding. In such circumstances, EIFD revenues may be used to first repay outstanding loans before being used for other eligible costs.

Affordable Housing Investments
As described in this IFP, after other EIFD funding commitments have been satisfied, 20 percent of Net EIFD Revenues will be available for affordable housing investments in the City, restricted to occupancy by persons of very low, low, or moderate incomes per California Government Code, 53398.52(D). 11 The Railyards PFA is anticipated to work with the City to direct eligible EIFD revenues for affordable housing investments.

Limit on Total Taxes Allocated to the
EIFD
The analysis in this IFP informs the estimated number of dollars of tax revenue that may be allocated to the EIFD, which is limited to $772 million. Table 1 in Attachment G shows how the maximum authorized amount considered both the EIFD commitment to eligible facilities (as defined throughout herein) and affordable housing investments based on the entire planned EIFD development.

This maximum authorization may be subject to change through an amendment to the IFP as described in this IFP and subject to applicable law in effect at the time of the proposed amendment.

EIFD Termination Date
Pursuant to Government Code section 53398.63(d)(5), the maximum duration of an EIFD is either 45 years from the date on which the issuance of bonds is approved, pursuant to Government Code section 53398.77, or the approval of a loan to the EIFD is approved by an affected taxing entity pursuant to Government Code section 53398.87 or if an EIFD contains project areas, for each project area 45 years from the date that project area exceeds $100,000 in annual incremental tax revenues as defined under the EIFD law. The proposed EIFD includes individual termination dates for each Project Area and an overall termination date for the entire EIFD. For each Project Area, the termination date will be the earliest of (a) 45 years from the date on which the Project Area experiences at least $100,000 in EIFD Revenues (as defined herein); or (b) June 30, 2075. Because the specific dates when a Project Area may exceed $100,000 in EIFD Revenues is not known at this time, an absolute end date of June 30, 2075, is also being established. 11 This IFP does not constitute an approval of the affordable housing development. Such development will be approved following appropriate environmental review.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 38
EIFD Tax Limit
The analysis in Attachment D informs the estimated number of dollars of tax revenue that may be allocated to the EIFD, which shall not exceed $772 million, unless modified by the PFA.

Fiscal Impact Analysis
In accordance with Government Code section 53398.63(d) and the City’s Debt Management Policy, which was revised February 2025, this report includes an analysis of the costs of the City in providing facilities and services, as well as the estimated fiscal impacts of incremental new development in the EIFD, on the City’s operating budget (General Government Fund), during development and at buildout.

Outside of funding by the EIFD for certain facilities, the City does not anticipate incurring costs for providing facilities during development and at buildout.

The fiscal impact analysis estimates tax and other operating public revenues generated by new development, as well as the cost of public services required to serve new development. The analysis only focuses on fiscal impacts to the City, the sole affected taxing entity in the EIFD. The fiscal impact analysis does not address activities budgeted in other Governmental Funds or Enterprise Funds (e.g., Water Fund, Sewer Fund, Storm Sewer Fund), nor does it include ongoing operations and maintenance proposed to be funded through private sources.

Specifically, this analysis excludes event-related public safety costs that are anticipated to be privately funded by stadium operators. Additional details regarding this assumption are provided in the subsequent section of this report.

The fiscal impact analysis model is based on the City’s FY 2024/25 Adopted General Government Fund Budget (Including General Fund and Measure U budgets). EPS consulted the City’s budget documents to develop forecasting methodologies for specific revenues and expenditures affected by new development. In addition, EPS consulted with City staff to clarify budget data and review fiscal assumptions on which this analysis is based. The model is based on the FY 2024/25 Adopted General Government Fund budget, 2024 citywide population figures for fiscal multipliers, and existing 2024 market conditions.

All results are reported in 2024$.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 39
A summary of annual net fiscal impact analysis results through 2030 and at buildout is provided in Table 3-5. A detailed summary of project revenues and expenditures through 2030 and at buildout is provided in Table 3-6. As shown, incremental new development is anticipated to result in a fiscal deficit for the City’s General Government Fund by approximately $0.7 million annually in 2030 and a fiscal surplus of approximately $2.0 million annually at buildout. Thus, revenues to the City’s General Government Fund are greater than or equal to the General Government Fund costs to serve new EIFD development at buildout. Key assumptions underlying these fiscal impact analysis results are described below:
 Incremental New Development and Population. The Initial Phase (new development estimated to be absorbed through 2030) includes about 1,900 residential units, 180 hotel rooms, 0.8 million gross building square feet of nonresidential space and a proposed Stadium with approximately 22,000 seats. Initial Phase development translates into about 4,300 residents and 6,000 employees. At buildout, incremental new land uses in the EIFD includes about 6,800 new residential units, 1,300 hotel rooms, and approximately

2.8 million building square feet of nonresidential space, and the proposed Stadium. This level of development translates into about 15,400 residents and 12,700 employees.
 Pass-Through Property Tax Revenue. As noted in the previous section, this analysis is based on the assumption that, following termination of the Railyards Redevelopment Project Area, the City continues to retain the dollar amount of property tax revenues equal to the property tax pass-through revenue it had received in the fiscal year immediately preceding the official termination. As such, the analysis estimates the approximately $0.4 million in 2030 and approximately $2.4 million annually at buildout is allocated to the City’s General Government Fund. Both the Initial Phase and buildout figures represent estimated property tax revenues passed through to the City in 2030 and 2038, respectively, discounted at an annual rate of 2% to calculate their present values in 2024 dollars, as shown in Table B-3 of Attachment E.  City General Government Fund Property Tax Revenue. Incremental new property tax revenue generated by new development in the EIFD is based on the City General Government Fund’s share of the 1 percent property tax rate is assumed to be fully allocated to the EIFD and not used to fund municipal services.12
12 As noted, the City is making an exception for the City’s General Fund to continue to receive a dollar amount at least equal to the pass-through revenue in the final year in which the Railyards Redevelopment Project Area existed. In addition, the City will continue to receive the estimated Railyards share of the Innovation & Growth Fund as it was estimated in 2025.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 40
Table 3-5. City General Government Fund Net Fiscal Impact Analysis Summary at Buildout
Item
Initial Phase
(2030)
Buildout
(2040)
City General Fund Net Fiscal Impacts
Annual Revenues $3,935,000 $15,978,000
Annual Expenditures $4,856,000 $14,589,000
Annual Net General Fund Surplus/(Deficit) ($921,000) $1,389,000 Revenue-to-Expenditure Ratio 81% 110%
Source: EPS.

Note: All values are rounded to the nearest $1,000.

Cumulative Net Fiscal
Impact Summary
Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 41
Table 3-6. City General Government Fund Detailed Net Fiscal Impact Analysis at Buildout
Item
City General Fund
Annual Revenues [1]
Property Tax $0 $0
Property Tax Pass Through to City $347,000 $2,404,000
City Share of RPTTF less EIFD Allocation $0 $0
Property Tax in lieu of VLF $1,160,000 $3,880,000
Real Property Transfer Tax $147,000 $576,000
Sales Tax $723,000 $2,963,000
Sales Tax - Measure U $723,000 $2,963,000
Sales Tax - Prop. 172 (Public Safety) $59,000 $242,000
Transient Occupancy Tax (TOT) $212,000 $1,342,000
Utility Taxes $349,000 $1,074,000
Business Operations Tax $138,000 $295,000
Franchise Fees $77,000 $239,000
Total Annual General Fund Revenues $3,935,000 $15,978,000 Annual Expenditures [2]
General Government $68,000 $209,000
Convention and Cultural Services $20,000 $75,000
Police $1,991,000 $6,132,000
Fire $1,440,000 $4,436,000
Youth, Parks, and Community Enrichment $343,000 $1,277,000 Citywide $367,000 $1,368,000
Community Development Services $158,000 $488,000
Community Response $128,000 $477,000
Public Works $41,000 $127,000
Stadium Services $300,000 $0
Total Annual General Fund Expenditures $4,856,000 $14,589,000 Annual General Fund Surplus/(Deficit) ($921,000) $1,389,000 Source: EPS.

Note: All values are rounded to the nearest $1,000.

Cumulative Net Fiscal
Impact Summary
Initial Phase
(2030)
Buildout
(2040)
Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 42
 Property Tax in Lieu of Vehicle License Fee (VLF) Revenue. All Property Tax in Lieu of VLF revenue is assumed to be allocated to the City’s General Government Fund.
 Sales Tax Revenue: Local and Measure U Tax Rates. Sales tax revenue is based on estimated taxable sales from new market demand (new residents and employees in the EIFD), the Bradley-Burns local 1 percent Uniform Local Sales Tax rate, and the City’s Measure U one-cent rate.  General Government Expenditures. This analysis reflects expenditure adjustment factors of 10 percent, which reflect the portion of costs subject to increase based on new development. The relatively small amount of development in the EIFD as compared to the existing overall City service population is not anticipated to increase General Government costs by the same margin as buildout of the entire City. The adjustment-factor assumptions used in this report are based on input from City Finance Department staff.

The assumptions, methodology, and detailed technical revenues and expenditure calculations of the fiscal impact analysis can be found in Attachment E.

Cumulative Impacts of City EIFDs
The City's Debt Management Policy, most recently revised by the City and adopted by the City Council in February 2025, requires that for any new EIFD, the City must analyze the estimated cumulative fiscal impacts of the proposed EIFD along with all other EIFDs established by the City. As of the end of 2024, the City has only formed one other EIFD – the City of Sacramento Aggie Square EIFD. This section summarizes the estimated cumulative effect of all existing EIFD projects and debt, including this proposed amendment to the Railyards EIFD.

Neither of the EIFDs have issued any debt, so there are no outstanding debt obligations to consider. The following section briefly describes the estimated cumulative fiscal impacts to the City’s General Fund from the two EIFDs. The analysis follows EIFD law, examining estimated fiscal impacts during project development (Initial Period) and at buildout.

When considered together in Table 3-7, the estimated City fiscal impacts are similar to those findings for the Railyards EIFD alone with estimated deficits during project development (Initial Period) with those deficits becoming surpluses before and following project buildout.

Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 43
Table 3-7. Cumulative City General Government Fund Detailed Net Fiscal Impact Analysis at Buildout
Item
Initial Phase
(2030) [1]
Buildout
(2040) [1]
City General Fund Net Fiscal Impacts
Annual Revenues $5,472,000 $17,571,000
Annual Expenditures $6,018,000 $15,753,000
Annual Net General Fund Surplus/(Deficit) ($546,000) $1,818,000 Revenue-to-Expenditure Ratio 91% 112%
Source: EPS.
[1] The years shown for the Initial Period and Buildout reflect estimated timing for the Railyards Project only and are not intended to reflect development timing for Aggie Square.

Note: All values are rounded to the nearest $1,000.

Cumulative Net Fiscal
Impact Summary
Sacramento Railyards Enhanced Infrastructure Financing District—Infrastructure Financing Plan June 2025
Economic & Planning Systems, Inc. (EPS) 44
The primary drivers of these fiscal outcomes are that each project is anticipated to experience early increases in service demands from new development (e.g., police, fire, and other municipal services) before sufficient residential and other business operations generate enough revenue (sales taxes, utility users taxes, transient occupancy taxes, etc.) to cover costs, particularly when 100 percent of property tax increment is being dedicated to the EIFD. And further, in the case of the Aggie Square EIFD, the City also dedicated 100 percent of the property tax in lieu of vehicle license fee revenue for all parcels or taxable interests in the Aggie Square EIFD to the EIFD.

However, when one considers the sum of estimated annual deficits and estimated annual surpluses together over the EIFD durations, the net present value of the fiscal revenue stream is anticipated to be positive. Additionally, while the analysis estimates a net General Fund deficit during the Initial Period, this shortfall is not expected to materially affect ongoing services and programs.

No Transit Priority Project Program
Financing
Because improvements being funded by the EIFD do not qualify for a Transit Priority Project Program, any permit and affordable housing expenses related to the Project as described in Section 65470 would not be financed. That does not preclude the PFA from expending EIFD revenues on affordable housing projects or costs.

No Loss of Dwelling Units
Because no dwelling units exist in the EIFD area, no dwelling units within the EIFD boundaries will be removed or destroyed in the course of private development or public works construction in the EIFD. Consequently, this IFP does not include a housing replacement plan.

ATTACHMENTS:

Attachment A: Boundary Map of the
EIFD, as Amended
Attachment B: Legal Description of the EIFD
Attachment C: Description of Facilities and
Development to Be Financed
Attachment D: Tax Increment Revenue
Forecast and RASA Cash
Flow Model
Attachment E: Fiscal Impact Analysis
Attachment F: Estimated EIFD Revenues
for Affordable Housing
Investments
Attachment G: Calculation of Maximum
Tax Revenues Allocated
to the EIFD
ATTACHMENT A:

Boundary Map of the EIFD, as Amended
(Showing Railyards East Project Area and
Railyards West Project Area)
Proposed Amended Railyards EIFD
Project Areas

ATTACHMENT B:

Legal Description of EIFD

EXHIBIT B

LEGAL DESCRIPTION

PROPOSED EXPANDED RAILYARDS EIFD
PAGE 1 0F 5
THE BOUNDARY OF THE EIFD CONSISTS OF AN "ORIGINAL AREA" AND AN "AMENDED AREA" WHOSE LEGAL DESCRIPTIONS ARE AS FOLLOWS:

LEGAL DESCRIPTION OF "ORIGINAL AREA"
ASSESSOR'S PARCEL: 002-0010-074-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF PARCEL 1 AS DESCRIBED IN THAT CERTAIN CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT RECORDED JULY 19, 2019 IN BOOK 20190719, PAGE 0343, SACRAMENTO COUNTY OFFICIAL RECORDS.

LEGAL DESCRIPTION OF "AMENDED AREA"
ASSESSOR'S PARCEL: 001-0064-011, 012, 013-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, STATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERTAIN GRANT DEED

CONVEYED TO DOWNTOWN RAILYARD VENTURE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, RECORDED JUNE 17, 2019 AS DOCUMENT # 201906170766, SACRAMENTO COUNTY OFFICIAL RECORDS
ASSESSOR'S PARCEL: 001-0064-014-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, STATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERTAIN TAX DEED CONVEYED TO ROBERT GILREATH AND ROBERT J. HOFFMAN, RECORDED MARCH 7, 2003 IN BOOK 20030307, PAGE 1635, SACRAMENTO COUNTY OFFICIAL RECORDS.

EXHIBIT B

LEGAL DESCRIPTION

PROPOSED EXPANDED RAILYARDS EIFD
PAGE 2 0F 5
ASSESSOR'S PARCEL: 002-0010-023-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERT AIN AGREEMENT FOR THE

TRANSFER OF JURISDICTION OF ST ATE-OWNED REAL PROPERTY

BETWEEN THE CALIFORNIA DEPARTMENT OF PARKS AND RECREATION

AND THE CALIFORNIA ST ATE LANDS COMMISSION, RECORDED JANUARY 25, 2018 AS DOCUMENT # 201801250775, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-028-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERT AIN CORPORATION GRANT DEED TO THE ST ATE OF CALIFORNIA, RECORDED DECEMBER 31 , 1987 IN BOOK 871231 , PAGE 1949, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-060-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERTAIN GRANT DEED CONVEYED TO THE ST ATE OF CALIFORNIA, RECORDED OCTOBER 2, 2014 IN BOOK 20141002, PAGE 0059, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-062-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERTAIN GRANT DEED

CONVEYED TO SACRAMENTO MUNICIPAL UTILITY DISTRICT, A MUNICIPAL UTILITY DISTRICT, RECORDED OCTOBER 1 , 20151N BOOK 20151001 , PAGE 0936, SACRAMENTO COUNTY OFFICIAL RECORDS.

EXHIBIT B

LEGAL DESCRIPTION

PROPOSED EXPANDED RAILYARDS EIFD
PAGE 3 0F 5
ASSESSOR'S PARCEL: 002-0010-065-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF PARCEL 1 AS DESCRIBED IN THAT CERTAIN CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT RECORDED DECEMBER 12, 2016 IN BOOK 20161212, PAGE 0687 AND RE-RECORDED OCTOBER 5, 2018 IN BOOK 20181005, PAGE 0218, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-067-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERT AIN GRANT DEED CONVEYED TO THE ST ATE OF CALIFORNIA, RECORDED JANUARY 25, 2018 AS DOCUMENT # 20180125077 4, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-069-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERT AIN GRANT DEED CONVEYED TO SACRAMENTO 695, L.P. A CALIFORNIA LIMITED PARTNERSHIP, RECORDED JULY 24, 2020 AS DOCUMENT # 202007240659, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-071-0000

A PORTION OF THAT REAL PROPERTY SITUATED IN THE CITY OF

SACRAMENTO, COUNTY OF SACRAMENTO, STATE OF CALIFORNIA AND BEING ALL OF PARCEL 1 AS DESCRIBED IN THAT CERT AIN CERTIFICATE OF COMPLIANCE FOR LOT MERGER RECORDED FEBRUARY 7, 2019 AS DOCUMENT # 201902070406, SACRAMENTO COUNTY OFFICIAL RECORDS

EXHIBIT B

LEGAL DESCRIPTION

PROPOSED EXPANDED RAILYARDS EIFD
PAGE 4 0F 5
ASSESSOR'S PARCEL: 002-0010-074-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, STATE OF CALIFORNIA AND BEING ALL OF

PARCEL I AS DESCRIBED IN THAT CERT AIN CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT RECORDED JULY 19, 2019 IN BOOK 20190719, PAGE 0343, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-077-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

THAT PROPERTY AS DESCRIBED IN THAT CERTAIN GRANT DEED CONVEYED TO WONG CENTER AT THE RAILY ARD, L.P., A CALIFORNIA LIMITED PARTNERSHIP, RECORDED JUNE 17, 2022 AS DOCUMENT # 202206170987, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0010-078, 079, 080-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL THOSE PORTIONS OF PARCEL 2 AS DESCRIBED IN THAT CERT AIN

CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT RECORDED JULY 19, 2019 IN BOOK 20'l 90719, PAGE 0343, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCELS: 002-0270-001, 002, 003, 004, 005, 006, 007, 008-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF LOTS, 1 , 2, 3, 4, 5, 6, 7, & 8 AS SHOWN ON THE FINAL MAP ENTITLED "THE RAILYARDS UNIT NO. 2", FILED JANUARY 17, 2019 IN BOOK 409 0F MAPS, AT PAGE 1 , SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0290-001, 002, 003, 004, 005, 006-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF

EXHIBIT B

LEGAL DESCRIPTION

PROPOSED EXPANDED RAILYARDS EIFD
PAGE 5 0F 5
LOTS, 1 , 2, 3, 4, 5, & 6 AS SHOWN ON THE FINAL MAP ENTITLED "THE RAILYARDS UNIT NO. 1", FILED DECEMBER 19, 2022 IN BOOK 446 0F MAPS, AT PAGE 2, SACRAMENTO COUNTY OFFICIAL RECORDS.

ASSESSOR'S PARCEL: 002-0300-001, 002, 003, 004, 005, 006, 007, 008, 009, 010, 011, 012, 013, 014, 015, 016, 017, 018, 019, 020, 021, 022, 023, 024, 025, 026-0000

ALL THAT REAL PROPERTY SITUATED IN THE CITY OF SACRAMENTO,

COUNTY OF SACRAMENTO, ST ATE OF CALIFORNIA AND BEING ALL OF LOTS, 1 , 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 , 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 , 22, 23, 24, 25 & LOT "A" AS SHOWN ON THE FINAL MAP ENTITLED "THE RAILYARDS UNIT N0. 3", FILED JULY 19, 2023 IN BOOK 449 0F MAPS, AT PAGE 2, SACRAMENTO COUNTY OFFICIAL RECORDS.

TOGETHER WITH THOSE PORTIONS OF PUBLIC ROAD RIGHT OF WAY

NOT SPECIFICALLY DESCRIBED THAT ARE WITHIN THE BOUNDARY OF THIS EIFD AS SHOWN ON EXHIBIT "A" OF THIS DOCUMENT.

THIS DESCRIPTION WAS PREPARED FROM RECORD DATA BY ME OR UNDER MY DIRECTION IN ACCORDANCE WITH SECTION 8761 0F THE PROFESSIONAL LAND SURVEYOR'S ACT.

CITY SURVEYOR
L.S. 9326 EXP. 03-31-2025

CITY OF SACRAMENTO
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ATTACHMENT C:

Description of Facilities and
Development to Be Financed
Attachment C - Page 1 of 1 Draft
Sacramento Railyards Infrastructure (IFP) 11/27/24
Source: Amended Finance Plan (June 2022) + DRV Nov 24 Estimates Tier Legend: 1 = Highest Priority, 2 = High Priority 3= Consider for Funding After Tier 1 & 2 Facilities Are Complete Tier Infrastructure Segment Cost Estimates
5th Street
2 Railyards to NB (roadway/finish) & NB intersection $4,656,905 7th Street
1 Flood Wall $3,383,384
1 Main So of Tracks $822,250
1 Widening + North B 6th-7th $9,324,632
8th Street
1 RYB to NB $6,648,800
10th Street
1 RYB to Boundary $3,464,450
2 Boundary to NB $1,879,750
North B
1 5th Street to 6th Street $2,651,650
1 7th Street to 8th Street $2,726,400
1 8th Street to 10th Street $2,831,050
1 Dos Rios Road Striping $254,500
Railyards Blvd
1 7th to 10th $8,209,100
1 Trunk Sewer 7th to 10th $1,330,550
2 10th to 12th $3,473,900
1 Shift Lanes $894,758
Summit Tunnel
1 Summit Tunnel - 5th to 6th (finish) $3,120,600
1 South Park Paseo (public) $328,900
1 South Park Paseo (private) $2,277,900
2 Lot 53- open space along RY Blvd from 10th to 12th $175,714 Central Shops Open Space
1 Phase 1 (ph1 plaza, private streets) $19,134,771
1 Lot 21b (West) $2,072,070
1 Lot 21b interior/south $4,662,158
1 Stanford Grand Staircase $2,000,000
Judah Street
2 Judah Street finish $2,596,125
Stanford
1 RY to Camille $4,097,048
1 Intersection Relocation at Railyards $1,016,600
2 Huntington Street $2,476,425
2 Bercut from Camille to End $4,629,434
1 Bercut from RY to Camille (unfunded portion) $300,000 1 East RT Station $15,136,878
1 Intermodal Tunnel Entrance $4,141,200
2 Public Parks $29,206,301
1 Pump Station Outfall (unfunded portion) $5,000,000
1 Land Acquisition for City Facilities $14,000,000
2 Acquisition, construction, or repair of industrial structures for private use $46,000,000 TOTAL $214,924,203
Source: DRV, Indomitable, City of Sacramento
Notes:

4. Authorized City Facilities may be included within the Sacramento Valley Station Plan Area.

1. Design of infrastructure items shown here has not completed, and these values have been provided for generalized budgeting.

5. Additional Authorized Facilities may include affordable housing and parking facilities.

3. Full scope of demolition, earthwork, or unknown subsurface conditions, including geotechnical and environmental considerations are not known at this time, and may affect the values shown herein.

2. Reliance on these generalized budgetary numbers are at the user's discretion and risk.

Stantec does not guarantee the accuracy of these, or any, budgetary numbers without completing final design and formal estimation
ATTACHMENT D:

Tax Increment Revenue Forecast and
RASA Cash Flow Model
S
ection D-1 Revenue Projections
Section D-2 Railyards
Section D-3 RASA Cash Flow Model
Section D-4 RDA Tax Increment Projections
DRAFT
Table D-1.1
City of Sacramento Railyards EIFD
Summary of EIFD Revenue Projections by Area
EIFD Year Fiscal Year Railyards East Railyards West
Total Railyards
EIFD Railyards East Railyards West
Total Railyards
EIFD
Base Year FY 2018-19 $0 $0 $0 $0 $0 $0
1 FY 2019-20 $0 $0 $0 $0 $0 $0
2 FY 2020-21 $90 $0 $90 $90 $0 $90
3 FY 2021-22 $192 $0 $192 $282 $0 $282
4 FY 2022-23 $196 $0 $196 $478 $0 $478
5 FY 2023-24 $200 $0 $200 $678 $0 $678
6 FY 2024-25 $204 $0 $204 $882 $0 $882
7 FY 2025-26 $380 $1,948 $2,328 $1,263 $1,948 $3,210
8 FY 2026-27 $4,312 $140,859 $145,171 $5,575 $142,807 $148,382 9 FY 2027-28 $4,442 $145,189 $149,631 $10,017 $287,996 $298,012 10 FY 2028-29 $281,728 $404,302 $686,030 $291,745 $692,298 $984,043 11 FY 2029-30 $543,821 $423,462 $967,282 $835,565 $1,115,759 $1,951,325 12 FY 2030-31 $672,283 $787,355 $1,459,638 $1,507,849 $1,903,114 $3,410,963 13 FY 2031-32 $815,582 $1,465,793 $2,281,375 $2,323,431 $3,368,908 $5,692,338 14 FY 2032-33 $1,323,246 $2,815,372 $4,138,618 $3,646,677 $6,184,280 $9,830,956 15 FY 2033-34 $1,642,597 $4,160,592 $5,803,188 $5,289,273 $10,344,871 $15,634,145 16 FY 2034-35 $1,649,453 $4,835,357 $6,484,810 $6,938,726 $15,180,229 $22,118,955 17 FY 2035-36 $2,032,670 $6,728,589 $8,761,259 $8,971,396 $21,908,817 $30,880,214 18 FY 2036-37 $2,351,355 $7,492,493 $9,843,849 $11,322,752 $29,401,311 $40,724,062 19 FY 2037-38 $3,039,709 $7,880,390 $10,920,100 $14,362,461 $37,281,701 $51,644,162 20 FY 2038-39 $3,720,990 $8,933,826 $12,654,817 $18,083,451 $46,215,527 $64,298,979 21 FY 2039-40 $4,053,409 $9,131,507 $13,184,916 $22,136,860 $55,347,035 $77,483,894 22 FY 2040-41 $4,135,371 $9,316,151 $13,451,522 $26,272,230 $64,663,186 $90,935,416 23 FY 2041-42 $4,597,745 $9,517,796 $14,115,541 $30,869,976 $74,180,982 $105,050,957 24 FY 2042-43 $4,690,647 $9,710,112 $14,400,760 $35,560,623 $83,891,094 $119,451,717 25 FY 2043-44 $4,785,407 $9,906,275 $14,691,682 $40,346,030 $93,797,369 $134,143,400 26 FY 2044-45 $4,882,062 $10,106,361 $14,988,424 $45,228,092 $103,903,731 $149,131,823 27 FY 2045-46 $4,980,651 $10,310,449 $15,291,100 $50,208,743 $114,214,180 $164,422,923 28 FY 2046-47 $5,081,211 $10,518,619 $15,599,829 $55,289,954 $124,732,798 $180,022,752 29 FY 2047-48 $5,183,782 $10,730,952 $15,914,733 $60,473,735 $135,463,750 $195,937,485 30 FY 2048-49 $5,288,405 $10,947,531 $16,235,936 $65,762,140 $146,411,281 $212,173,421 31 FY 2049-50 $5,395,120 $11,168,442 $16,563,562 $71,157,260 $157,579,723 $228,736,983 32 FY 2050-51 $5,503,969 $11,393,772 $16,897,741 $76,661,229 $168,973,495 $245,634,723 33 FY 2051-52 $5,614,995 $11,623,608 $17,238,603 $82,276,224 $180,597,102 $262,873,326 34 FY 2052-53 $5,728,242 $11,858,040 $17,586,283 $88,004,466 $192,455,143 $280,459,609 35 FY 2053-54 $5,843,754 $12,097,162 $17,940,916 $93,848,221 $204,552,304 $298,400,525 36 FY 2054-55 $5,961,576 $12,341,065 $18,302,642 $99,809,797 $216,893,370 $316,703,167 37 FY 2055-56 $6,081,755 $12,589,847 $18,671,602 $105,891,552 $229,483,217 $335,374,769 38 FY 2056-57 $6,204,337 $12,843,605 $19,047,942 $112,095,889 $242,326,822 $354,422,711 39 FY 2057-58 $6,329,371 $13,102,437 $19,431,808 $118,425,259 $255,429,259 $373,854,519 40 FY 2058-59 $6,456,905 $13,366,447 $19,823,352 $124,882,165 $268,795,706 $393,677,871 41 FY 2059-60 $6,586,990 $13,635,736 $20,222,726 $131,469,155 $282,431,442 $413,900,597 42 FY 2060-61 $6,719,677 $13,910,411 $20,630,089 $138,188,832 $296,341,854 $434,530,686 43 FY 2061-62 $6,855,018 $14,190,580 $21,045,598 $145,043,850 $310,532,434 $455,576,283 44 FY 2062-63 $6,993,065 $14,476,352 $21,469,417 $152,036,915 $325,008,786 $477,045,701 45 FY 2063-64 $7,133,873 $14,767,840 $21,901,713 $159,170,788 $339,776,626 $498,947,414 46 FY 2064-65 $7,277,498 $15,065,157 $22,342,655 $166,448,286 $354,841,784 $521,290,069 47 FY 2065-66 $7,423,995 $15,368,421 $22,792,416 $173,872,281 $370,210,205 $544,082,485 48 FY 2066-67 $7,573,422 $15,677,750 $23,251,172 $181,445,702 $385,887,954 $567,333,657 49 FY 2067-68 $7,725,837 $15,993,266 $23,719,103 $189,171,540 $401,881,220 $591,052,760 50 FY 2068-69 $7,881,301 $16,315,091 $24,196,392 $197,052,840 $418,196,311 $615,249,152 51 FY 2069-70 $8,039,874 $16,643,354 $24,683,228 $205,092,714 $434,839,665 $639,932,380 52 FY 2070-71 $8,201,618 $16,978,181 $25,179,800 $213,294,333 $451,817,846 $665,112,179 53 FY 2071-72 $8,366,598 $17,319,706 $25,686,303 $221,660,931 $469,137,552 $690,798,483 54 FY 2072-73 $8,534,877 $17,668,060 $26,202,937 $230,195,808 $486,805,612 $717,001,420 55 FY 2073-74 $8,706,521 $18,023,382 $26,729,903 $238,902,329 $504,828,994 $743,731,323 56 FY 2074-75 $8,881,599 $18,385,810 $27,267,409 $247,783,928 $523,214,804 $770,998,732 Annual EIFD Revenues Cumulative EIFD Revenues
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-1.2
City of Sacramento Railyards EIFD
EIFD Revenue Projections by Area - Allocation Summary
EIFD Year
1 FY 2019-20 $0 $0 $0 $0 $0 $0 0% 0% 0% $0 $0 $0 $0 $0 $0 $0 2 FY 2020-21 $0 $0 $0 $0 $0 $0 0% 0% 0% $0 $0 $0 $90 $90 $0 $90 3 FY 2021-22 $0 $0 $0 $0 $0 $0 0% 0% 0% $0 $0 $0 $192 $192 $0 $192 4 FY 2022-23 $0 $0 $0 $0 $0 $0 0% 0% 0% $0 $0 $0 $196 $196 $0 $196 5 FY 2023-24 $0 $0 $0 $0 $0 $0 0% 0% 0% $0 $0 $0 $200 $200 $0 $200 6 FY 2024-25 $0 $0 $0 $4,932,129 $55,758,050 $60,690,179 0% 0% 0% $0 $0 $0 $204 $204 $0 $204 7 FY 2025-26 $0 $0 $0 $4,932,129 $55,758,050 $60,690,179 8% 92% 100% $172 $1,948 $2,120 $208 $380 $1,948 $2,328 8 FY 2026-27 $0 $113,712,000 $113,712,000 $4,932,129 $169,470,050 $174,402,179 3% 97% 100% $4,099 $140,859 $144,959 $212 $4,312 $140,859 $145,171 9 FY 2027-28 $0 $0 $0 $4,932,129 $169,470,050 $174,402,179 3% 97% 100% $4,225 $145,189 $149,414 $217 $4,442 $145,189 $149,631 10 FY 2028-29 $237,121,759 $178,169,137 $415,290,896 $242,053,888 $347,639,187 $589,693,075 41% 59% 100% $281,507 $404,302 $685,809 $221 $281,728 $404,302 $686,030 11 FY 2029-30 $204,208,598 $0 $204,208,598 $446,262,486 $347,639,187 $793,901,673 56% 44% 100% $543,595 $423,462 $967,057 $225 $543,821 $423,462 $967,282 12 FY 2030-31 $83,595,801 $273,124,972 $356,720,773 $529,858,286 $620,764,159 $1,150,622,445 46% 54% 100% $672,053 $787,355 $1,459,408 $230 $672,283 $787,355 $1,459,638 13 FY 2031-32 $71,804,789 $460,876,723 $532,681,512 $601,663,075 $1,081,640,882 $1,683,303,957 36% 64% 100% $815,348 $1,465,793 $2,281,141 $234 $815,582 $1,465,793 $2,281,375 14 FY 2032-33 $302,576,559 $842,590,890 $1,145,167,449 $904,239,635 $1,924,231,772 $2,828,471,406 32% 68% 100% $1,323,006 $2,815,372 $4,138,378 $239 $1,323,246 $2,815,372 $4,138,618 15 FY 2033-34 $122,016,024 $675,593,820 $797,609,844 $1,026,255,658 $2,599,825,592 $3,626,081,250 28% 72% 100% $1,642,353 $4,160,592 $5,802,945 $244 $1,642,597 $4,160,592 $5,803,188 16 FY 2034-35 $78,463,031 $639,136,620 $717,599,651 $1,104,718,690 $3,238,962,212 $4,343,680,901 25% 75% 100% $1,649,204 $4,835,357 $6,484,562 $249 $1,649,453 $4,835,357 $6,484,810 17 FY 2035-36 $80,816,922 $685,913,417 $766,730,340 $1,185,535,612 $3,924,875,629 $5,110,411,241 23% 77% 100% $2,032,416 $6,728,589 $8,761,005 $254 $2,032,670 $6,728,589 $8,761,259 18 FY 2036-37 $99,817,758 $171,298,942 $271,116,699 $1,285,353,370 $4,096,174,571 $5,381,527,940 24% 76% 100% $2,351,096 $7,492,493 $9,843,590 $259 $2,351,355 $7,492,493 $9,843,849 19 FY 2037-38 $294,530,207 $0 $294,530,207 $1,579,883,577 $4,096,174,571 $5,676,058,148 28% 72% 100% $3,039,445 $7,880,390 $10,919,835 $264 $3,039,709 $7,880,390 $10,920,100 20 FY 2038-39 $126,073,309 $0 $126,073,309 $1,705,956,886 $4,096,174,571 $5,802,131,457 29% 71% 100% $3,720,721 $8,933,826 $12,654,547 $269 $3,720,990 $8,933,826 $12,654,817 21 FY 2039-40 $112,181,443 $0 $112,181,443 $1,818,138,329 $4,096,174,571 $5,914,312,900 31% 69% 100% $4,053,134 $9,131,507 $13,184,641 $275 $4,053,409 $9,131,507 $13,184,916 22 FY 2040-41 $0 $0 $0 $1,818,138,329 $4,096,174,571 $5,914,312,900 31% 69% 100% $4,135,090 $9,316,151 $13,451,242 $280 $4,135,371 $9,316,151 $13,451,522 23 FY 2041-42 $160,470,644 $0 $160,470,644 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $4,597,459 $9,517,796 $14,115,255 $286 $4,597,745 $9,517,796 $14,115,541 24 FY 2042-43 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $4,690,356 $9,710,112 $14,400,468 $292 $4,690,647 $9,710,112 $14,400,760 25 FY 2043-44 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $4,785,110 $9,906,275 $14,691,385 $297 $4,785,407 $9,906,275 $14,691,682 26 FY 2044-45 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $4,881,759 $10,106,361 $14,988,120 $303 $4,882,062 $10,106,361 $14,988,424 27 FY 2045-46 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $4,980,341 $10,310,449 $15,290,790 $309 $4,980,651 $10,310,449 $15,291,100 28 FY 2046-47 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,080,895 $10,518,619 $15,599,514 $316 $5,081,211 $10,518,619 $15,599,829 29 FY 2047-48 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,183,460 $10,730,952 $15,914,411 $322 $5,183,782 $10,730,952 $15,914,733 30 FY 2048-49 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,288,076 $10,947,531 $16,235,607 $328 $5,288,405 $10,947,531 $16,235,936 31 FY 2049-50 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,394,785 $11,168,442 $16,563,227 $335 $5,395,120 $11,168,442 $16,563,562 32 FY 2050-51 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,503,627 $11,393,772 $16,897,399 $342 $5,503,969 $11,393,772 $16,897,741 33 FY 2051-52 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,614,647 $11,623,608 $17,238,255 $348 $5,614,995 $11,623,608 $17,238,603 34 FY 2052-53 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,727,887 $11,858,040 $17,585,927 $355 $5,728,242 $11,858,040 $17,586,283 35 FY 2053-54 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,843,392 $12,097,162 $17,940,553 $362 $5,843,754 $12,097,162 $17,940,916 36 FY 2054-55 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $5,961,207 $12,341,065 $18,302,272 $370 $5,961,576 $12,341,065 $18,302,642 37 FY 2055-56 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,081,378 $12,589,847 $18,671,225 $377 $6,081,755 $12,589,847 $18,671,602 38 FY 2056-57 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,203,952 $12,843,605 $19,047,557 $385 $6,204,337 $12,843,605 $19,047,942 39 FY 2057-58 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,328,978 $13,102,437 $19,431,416 $392 $6,329,371 $13,102,437 $19,431,808 40 FY 2058-59 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,456,505 $13,366,447 $19,822,952 $400 $6,456,905 $13,366,447 $19,823,352 41 FY 2059-60 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,586,582 $13,635,736 $20,222,318 $408 $6,586,990 $13,635,736 $20,222,726 42 FY 2060-61 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,719,261 $13,910,411 $20,629,672 $416 $6,719,677 $13,910,411 $20,630,089 43 FY 2061-62 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,854,593 $14,190,580 $21,045,173 $425 $6,855,018 $14,190,580 $21,045,598 44 FY 2062-63 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $6,992,632 $14,476,352 $21,468,984 $433 $6,993,065 $14,476,352 $21,469,417 45 FY 2063-64 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,133,431 $14,767,840 $21,901,271 $442 $7,133,873 $14,767,840 $21,901,713 46 FY 2064-65 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,277,047 $15,065,157 $22,342,204 $451 $7,277,498 $15,065,157 $22,342,655 47 FY 2065-66 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,423,535 $15,368,421 $22,791,956 $460 $7,423,995 $15,368,421 $22,792,416 48 FY 2066-67 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,572,953 $15,677,750 $23,250,703 $469 $7,573,422 $15,677,750 $23,251,172 49 FY 2067-68 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,725,359 $15,993,266 $23,718,624 $478 $7,725,837 $15,993,266 $23,719,103 50 FY 2068-69 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $7,880,813 $16,315,091 $24,195,904 $488 $7,881,301 $16,315,091 $24,196,392 51 FY 2069-70 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,039,376 $16,643,354 $24,682,730 $498 $8,039,874 $16,643,354 $24,683,228 52 FY 2070-71 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,201,111 $16,978,181 $25,179,292 $508 $8,201,618 $16,978,181 $25,179,800 53 FY 2071-72 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,366,080 $17,319,706 $25,685,786 $518 $8,366,598 $17,319,706 $25,686,303 54 FY 2072-73 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,534,349 $17,668,060 $26,202,409 $528 $8,534,877 $17,668,060 $26,202,937 55 FY 2073-74 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,705,983 $18,023,382 $26,729,365 $539 $8,706,521 $18,023,382 $26,729,903 56 FY 2074-75 $0 $0 $0 $1,978,608,973 $4,096,174,571 $6,074,783,544 33% 67% 100% $8,881,049 $18,385,810 $27,266,860 $549 $8,881,599 $18,385,810 $27,267,409 Source: EPS.
[1] For all EIFD revenues contributed following formation of the amended Railyards EIFD in 2025, revenues are allocated based on the proportional share of AV in each boundary area. [2] Railyards East revenues are based on the initial EIFD base year of 2019 and have been escalated by an annual escalation factor. This represents the growth in assessed value that has occurred from the initial formation of the Stadium Area EIFD and the current expansion.

Fiscal Year
Annual Assessed Value
Railyards East Railyards West
Total Railyards
EIFD Railyards East Railyards West
Total Railyards
EIFD Railyards East
Cumulative Assessed Value
Railyards East Railyards West
Total Railyards
EIFD
Percentage Share of RY Revenues
Total Railyards
EIFD
Base Year 2025 and Beyond [1]
Allocated EIFD Revenues
Railyards East
EIFD Revenues
(Prior to 2025) [2]
Total EIFD Contribution
Railyards East Railyards West
Total Railyards
EIFDRailyards West
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-2.1
City of Sacramento Railyards EIFD
Railyards EIFD Revenue Summary
Base Year FY 2018-19 $0 $0 $0
1 FY 2019-20 $0 $0 $0
2 FY 2020-21 $90 $0 $90
3 FY 2021-22 $192 $0 $192
4 FY 2022-23 $196 $0 $196
5 FY 2023-24 $200 $0 $200
6 FY 2024-25 $204 $0 $204
7 FY 2025-26 $208 $2,120 $2,328
8 FY 2026-27 $212 $144,959 $145,171
9 FY 2027-28 $217 $149,414 $149,631
10 FY 2028-29 $221 $685,809 $686,030
11 FY 2029-30 $225 $967,057 $967,282
12 FY 2030-31 $230 $1,459,408 $1,459,638
13 FY 2031-32 $234 $2,281,141 $2,281,375
14 FY 2032-33 $239 $4,138,378 $4,138,618
15 FY 2033-34 $244 $5,802,945 $5,803,188
16 FY 2034-35 $249 $6,484,562 $6,484,810
17 FY 2035-36 $254 $8,761,005 $8,761,259
18 FY 2036-37 $259 $9,843,590 $9,843,849
19 FY 2037-38 $264 $10,919,835 $10,920,100
20 FY 2038-39 $269 $12,654,547 $12,654,817
21 FY 2039-40 $275 $13,184,641 $13,184,916
22 FY 2040-41 $280 $13,451,242 $13,451,522
23 FY 2041-42 $286 $14,115,255 $14,115,541
24 FY 2042-43 $292 $14,400,468 $14,400,760
25 FY 2043-44 $297 $14,691,385 $14,691,682
26 FY 2044-45 $303 $14,988,120 $14,988,424
27 FY 2045-46 $309 $15,290,790 $15,291,100
28 FY 2046-47 $316 $15,599,514 $15,599,829
29 FY 2047-48 $322 $15,914,411 $15,914,733
30 FY 2048-49 $328 $16,235,607 $16,235,936
31 FY 2049-50 $335 $16,563,227 $16,563,562
32 FY 2050-51 $342 $16,897,399 $16,897,741
33 FY 2051-52 $348 $17,238,255 $17,238,603
34 FY 2052-53 $355 $17,585,927 $17,586,283
35 FY 2053-54 $362 $17,940,553 $17,940,916
36 FY 2054-55 $370 $18,302,272 $18,302,642
37 FY 2055-56 $377 $18,671,225 $18,671,602
38 FY 2056-57 $385 $19,047,557 $19,047,942
39 FY 2057-58 $392 $19,431,416 $19,431,808
40 FY 2058-59 $400 $19,822,952 $19,823,352
41 FY 2059-60 $408 $20,222,318 $20,222,726
42 FY 2060-61 $416 $20,629,672 $20,630,089
43 FY 2061-62 $425 $21,045,173 $21,045,598
44 FY 2062-63 $433 $21,468,984 $21,469,417
45 FY 2063-64 $442 $21,901,271 $21,901,713
46 FY 2064-65 $451 $22,342,204 $22,342,655
47 FY 2065-66 $460 $22,791,956 $22,792,416
48 FY 2066-67 $469 $23,250,703 $23,251,172
49 FY 2067-68 $478 $23,718,624 $23,719,103
50 FY 2068-69 $488 $24,195,904 $24,196,392
51 FY 2069-70 $498 $24,682,730 $24,683,228
52 FY 2070-71 $508 $25,179,292 $25,179,800
53 FY 2071-72 $518 $25,685,786 $25,686,303
54 FY 2072-73 $528 $26,202,409 $26,202,937
55 FY 2073-74 $539 $26,729,365 $26,729,903
56 FY 2074-75 $549 $27,266,860 $27,267,409
EIFD Year
Estimated
Stadium EIFD
RevenuesFiscal Year
Estimated
Expanded EIFD
Revenues
Total EIFD
Revenues
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-2.2
City of Sacramento Railyards EIFD
Railyards EIFD Share of RPTTF Revenues - Railyards RDA [1] EIFD Year Fiscal Year
Railyards
Project Area
RPTTF
Revenues
City
Share of
RPTTF [2]
Less Innovation
and Growth Fund
Contribution
Net City
Share of RPTTF
(net of IGF)
Railyards
EIFD Revenues Less Administration
Net
Railyards EIFD
Revenues
Formula A = Table D-3.7 D = C * 0.2572 E = Table B-8 F = D + E E = D * 100% H = G * 5% I = G + H Base Year FY 2024-25 [3] $22,560 $5,802 ($4,969) $833 $833 ($42) $0 1 FY 2025-26 $28,578 $7,350 ($5,119) $2,231 $2,231 ($112) $2,120 2 FY 2026-27 $613,585 $157,809 ($5,221) $152,588 $152,588 ($7,629) $144,959 3 FY 2027-28 $632,227 $162,604 ($5,325) $157,278 $157,278 ($7,864) $149,414 4 FY 2028-29 $2,827,991 $727,336 ($5,432) $721,904 $721,904 ($36,095) $685,809 5 FY 2029-30 $3,979,501 $1,023,495 ($5,540) $1,017,955 $1,017,955 ($50,898) $967,057 6 FY 2030-31 $5,995,023 $1,541,871 ($5,651) $1,536,219 $1,536,219 ($76,811) $1,459,408 7 FY 2031-32 $9,358,639 $2,406,965 ($5,764) $2,401,201 $2,401,201 ($120,060) $2,281,141 8 FY 2032-33 $16,960,367 $4,362,067 ($5,880) $4,356,188 $4,356,188 ($217,809) $4,138,378 9 FY 2033-34 $23,773,541 $6,114,360 ($5,997) $6,108,363 $6,108,363 ($305,418) $5,802,945 10 FY 2034-35 $26,563,722 $6,831,971 ($6,117) $6,825,854 $6,825,854 ($341,293) $6,484,562 11 FY 2035-36 $35,881,199 $9,228,350 ($6,239) $9,222,111 $9,222,111 ($461,106) $8,761,005 12 FY 2036-37 $40,312,474 $10,368,038 ($6,364) $10,361,673 $10,361,673 ($518,084) $9,843,590 13 FY 2037-38 $44,717,815 $11,501,055 ($6,492) $11,494,564 $11,494,564 ($574,728) $10,919,835 Source: EPS.
[1] Assumes termination of RDA in 2038 when all debt service and enforceable obligations resolved. [4] EIFD revenues are not anticipated the year of formation. [2] Distribution factors based on the AB 1290 factors for this distribution.

City Share
[3] See Table D-3.8 for calculation of Innovation and Growth Fund Contribution.

Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-2.3
City of Sacramento Railyards EIFD
Estimated Railyards EIFD Share of Post-RDA Property Tax Revenues EIFD Year Fiscal Year
Estimated
Assessed Value
Incremental
Value
1%
Property
Tax
Estimated
City Share
Less Pass
Through
Revenues [1] Net City Share
Share
Dedicated to
Railyards
EIFD
Less
Administration
Net
Railyards
EIFD
Revenues
Formula A = Table D-2.4 of Att. D B = A - Base Year Value C = B * 1% D = C * 25.72% E F = D + E G = F * 100% H = G * 5% I = G + H 0 Base Year $59,500,175
14 FY 2038-39 $6,472,095,357 $6,412,595,182 $64,125,952 $16,492,669 ($3,172,093) $13,320,576 $13,320,576 ($666,029) $12,654,547 15 FY 2039-40 $6,713,718,707 $6,654,218,532 $66,542,185 $17,114,104 ($3,235,535) $13,878,570 $13,878,570 ($693,928) $13,184,641 16 FY 2040-41 $6,847,993,081 $6,788,492,906 $67,884,929 $17,459,447 ($3,300,245) $14,159,202 $14,159,202 ($707,960) $13,451,242 17 FY 2041-42 $7,145,423,586 $7,085,923,411 $70,859,234 $18,224,414 ($3,366,250) $14,858,164 $14,858,164 ($742,908) $14,115,255 18 FY 2042-43 $7,288,332,058 $7,228,831,883 $72,288,319 $18,591,963 ($3,433,575) $15,158,387 $15,158,387 ($757,919) $14,400,468 19 FY 2043-44 $7,434,098,699 $7,374,598,524 $73,745,985 $18,966,863 ($3,502,247) $15,464,616 $15,464,616 ($773,231) $14,691,385 20 FY 2044-45 $7,582,780,673 $7,523,280,498 $75,232,805 $19,349,260 ($3,572,292) $15,776,969 $15,776,969 ($788,848) $14,988,120 21 FY 2045-46 $7,734,436,287 $7,674,936,112 $76,749,361 $19,739,306 ($3,643,738) $16,095,569 $16,095,569 ($804,778) $15,290,790 22 FY 2046-47 $7,889,125,013 $7,829,624,838 $78,296,248 $20,137,153 ($3,716,612) $16,420,541 $16,420,541 ($821,027) $15,599,514 23 FY 2047-48 $8,046,907,513 $7,987,407,338 $79,874,073 $20,542,957 ($3,790,945) $16,752,012 $16,752,012 ($837,601) $15,914,411 24 FY 2048-49 $8,207,845,663 $8,148,345,488 $81,483,455 $20,956,876 ($3,866,763) $17,090,113 $17,090,113 ($854,506) $16,235,607 25 FY 2049-50 $8,372,002,576 $8,312,502,401 $83,125,024 $21,379,074 ($3,944,099) $17,434,976 $17,434,976 ($871,749) $16,563,227 26 FY 2050-51 $8,539,442,628 $8,479,942,453 $84,799,425 $21,809,717 ($4,022,981) $17,786,736 $17,786,736 ($889,337) $16,897,399 27 FY 2051-52 $8,710,231,480 $8,650,731,305 $86,507,313 $22,248,971 ($4,103,440) $18,145,531 $18,145,531 ($907,277) $17,238,255 28 FY 2052-53 $8,884,436,110 $8,824,935,935 $88,249,359 $22,697,011 ($4,185,509) $18,511,502 $18,511,502 ($925,575) $17,585,927 29 FY 2053-54 $9,062,124,832 $9,002,624,657 $90,026,247 $23,154,012 ($4,269,219) $18,884,793 $18,884,793 ($944,240) $17,940,553 30 FY 2054-55 $9,243,367,329 $9,183,867,154 $91,838,672 $23,620,153 ($4,354,604) $19,265,549 $19,265,549 ($963,277) $18,302,272 31 FY 2055-56 $9,428,234,675 $9,368,734,500 $93,687,345 $24,095,617 ($4,441,696) $19,653,921 $19,653,921 ($982,696) $18,671,225 32 FY 2056-57 $9,616,799,369 $9,557,299,194 $95,572,992 $24,580,590 ($4,530,530) $20,050,060 $20,050,060 ($1,002,503) $19,047,557 33 FY 2057-58 $9,809,135,356 $9,749,635,181 $97,496,352 $25,075,262 ($4,621,140) $20,454,122 $20,454,122 ($1,022,706) $19,431,416 34 FY 2058-59 $10,005,318,063 $9,945,817,888 $99,458,179 $25,579,828 ($4,713,563) $20,866,265 $20,866,265 ($1,043,313) $19,822,952 35 FY 2059-60 $10,205,424,425 $10,145,924,250 $101,459,242 $26,094,485 ($4,807,834) $21,286,651 $21,286,651 ($1,064,333) $20,222,318 36 FY 2060-61 $10,409,532,913 $10,350,032,738 $103,500,327 $26,619,435 ($4,903,991) $21,715,444 $21,715,444 ($1,085,772) $20,629,672 37 FY 2061-62 $10,617,723,571 $10,558,223,396 $105,582,234 $27,154,885 ($5,002,071) $22,152,814 $22,152,814 ($1,107,641) $21,045,173 38 FY 2062-63 $10,830,078,043 $10,770,577,868 $107,705,779 $27,701,043 ($5,102,112) $22,598,931 $22,598,931 ($1,129,947) $21,468,984 39 FY 2063-64 $11,046,679,604 $10,987,179,429 $109,871,794 $28,258,124 ($5,204,154) $23,053,970 $23,053,970 ($1,152,698) $21,901,271 40 FY 2064-65 $11,267,613,196 $11,208,113,021 $112,081,130 $28,826,348 ($5,308,238) $23,518,110 $23,518,110 ($1,175,905) $22,342,204 41 FY 2065-66 $11,492,965,460 $11,433,465,285 $114,334,653 $29,405,935 ($5,414,402) $23,991,533 $23,991,533 ($1,199,577) $22,791,956 42 FY 2066-67 $11,722,824,769 $11,663,324,594 $116,633,246 $29,997,114 ($5,522,690) $24,474,424 $24,474,424 ($1,223,721) $23,250,703 43 FY 2067-68 $11,957,281,264 $11,897,781,089 $118,977,811 $30,600,117 ($5,633,144) $24,966,973 $24,966,973 ($1,248,349) $23,718,624 44 FY 2068-69 $12,196,426,890 $12,136,926,715 $121,369,267 $31,215,180 ($5,745,807) $25,469,373 $25,469,373 ($1,273,469) $24,195,904 45 FY 2069-70 $12,440,355,427 $12,380,855,252 $123,808,553 $31,842,544 ($5,860,723) $25,981,821 $25,981,821 ($1,299,091) $24,682,730 46 FY 2070-71 $12,689,162,536 $12,629,662,361 $126,296,624 $32,482,456 ($5,977,938) $26,504,518 $26,504,518 ($1,325,226) $25,179,292 47 FY 2071-72 $12,942,945,787 $12,883,445,612 $128,834,456 $33,135,166 ($6,097,496) $27,037,669 $27,037,669 ($1,351,883) $25,685,786 48 FY 2072-73 $13,201,804,702 $13,142,304,527 $131,423,045 $33,800,929 ($6,219,446) $27,581,483 $27,581,483 ($1,379,074) $26,202,409 49 FY 2073-74 $13,465,840,796 $13,406,340,621 $134,063,406 $34,480,009 ($6,343,835) $28,136,173 $28,136,173 ($1,406,809) $26,729,365 50 FY 2074-75 $13,735,157,612 $13,675,657,437 $136,756,574 $35,172,669 ($6,470,712) $28,701,957 $28,701,957 ($1,435,098) $27,266,860 Source: EPS.

City Share of Property Tax and EIFD Contribution
[1] Reflects estimated pass through revenue that the City would receive via the RDA as of 2038, escalated by 2 percent annually.

Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-2.4
City of Sacramento Railyards EIFD
Estimated Railyards Area EIFD Assessed Value Growth
Expanded
EIFD Year
Calendar
Year Fiscal Year
Beginning
Assessed
Value [1]
2%
Growth
Assessed Value
from New
Development [2]
Ending
Assessed
Value
Base Year 2024 FY 2024-25 $59,500,175 $1,190,004 $0 $60,690,179 1 2025 FY 2025-26 $60,690,179 $1,213,804 $113,712,000 $175,615,982 2 2026 FY 2026-27 $175,615,982 $3,512,320 $0 $179,128,302 3 2027 FY 2027-28 $179,128,302 $3,582,566 $415,290,896 $598,001,764 4 2028 FY 2028-29 $598,001,764 $11,960,035 $204,208,598 $814,170,397 5 2029 FY 2029-30 $814,170,397 $16,283,408 $356,720,773 $1,187,174,578 6 2030 FY 2030-31 $1,187,174,578 $23,743,492 $532,681,512 $1,743,599,581 7 2031 FY 2031-32 $1,743,599,581 $34,871,992 $1,145,167,449 $2,923,639,022 8 2032 FY 2032-33 $2,923,639,022 $58,472,780 $797,609,844 $3,779,721,646 9 2033 FY 2033-34 $3,779,721,646 $75,594,433 $717,599,651 $4,572,915,730 10 2034 FY 2034-35 $4,572,915,730 $91,458,315 $766,730,340 $5,431,104,385 11 2035 FY 2035-36 $5,431,104,385 $108,622,088 $271,116,699 $5,810,843,172 12 2036 FY 2036-37 $5,810,843,172 $116,216,863 $294,530,207 $6,221,590,242 13 2037 FY 2037-38 $6,221,590,242 $124,431,805 $126,073,309 $6,472,095,357 14 2038 FY 2038-39 $6,472,095,357 $129,441,907 $112,181,443 $6,713,718,707 15 2039 FY 2039-40 $6,713,718,707 $134,274,374 $0 $6,847,993,081 16 2040 FY 2040-41 $6,847,993,081 $136,959,862 $160,470,644 $7,145,423,586 17 2041 FY 2041-42 $7,145,423,586 $142,908,472 $0 $7,288,332,058 18 2042 FY 2042-43 $7,288,332,058 $145,766,641 $0 $7,434,098,699 19 2043 FY 2043-44 $7,434,098,699 $148,681,974 $0 $7,582,780,673 20 2044 FY 2044-45 $7,582,780,673 $151,655,613 $0 $7,734,436,287 21 2045 FY 2045-46 $7,734,436,287 $154,688,726 $0 $7,889,125,013 22 2046 FY 2046-47 $7,889,125,013 $157,782,500 $0 $8,046,907,513 23 2047 FY 2047-48 $8,046,907,513 $160,938,150 $0 $8,207,845,663 24 2048 FY 2048-49 $8,207,845,663 $164,156,913 $0 $8,372,002,576 25 2049 FY 2049-50 $8,372,002,576 $167,440,052 $0 $8,539,442,628 26 2050 FY 2050-51 $8,539,442,628 $170,788,853 $0 $8,710,231,480 27 2051 FY 2051-52 $8,710,231,480 $174,204,630 $0 $8,884,436,110 28 2052 FY 2052-53 $8,884,436,110 $177,688,722 $0 $9,062,124,832 29 2053 FY 2053-54 $9,062,124,832 $181,242,497 $0 $9,243,367,329 30 2054 FY 2054-55 $9,243,367,329 $184,867,347 $0 $9,428,234,675 31 2055 FY 2055-56 $9,428,234,675 $188,564,694 $0 $9,616,799,369 32 2056 FY 2056-57 $9,616,799,369 $192,335,987 $0 $9,809,135,356 33 2057 FY 2057-58 $9,809,135,356 $196,182,707 $0 $10,005,318,063 34 2058 FY 2058-59 $10,005,318,063 $200,106,361 $0 $10,205,424,425 35 2059 FY 2059-60 $10,205,424,425 $204,108,488 $0 $10,409,532,913 36 2060 FY 2060-61 $10,409,532,913 $208,190,658 $0 $10,617,723,571 37 2061 FY 2061-62 $10,617,723,571 $212,354,471 $0 $10,830,078,043 38 2062 FY 2062-63 $10,830,078,043 $216,601,561 $0 $11,046,679,604 39 2063 FY 2063-64 $11,046,679,604 $220,933,592 $0 $11,267,613,196 40 2064 FY 2064-65 $11,267,613,196 $225,352,264 $0 $11,492,965,460 41 2065 FY 2065-66 $11,492,965,460 $229,859,309 $0 $11,722,824,769 42 2066 FY 2066-67 $11,722,824,769 $234,456,495 $0 $11,957,281,264 43 2067 FY 2067-68 $11,957,281,264 $239,145,625 $0 $12,196,426,890 44 2068 FY 2068-69 $12,196,426,890 $243,928,538 $0 $12,440,355,427 45 2069 FY 2069-70 $12,440,355,427 $248,807,109 $0 $12,689,162,536 46 2070 FY 2070-71 $12,689,162,536 $253,783,251 $0 $12,942,945,787 47 2071 FY 2071-72 $12,942,945,787 $258,858,916 $0 $13,201,804,702 48 2072 FY 2072-73 $13,201,804,702 $264,036,094 $0 $13,465,840,796 49 2073 FY 2073-74 $13,465,840,796 $269,316,816 $0 $13,735,157,612 50 2074 FY 2074-75 $13,735,157,612 $274,703,152 $0 $14,009,860,765 [2] Includes the full Railyards Specific Plan area.
[1] Beginning Assessed Values are the basis for EIFD revenues. Ending Assessed Values are shown only to illustrat e how the next fiscal year's Beginning AV is derived, incorporating 2% growth and newly added AV of the prior fiscal year.

Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT

Table D-2.5
City of Sacramento Railyards EIFD
Overall Railyards Cumulative Absorption (Calendar Year) Land Use Unit 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Residential Land Uses
Multifamily - Market Rate Units 0 276 276 587 587 993 993 2,267 2,782 3,419 Multifamily - Affordable Units 150 219 219 219 219 219 219 285 500 500 Subtotal Residential (Units) Units 150 495 495 806 806 1,212 1,212 2,552 3,282 3,919 SRFC Multifamily - Mixed Use Sq. Ft. 0 0 0 0 255,952 429,232 573,632 943,552 1,174,592 1,318,992 Nonresidential Land Uses
Central Shops Sq. Ft. 0 0 0 77,300 77,300 77,300 77,300 104,307 163,547 386,137 Office Sq. Ft. 0 0 0 0 0 0 646,500 970,500 1,387,500 1,635,000 Subtotal Central Shops & Office Sq. Ft. 0 0 0 77,300 77,300 77,300 723,800 1,074,807 1,551,047 2,021,137 Garage Stalls 0 0 0 0 0 0 1,218 1,218 1,218 1,218
Hotel Rooms 0 0 0 0 0 183 183 183 406 406
Kaiser Facilities
Hospital Sq. Ft. 0 0 0 0 0 657,500 657,500 657,500 657,500 657,500 Garage Sq. Ft. 0 0 490,250 490,250 490,250 490,250 490,250 490,250 490,250 490,250 Central Utility Plant Sq. Ft. 0 0 0 0 0 32,500 32,500 32,500 32,500 32,500 Medical Office Sq. Ft. 0 0 0 0 0 171,500 171,500 171,500 171,500 171,500 Subtotal Kaiser Facilities Sq. Ft. 0 0 490,250 490,250 490,250 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 SRFC Stadium Acres 0 0 0 14 14 14 14 14 14 14
Source: City of Sacramento; Downtown Railyard Ventures, LLC.

All RSP
(Cumulative)
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT

Table D-2.5
City of Sacramento Railyards EIFD
Overall Railyards Cumulative Absorption (Calendar Year) Land Use Unit 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total Residential Land Uses
Multifamily - Market Rate Units 3,798 3,798 3,798 3,798 3,798 3,798 3,798 3,798 3,798 3,798 3,798 Multifamily - Affordable Units 500 500 500 500 500 500 500 500 500 500 500 Subtotal Residential (Units) Units 4,298 4,298 4,298 4,298 4,298 4,298 4,298 4,298 4,298 4,298 4,298 SRFC Multifamily - Mixed Use Sq. Ft. 1,463,392 1,636,672 1,990,480 2,196,192 2,334,048 2,334,048 2,334,048 2,334,048 2,334,048 2,334,048 2,334,048 Nonresidential Land Uses
Central Shops Sq. Ft. 424,905 424,905 424,905 424,905 424,905 424,905 424,905 424,905 424,905 424,905 424,905 Office Sq. Ft. 1,821,000 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 2,068,500 Subtotal Central Shops & Office Sq. Ft. 2,245,905 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 2,493,405 Garage Stalls 1,218 1,218 1,218 1,218 1,218 1,218 1,218 1,218 1,218 1,218 1,218 Hotel Rooms 1,022 1,022 1,022 1,022 1,022 1,022 1,272 1,272 1,272 1,272 1,272 Kaiser Facilities
Hospital Sq. Ft. 657,500 657,500 657,500 657,500 657,500 657,500 657,500 657,500 657,500 657,500 657,500 Garage Sq. Ft. 490,250 490,250 490,250 490,250 490,250 490,250 490,250 490,250 490,250 490,250 490,250 Central Utility Plant Sq. Ft. 32,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 Medical Office Sq. Ft. 171,500 171,500 171,500 171,500 171,500 171,500 171,500 171,500 171,500 171,500 171,500 Subtotal Kaiser Facilities Sq. Ft. 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 1,351,750 SRFC Stadium Acres 14 14 14 14 14 14 14 14 14 14 14
Source: City of Sacramento; Downtown Railyard Ventures, LLC.

All RSP
(Cumulative)
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT

Table D-2.6
City of Sacramento Railyards EIFD
Overall Railyards Annual Absorption (Calendar Year)
Land Use Unit 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Residential Land Uses
Multifamily - Market Rate Units 0 276 0 311 0 406 0 1,274 515 637 Multifamily - Affordable Units 150 69 0 0 0 0 0 66 215 0 Subtotal Residential (Units) Units 150 345 0 311 0 406 0 1,340 730 637 SRFC Multifamily - Mixed Use Sq. Ft. 0 0 0 0 255,952 173,280 144,400 369,920 231,040 144,400 Nonresidential Land Uses
Central Shops Sq. Ft. 0 0 0 77,300 0 0 0 27,007 59,240 222,590 Office Sq. Ft. 0 0 0 0 0 0 646,500 324,000 417,000 247,500 Subtotal Central Shops & Office Sq. Ft. 0 0 0 77,300 0 0 646,500 351,007 476,240 470,090 Garage Stalls 0 0 0 0 0 0 1,218 0 0 0
Hotel Rooms 0 0 0 0 0 183 0 0 223 0
Kaiser Facilities
Hospital Sq. Ft. 0 0 0 0 0 657,500 0 0 0 0
Garage Sq. Ft. 0 0 490,250 0 0 0 0 0 0 0
Central Utility Plant Sq. Ft. 0 0 0 0 0 32,500 0 0 0 0
Medical Office Sq. Ft. 0 0 0 0 0 171,500 0 0 0 0
Subtotal Kaiser Facilities Sq. Ft. 0 0 490,250 0 0 861,500 0 0 0 0 SRFC Stadium Acres 0 0 0 14 0 0 0 0 0 0
Source: City of Sacramento; Downtown Railyard Ventures, LLC.

All RSP (Annual)
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Table D-2.6
City of Sacramento Railyards EIFD
Overall Railyards Annual Absorption (Calendar Year)
Land Use Unit 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total Residential Land Uses
Multifamily - Market Rate Units 379 0 0 0 0 0 0 0 0 0 3,798 Multifamily - Affordable Units 0 0 0 0 0 0 0 0 0 0 500
Subtotal Residential (Units) Units 379 0 0 0 0 0 0 0 0 0 4,298 SRFC Multifamily - Mixed Use Sq. Ft. 144,400 173,280 353,808 205,712 137,856 0 0 0 0 0 2,334,048 Nonresidential Land Uses
Central Shops Sq. Ft. 38,768 0 0 0 0 0 0 0 0 0 424,905
Office Sq. Ft. 186,000 247,500 0 0 0 0 0 0 0 0 2,068,500 Subtotal Central Shops & Office Sq. Ft. 224,768 247,500 0 0 0 0 0 0 0 0 2,493,405 Garage Stalls 0 0 0 0 0 0 0 0 0 0 1,218
Hotel Rooms 616 0 0 0 0 0 250 0 0 0 1,272
Kaiser Facilities
Hospital Sq. Ft. 0 0 0 0 0 0 0 0 0 0 657,500
Garage Sq. Ft. 0 0 0 0 0 0 0 0 0 0 490,250
Central Utility Plant Sq. Ft. 0 0 0 0 0 0 0 0 0 0 32,500 Medical Office Sq. Ft. 0 0 0 0 0 0 0 0 0 0 171,500
Subtotal Kaiser Facilities Sq. Ft. 0 0 0 0 0 0 0 0 0 0 1,351,750 SRFC Stadium Acres 0 0 0 0 0 0 0 0 0 0 14
Source: City of Sacramento; Downtown Railyard Ventures, LLC.

All RSP (Annual)
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Table D-2.7
City of Sacramento Railyards EIFD
Estimated New Assessed Value (Calendar Year)
Land Use 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Residential Land Uses
Multifamily - Market Rate $0 $113,712,000 $0 $135,935,239 $0 $188,266,110 $0 $626,743,722 $260,954,637 $332,456,207 Multifamily - Affordable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Residential $0 $113,712,000 $0 $135,935,239 $0 $188,266,110 $0 $626,743,722 $260,954,637 $332,456,207 SRFC Multifamily - Mixed Use $0 $0 $0 $0 $204,208,598 $83,595,801 $71,804,789 $302,576,559 $122,016,024 $78,463,031 Nonresidential Land Uses
Central Shops $0 $0 $0 $42,233,899 $0 $0 $0 $16,607,602 $37,521,730 $145,214,731 Office $0 $0 $0 $0 $0 $0 $385,977,405 $199,239,566 $264,121,562 $161,465,681 Subtotal Central Shops & Office $0 $0 $0 $42,233,899 $0 $0 $385,977,405 $215,847,168 $301,643,292 $306,680,413 Garage $0 $0 $0 $0 $0 $0 $74,899,318 $0 $0 $0
Hotel $0 $0 $0 $0 $0 $84,858,862 $0 $0 $112,995,891 $0
Kaiser Facilities
Hospital [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Garage [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Central Utility Plant [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Medical Office [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Kaiser Facilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 SRFC Stadium $0 $0 $0 $237,121,759 $0 $0 $0 $0 $0 $0
Subtotal Nonresidential $0 $0 $0 $279,355,658 $0 $84,858,862 $460,876,723 $215,847,168 $414,639,183 $306,680,413 Total Assessed Value $0 $113,712,000 $0 $415,290,896 $204,208,598 $356,720,773 $532,681,512 $1,145,167,449 $797,609,844 $717,599,651 Source: Downtown Railyards Ventures and EPS.
[1] Hospital land uses are presumed to be tax-exempt.

All RSP (Annual)
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Table D-2.7
City of Sacramento Railyards EIFD
Estimated New Assessed Value (Calendar Year)
Land Use 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total Residential Land Uses
Multifamily - Market Rate $203,737,723 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,861,805,637 Multifamily - Affordable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Residential $203,737,723 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,861,805,637 SRFC Multifamily - Mixed Use $80,816,922 $99,817,758 $294,530,207 $126,073,309 $112,181,443 $0 $0 $0 $0 $0 $1,576,084,441 Nonresidential Land Uses
Central Shops $26,050,475 $0 $0 $0 $0 $0 $0 $0 $0 $0 $267,628,437 Office $124,984,223 $171,298,942 $0 $0 $0 $0 $0 $0 $0 $0 $1,307,087,379 Subtotal Central Shops & Office $151,034,698 $171,298,942 $0 $0 $0 $0 $0 $0 $0 $0 $1,574,715,816 Garage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $74,899,318
Hotel $331,140,996 $0 $0 $0 $0 $0 $160,470,644 $0 $0 $0 $689,466,393 Kaiser Facilities
Hospital [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Garage [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Central Utility Plant [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Medical Office [1] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Kaiser Facilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 SRFC Stadium $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $237,121,759 Subtotal Nonresidential $482,175,694 $171,298,942 $0 $0 $0 $0 $160,470,644 $0 $0 $0 $2,576,203,287 Total Assessed Value $766,730,340 $271,116,699 $294,530,207 $126,073,309 $112,181,443 $0 $160,470,644 $0 $0 $0 $6,014,093,365 Source: Downtown Railyards Ventures and EPS.
[1] Hospital land uses are presumed to be tax-exempt.

All RSP (Annual)
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Table D-3.1
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Project Assessed Value by Project Area
Fiscal Year River District [3]
River District
Annexation 65th Street Oak Park [3]
Alkali
Flat

North
Sacramento Army Depot
Army Depot
Annexation
Del Paso
Heights
Franklin
Boulevard
Merged Downtown
[4]
Stockton
Boulevard [3] Railyards [2] Total
2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
FY 2024-25 $633,545,765 $177,348,331 $851,530,714 $1,180,908,846 $304,642,259 $1,154,092,192 $759,278,200 $1,367,792,739 $707,142,590 $921,783,245 $4,567,719,174 $752,159,236 $59,500,175 $13,437,443,466 FY 2025-26 $795,016,680 $180,895,298 $868,561,328 $1,204,527,023 $310,735,104 $1,177,174,036 $774,463,764 $1,395,148,594 $721,285,442 $940,218,910 $4,567,719,174 $767,202,421 $60,690,179 $13,763,637,952 FY 2026-27 $810,917,014 $184,513,204 $885,932,555 $1,278,510,092 $316,949,806 $1,200,717,517 $789,953,039 $1,423,051,566 $735,711,151 $959,023,288 $4,659,073,557 $782,546,469 $175,615,982 $14,202,515,239 FY 2027-28 $827,135,354 $188,203,468 $903,651,206 $1,305,328,774 $323,288,802 $1,224,731,867 $805,752,100 $1,451,512,597 $750,425,374 $978,203,754 $4,752,255,029 $798,197,399 $179,128,302 $14,487,814,024 FY 2028-29 $843,678,061 $191,967,537 $921,724,230 $1,419,135,649 $329,754,578 $1,249,226,504 $821,867,142 $1,480,542,849 $765,433,881 $997,767,829 $4,847,300,129 $814,161,346 $598,001,764 $15,280,561,501 FY 2029-30 $980,701,592 $195,806,888 $940,158,715 $1,531,515,098 $336,349,670 $1,274,211,034 $838,304,485 $1,510,153,706 $780,742,559 $1,017,723,186 $4,944,246,132 $830,444,573 $814,170,397 $15,994,528,034 FY 2030-31 $1,000,315,624 $199,723,025 $958,961,889 $1,614,147,605 $343,076,663 $1,299,695,255 $855,070,575 $1,540,356,780 $796,357,410 $1,038,077,649 $5,043,131,054 $847,053,465 $1,187,174,578 $16,723,141,573 FY 2031-32 $1,020,321,937 $203,717,486 $978,141,127 $1,685,588,534 $349,938,197 $1,325,689,160 $872,171,986 $1,571,163,916 $812,284,558 $1,058,839,202 $5,143,993,676 $966,182,524 $1,743,599,581 $17,731,631,883 FY 2032-33 $1,040,728,375 $207,791,836 $997,703,949 $1,720,219,253 $356,936,961 $1,352,202,943 $889,615,426 $1,602,587,194 $828,530,249 $1,080,015,986 $5,246,873,549 $985,506,175 $2,923,639,022 $19,232,350,918 FY 2033-34 $1,160,298,207 $211,947,672 $1,017,658,028 $1,799,044,945 $364,075,700 $1,379,247,002 $907,407,734 $1,634,638,938 $845,100,854 $1,101,616,306 $5,351,811,020 $1,005,216,298 $3,779,721,646 $20,557,784,351 FY 2034-35 $1,191,375,847 $216,186,626 $1,038,011,189 $1,841,847,097 $371,357,214 $1,406,831,942 $925,555,889 $1,667,331,717 $862,002,871 $1,123,648,632 $5,458,847,240 $1,110,878,769 $4,572,915,730 $21,786,790,763 FY 2035-36 $1,223,232,474 $220,510,358 $1,058,771,413 $1,878,684,039 $378,784,358 $1,434,968,581 $944,067,007 $1,700,678,351 $879,242,929 $1,146,121,605 $5,568,024,185 $1,190,071,473 $5,431,104,385 $23,054,261,156 FY 2036-37 $1,255,886,815 $224,920,566 $1,079,946,841 $1,916,257,719 $386,360,045 $1,463,667,953 $962,948,347 $1,734,691,918 $896,827,787 $1,169,044,037 $5,679,384,669 $1,450,975,000 $5,810,843,172 $24,031,754,869 FY 2037-38 $1,387,900,425 $229,418,977 $1,101,545,778 $1,954,582,874 $394,087,246 $1,492,941,312 $982,207,314 $1,769,385,756 $914,764,343 $1,192,424,918 $5,792,972,362 $1,608,536,373 $6,221,590,242 $25,042,357,920 AV
Source: County of Sacramento; City of Sacramento; EPS.
[2] Railyards assessed values estimated based on 2 percent annual growth of existing assessed value plus the value of new development as project in Table D-2.7. [3] Stockton Blvd, River District, and Oak Park assessed values estimated based on 2 percent annual growth of existing assessed value plus the value of new development. [4] Per City guidance, Merged Downtown base AV held constant until 2026 given number and magnitude of appeals and pending office tower sales at well below current assessed values, Assumed Growth
Rate
Assessed Value [1]
[1] Based on 2024-25 Equalized Assessed Valuation published by the County of Sacramento Auditor-Controller Division. Railyards includes tax exemption not reflected in roll value per discussion with property owner and agreement with the County. Values for all RDAs excluding Railyards, Oak Park, and Stockton Blvd are escalated by a fixed rate annually.

Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-3.2
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Gross Tax Increment
Fiscal Year River District
River
District
Annex 65th Street Oak Park Alkali Flat
North
Sacramento Army Depot
Army
Depot Annex
Del Paso
Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards
Table Reference Table D-4.1 Table D-4.2 Table D-4.3 Table D-4.4 Table D-4.5 Table D-4.6 Table D-4.7 Table D-4.8 Table D-4.9 Table D-4.10 Table D-4.11 Table D-4.12 #REF! FY 2024-25 $4,042,543 $1,246,629 $7,000,570 $11,205,826 $2,910,481 $8,632,310 $5,579,812 $8,994,737 $6,800,786 $5,674,588 $43,744,858 $5,369,543 $46,945 $111,249,628 FY 2025-26 $5,657,253 $1,282,099 $7,170,876 $11,442,008 $2,971,409 $8,863,128 $5,731,668 $9,268,296 $6,942,214 $5,858,945 $43,744,858 $5,519,975 $58,845 $114,511,573 FY 2026-27 $5,816,256 $1,318,278 $7,344,588 $12,181,839 $3,033,556 $9,098,563 $5,886,561 $9,547,325 $7,086,471 $6,046,988 $44,658,401 $5,673,416 $1,208,103 $118,900,346 FY 2027-28 $5,978,439 $1,355,181 $7,521,775 $12,450,025 $3,096,946 $9,338,707 $6,044,551 $9,831,936 $7,233,614 $6,238,793 $45,590,216 $5,829,925 $1,243,226 $121,753,334 FY 2028-29 $6,143,866 $1,392,822 $7,702,505 $13,588,094 $3,161,604 $9,583,653 $6,205,702 $10,122,238 $7,383,699 $6,434,434 $46,540,667 $5,989,564 $5,431,960 $129,680,808 FY 2029-30 $7,514,102 $1,431,215 $7,886,850 $14,711,889 $3,227,555 $9,833,498 $6,370,075 $10,418,347 $7,536,785 $6,633,987 $47,510,127 $6,152,397 $7,593,647 $136,820,474 FY 2030-31 $7,710,242 $1,470,376 $8,074,882 $15,538,214 $3,294,825 $10,088,341 $6,537,736 $10,720,378 $7,692,934 $6,837,532 $48,498,976 $6,318,485 $11,323,689 $144,106,609 FY 2031-32 $7,910,305 $1,510,321 $8,266,674 $16,252,623 $3,363,440 $10,348,280 $6,708,750 $11,028,449 $7,852,205 $7,045,148 $49,507,603 $7,509,776 $16,887,939 $154,191,512 FY 2032-33 $8,114,370 $1,551,065 $8,462,302 $16,598,930 $3,433,428 $10,613,418 $6,883,184 $11,342,682 $8,014,662 $7,256,915 $50,536,401 $7,703,013 $28,688,333 $169,198,703 FY 2033-34 $9,310,068 $1,592,623 $8,661,843 $17,387,187 $3,504,815 $10,883,858 $7,061,108 $11,663,199 $8,180,368 $7,472,919 $51,585,776 $7,900,114 $37,249,159 $182,453,037 FY 2034-35 $9,620,844 $1,635,012 $8,865,375 $17,815,209 $3,577,630 $11,159,708 $7,242,589 $11,990,127 $8,349,388 $7,693,242 $52,656,138 $8,956,739 $45,181,100 $194,743,101 FY 2035-36 $9,939,411 $1,678,250 $9,072,977 $18,183,578 $3,651,902 $11,441,074 $7,427,700 $12,323,593 $8,521,789 $7,917,972 $53,747,908 $9,748,666 $53,762,987 $207,417,805 FY 2036-37 $10,265,954 $1,722,352 $9,284,731 $18,559,315 $3,727,659 $11,728,068 $7,616,514 $12,663,729 $8,697,638 $8,147,196 $54,861,512 $12,357,701 $57,560,374 $217,192,742 FY 2037-38 $11,586,090 $1,767,336 $9,500,720 $18,942,566 $3,804,931 $12,020,801 $7,809,103 $13,010,667 $8,877,003 $8,381,005 $55,997,389 $13,933,315 $61,667,845 $227,298,773 gross
Source: EPS.

Gross Tax Increment
Total Gross
Tax Increment
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-3.3
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Net Tax Increment (after Administrative Costs and Statutory Pass Throughs) Fiscal Year
County
Auditor
Controller SB 2557
SCO Invoices
[1]
Subtotal
Admin
River
District
River District
Annex
65th
Street
Oak
Park
Alkali
Flat
North
Sacramento Army Depot
Army Depot
Annex
Del Paso
Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards

0.13% 1.42% Table D-4.1 Table D-4.2 Table D-4.3 Table D-4.4 Table D-4.5 Table D-4.6 Table D-4.7 Table D-4.8 Table D-4.9 Table D-4.10 Table D-4.11 Table D-4.12 #REF! FY 2024-25 $111,249,628 ($144,625) ($1,579,745) ($1,724,369) ($1,529,841) ($448,908) ($2,411,922) ($2,927,891) ($729,281) ($862,540) ($1,824,448) ($2,918,067) ($1,546,813) ($1,047,983) ($7,781,051) ($1,830,437) ($9,389) ($25,868,571) $83,656,687 FY 2025-26 $114,511,573 ($148,865) ($1,626,064) ($1,774,929) ($2,124,054) ($461,960) ($2,474,594) ($3,014,805) ($751,702) ($885,604) ($1,880,331) ($3,018,737) ($1,592,353) ($1,082,030) ($7,781,051) ($1,902,644) ($11,769) ($26,981,636) $85,755,007 FY 2026-27 $118,900,346 ($154,570) ($1,688,385) ($1,842,955) ($2,182,568) ($475,274) ($2,538,520) ($3,287,063) ($774,572) ($909,128) ($1,937,332) ($3,121,420) ($1,638,804) ($1,116,758) ($8,075,212) ($1,976,296) ($404,089) ($28,437,037) $88,620,354 FY 2027-28 $121,753,334 ($158,279) ($1,728,897) ($1,887,177) ($2,242,251) ($488,855) ($2,603,725) ($3,385,756) ($797,900) ($933,124) ($1,995,472) ($3,226,156) ($1,686,184) ($1,152,180) ($8,375,257) ($2,051,420) ($417,014) ($29,355,294) $90,510,863 FY 2028-29 $129,680,808 ($168,585) ($1,841,467) ($2,010,053) ($2,303,128) ($506,922) ($2,670,234) ($3,804,565) ($821,694) $0 ($2,054,776) ($3,332,988) ($1,734,511) ($1,188,311) ($8,681,302) ($2,128,047) ($1,958,468) ($31,184,947) $96,485,809 FY 2029-30 $136,820,474 ($177,867) ($1,942,851) ($2,120,717) ($2,807,375) ($525,351) ($2,738,073) ($4,218,122) ($845,964) $0 ($2,133,675) ($3,441,956) ($1,783,805) ($1,225,165) ($8,993,468) ($2,206,207) ($2,753,969) ($33,673,128) $101,026,628 FY 2030-31 $144,106,609 ($187,339) ($2,046,314) ($2,233,652) ($2,879,554) ($544,148) ($2,807,268) ($4,522,209) ($870,719) $0 ($2,214,152) ($3,553,103) ($1,834,085) ($1,262,755) ($9,311,878) ($2,285,929) ($4,126,624) ($36,212,426) $105,660,530 FY 2031-32 $154,191,512 ($200,449) ($2,189,519) ($2,389,968) ($2,953,178) ($563,322) ($2,877,848) ($4,785,112) ($895,970) $0 ($2,296,239) ($3,666,473) ($1,900,979) ($1,301,098) ($9,636,655) ($2,857,749) ($6,174,268) ($39,908,890) $111,892,653 FY 2032-33 $169,198,703 ($219,958) ($2,402,622) ($2,622,580) ($3,028,273) ($582,879) ($2,949,839) ($4,912,553) ($929,564) $0 ($2,379,968) ($3,782,111) ($1,969,211) ($1,340,207) ($9,967,928) ($2,950,502) ($10,516,814) ($45,309,849) $121,266,274 FY 2033-34 $182,453,037 ($237,189) ($2,590,833) ($2,828,022) ($3,468,290) ($602,827) ($3,023,270) ($5,290,916) ($963,830) $0 ($2,465,371) ($3,900,061) ($2,038,808) ($1,380,099) ($5,977,380) ($3,045,111) ($13,667,198) ($45,823,159) $133,801,856 FY 2034-35 $194,743,101 ($253,166) ($2,765,352) ($3,018,518) ($3,582,656) ($623,174) ($3,098,170) ($5,496,367) ($998,781) $0 ($2,552,482) ($4,020,371) ($2,109,796) ($1,420,788) ($6,282,176) ($3,552,291) ($16,586,152) ($50,323,202) $141,401,381 FY 2035-36 $207,417,805 ($269,643) ($2,945,333) ($3,214,976) ($3,699,888) ($643,928) ($3,197,819) ($5,673,184) ($1,034,431) $0 ($2,641,335) ($4,180,434) ($2,182,204) ($1,462,291) ($3,252,037) ($3,932,416) ($19,744,286) ($51,644,254) $152,558,575 FY 2036-37 $217,192,742 ($282,351) ($3,084,137) ($3,366,488) ($3,820,056) ($665,097) ($3,299,461) ($5,853,538) ($1,070,795) $0 ($2,731,966) ($4,343,700) ($2,256,061) ($1,504,624) ($3,387,675) ($5,184,753) ($21,141,725) ($55,259,448) $158,566,807 FY 2037-38 $227,298,773 ($295,488) ($3,227,643) ($3,523,131) ($4,305,866) ($686,689) ($3,403,136) ($6,037,498) ($1,107,885) $0 ($2,824,409) ($4,510,230) ($2,331,394) ($1,547,804) ($3,526,024) ($5,941,047) ($22,653,274) ($58,875,257) $164,900,385 [1] SCO costs would only occur in the event of an SCO audit.

Less Statutory and Negotiated Pass Throughs Net Tax
Increment
Available for
ROPS
Total Gross
Tax Increment
Subtotal
Pass Throughs
Less Admin Fees
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-3.4
City of Sacramento Railyards EIFD
RASA Cash Flow Model
RPTTF Balance After Enforceable Obligations
Net TI Avail. Debt Other Enforceable RPTTF
Fiscal Year for ROPS Service Obligations Balance
Table Reference Table D-3.3 Table D-3.5 Table D-3.6
FY 2024-25 $83,656,687 ($23,032,373) ($7,161,156) $53,463,159 FY 2025-26 $85,755,007 ($23,341,629) ($6,801,354) $55,612,024 FY 2026-27 $88,620,354 ($21,033,833) ($7,198,032) $60,388,489 FY 2027-28 $90,510,863 ($21,030,477) ($7,564,274) $61,916,112 FY 2028-29 $96,485,809 ($20,953,134) ($8,018,160) $67,514,515 FY 2029-30 $101,026,628 ($20,950,311) ($8,374,639) $71,701,678 FY 2030-31 $105,660,530 ($20,550,291) ($8,816,865) $76,293,375 FY 2031-32 $111,892,653 ($18,992,256) ($7,453,453) $85,446,945 FY 2032-33 $121,266,274 ($12,190,027) ($9,047,007) $100,029,240 FY 2033-34 $133,801,856 ($5,055,630) ($12,299,173) $116,447,052 FY 2034-35 $141,401,381 ($17,943,021) ($8,961,335) $114,497,025 FY 2035-36 $152,558,575 ($2,087,042) ($12,041,734) $138,429,799 FY 2036-37 $158,566,807 ($1,694,058) ($4,761,565) $152,111,184 FY 2037-38 $164,900,385 ($76,977) $0 $164,823,407
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Table D-3.5
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Total Debt Service Payments
Fiscal Year
1993 Merged
Downtown
TABS
2003 Del Paso TE
TABS, Series A
2005 Merged
Downtown & Oak
Park TE, Series A
2006 65th St. TX
Master Lease,
Series B
2006 N.

Sacramento TX
Master Lease,
Series B
2006 Stockton
Blvd. Master Lease
2008 BOA Public
Capital Corporation
2009 Army Depot
TX Swap
2009 River
District TX Swap
Boating and
Waterways
Loan
City of Sacramento
CIEDB Globe Mills
N. Sacramento
CIEDB Loan
Stockton Blvd.

CIEDB Loan
2015 TAB
Series A
2015 TAB
Series B
Total Debt Service
Payments
FY 2024-25 $0 $770,000 $15,815,000 $301,527 $347,839 $231,035 $249,481 $239,526 $224,159 $0 $77,378 $217,931 $179,798 $4,378,700 $0 $23,032,373 FY 2025-26 $0 $770,000 $18,125,000 $297,706 $347,673 $231,156 $249,481 $240,247 $224,834 $0 $77,352 $217,861 $179,745 $2,380,575 $0 $23,341,629 FY 2026-27 $0 $770,000 $15,815,000 $298,437 $346,909 $231,060 $249,481 $240,504 $225,075 $0 $77,326 $217,789 $179,690 $2,382,563 $0 $21,033,833 FY 2027-28 $0 $770,000 $15,815,000 $298,570 $350,397 $230,526 $249,481 $240,298 $224,882 $0 $77,299 $217,715 $179,634 $2,376,675 $0 $21,030,477 FY 2028-29 $0 $770,000 $15,815,000 $298,105 $348,138 $229,971 $0 $239,629 $224,256 $0 $77,271 $217,638 $179,576 $2,553,550 $0 $20,953,134 FY 2029-30 $0 $770,000 $15,815,000 $297,042 $350,132 $230,202 $0 $238,496 $223,196 $0 $77,243 $217,559 $179,516 $2,551,925 $0 $20,950,311 FY 2030-31 $0 $770,000 $15,815,000 $300,232 $346,378 $229,907 $0 $239,406 $224,047 $0 $77,213 $217,478 $179,455 $2,151,175 $0 $20,550,291 FY 2031-32 $0 $0 $14,205,000 $297,674 $346,876 $229,294 $0 $239,698 $224,321 $0 $77,182 $217,395 $179,392 $2,975,425 $0 $18,992,256 FY 2032-33 $0 $0 $6,590,000 $294,518 $346,478 $229,183 $0 $239,372 $224,016 $0 $77,151 $217,309 $179,327 $3,792,675 $0 $12,190,027 FY 2033-34 $0 $0 $0 $295,614 $345,182 $0 $0 $238,428 $223,132 $0 $77,118 $217,220 $179,260 $3,479,675 $0 $5,055,630 FY 2034-35 $0 $0 $12,735,000 $295,814 $347,840 $0 $0 $236,867 $221,671 $0 $77,085 $217,129 $179,191 $3,632,425 $0 $17,943,021 FY 2035-36 $0 $0 $0 $295,116 $344,452 $0 $0 $237,193 $221,976 $0 $77,050 $217,035 $179,121 $515,100 $0 $2,087,042 FY 2036-37 $0 $0 $0 $293,522 $345,017 $0 $0 $236,747 $221,559 $0 $77,014 $0 $0 $520,200 $0 $1,694,058 FY 2037-38 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $76,977 $0 $0 $0 $0 $76,977 Senior Debt Obligations
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Table D-3.6
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Summary of Other Enforceable Obligations
Fiscal Year
RASA
Admin
(Admin EOs) [1]
Property Tax
Rebates -
Citizen Hotel
Property
Holding
Costs
Property
Disposition
Costs
Unfunded
Liabilities
(OPEB)
Unfunded
Liabilities
(PERS)
Arbitrage
and Trustee
Fees
Railyards
Termination
Agreement
Total Other
Enforceable
Obligations
FY 2024-25 ($2,733,611) $0 ($87,840) ($15,231) ($64,936) ($1,330,390) ($12,140) ($2,917,008) ($7,161,156) FY 2025-26 ($2,790,326) $0 ($83,448) ($14,469) ($64,936) ($1,330,390) ($12,140) ($2,505,645) ($6,801,354) FY 2026-27 ($2,969,574) $0 ($79,276) ($13,746) ($64,936) ($1,330,390) ($12,140) ($2,727,970) ($7,198,032) FY 2027-28 ($3,105,799) $0 ($75,312) ($13,058) ($64,936) ($1,330,390) ($12,140) ($2,962,639) ($7,564,274) FY 2028-29 ($3,244,816) $0 ($71,546) ($12,405) ($64,936) ($1,330,390) ($12,140) ($3,281,926) ($8,018,160) FY 2029-30 ($3,431,780) $0 ($67,969) ($11,785) ($64,936) ($1,330,390) ($12,140) ($3,455,639) ($8,374,639) FY 2030-31 ($3,712,988) $0 ($64,571) ($11,196) $0 ($1,330,390) ($12,140) ($3,685,580) ($8,816,865) FY 2031-32 ($4,089,056) $0 ($61,342) ($10,636) $0 ($1,330,390) ($12,140) ($1,949,889) ($7,453,453) FY 2032-33 ($4,317,041) $0 $0 $0 $0 ($1,330,390) ($12,140) ($3,387,436) ($9,047,007) FY 2033-34 ($4,651,757) $0 $0 $0 $0 $0 ($12,140) ($7,635,276) ($12,299,173) FY 2034-35 ($4,832,004) $0 $0 $0 $0 $0 ($12,140) ($4,117,191) ($8,961,335) FY 2035-36 ($5,022,012) $0 $0 $0 $0 $0 ($12,140) ($7,007,582) ($12,041,734) FY 2036-37 ($4,123,100) $0 $0 $0 $0 $0 ($12,140) ($626,325) ($4,761,565) FY 2037-38 $0 $0 $0 $0 $0 $0 $0 $0 $0
Source: City of Sacramento.

Enforceable Obligations
[1] RASA Administration estimated by subtracting the prior fiscal year administrative cost allocation from the prior fiscal year net tax increment (from Table 3), and multiplying that amount by 3 percent.

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Table D-3.7
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Distribution of RPTTF Residual to Project Areas
Fiscal Year
River
District
River
District
Annex 65th Street Oak Park Alkali Flat
North
Sacramento
Army
Depot
Army
Depot
Annex
Del Paso
Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards
Table D-3.4
FY 2024-25 $53,463,159 $1,942,722 $599,092 $3,364,259 $5,385,176 $1,398,688 $4,148,423 $2,681,487 $4,322,595 $3,268,249 $2,727,033 $21,022,437 $2,580,438 $22,560 FY 2025-26 $55,612,024 $2,747,419 $622,646 $3,482,503 $5,556,759 $1,443,051 $4,304,338 $2,783,558 $4,501,106 $3,371,455 $2,845,370 $21,244,491 $2,680,751 $28,578 FY 2026-27 $60,388,489 $2,954,028 $669,542 $3,730,255 $6,187,054 $1,540,718 $4,621,084 $2,989,735 $4,849,007 $3,599,159 $3,071,215 $22,681,628 $2,881,480 $613,585 FY 2027-28 $61,916,112 $3,040,259 $689,160 $3,825,103 $6,331,302 $1,574,913 $4,749,081 $3,073,880 $4,999,906 $3,678,562 $3,172,659 $23,184,325 $2,964,734 $632,227 FY 2028-29 $67,514,515 $3,198,624 $725,132 $4,010,084 $7,074,243 $1,645,997 $4,989,448 $3,230,817 $5,269,847 $3,844,106 $3,349,900 $24,230,035 $3,118,291 $2,827,991 FY 2029-30 $71,701,678 $3,937,815 $750,038 $4,133,156 $7,709,863 $1,691,422 $5,153,310 $3,338,280 $5,459,804 $3,949,702 $3,476,585 $24,897,998 $3,224,204 $3,979,501 FY 2030-31 $76,293,375 $4,081,981 $778,451 $4,275,029 $8,226,290 $1,744,357 $5,341,001 $3,461,229 $5,675,616 $4,072,817 $3,619,948 $25,676,481 $3,345,152 $5,995,023 FY 2031-32 $85,446,945 $4,383,584 $836,961 $4,581,069 $9,006,572 $1,863,888 $5,734,615 $3,717,729 $6,111,538 $4,351,387 $3,904,147 $27,435,190 $4,161,626 $9,358,639 FY 2032-33 $100,029,240 $4,797,166 $916,980 $5,002,861 $9,813,186 $2,029,822 $6,274,588 $4,069,297 $6,705,724 $4,738,219 $4,290,244 $29,876,812 $4,553,974 $16,960,367 FY 2033-34 $116,447,052 $5,941,967 $1,016,460 $5,528,250 $11,097,029 $2,236,879 $6,946,408 $4,506,613 $7,443,807 $5,220,959 $4,769,443 $32,923,604 $5,042,092 $23,773,541 FY 2034-35 $114,497,025 $5,656,468 $961,287 $5,212,298 $10,474,252 $2,103,428 $6,561,225 $4,258,199 $7,049,461 $4,908,929 $4,523,155 $30,958,587 $5,266,014 $26,563,722 FY 2035-36 $138,429,799 $6,633,522 $1,120,057 $6,055,268 $12,135,646 $2,437,264 $7,635,726 $4,957,217 $8,224,716 $5,687,407 $5,284,422 $35,871,135 $6,506,220 $35,881,199 FY 2036-37 $152,111,184 $7,189,773 $1,206,251 $6,502,572 $12,998,037 $2,610,670 $8,213,766 $5,334,234 $8,869,057 $6,091,400 $5,705,898 $38,422,323 $8,654,730 $40,312,474 FY 2037-38 $164,823,407 $8,401,536 $1,281,566 $6,889,351 $13,736,011 $2,759,107 $8,716,763 $5,662,692 $9,434,554 $6,437,069 $6,077,401 $40,605,941 $10,103,602 $44,717,815 in the project area. Previous versions of this analysis used net tax increment as the basis of this distribution, however based on recent legal developments limiting the use of net tax increment in the distribution of RPTTF revenues, the County intends to use gross tax increment as the basis for this distribution.
[1] RPTTF funds remaining after payment of enforceable obligations distributed to project areas based on each project area's proportionate share of the total gross tax increment shown in Table D-3.2. Amounts shown in this table reflects total RPTTF, which is then allocated to all taxing entities Distribution of RPTTF Balance by Project Area [1]
RPTTF
Balance After
Enforceable
Obligations
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Table D-3.8
City of Sacramento Railyards EIFD
RASA Cash Flow Model
Innovation and Growth Fund Contribution by Area
Fiscal Year Railyards [1] All Other RDAs
Table Reference
FY 2024-25 $4,969 $11,391,093 $11,396,063
FY 2025-26 $5,119 $11,732,826 $11,737,944
FY 2026-27 $5,221 $11,967,482 $11,972,703
FY 2027-28 $5,325 $12,206,832 $12,212,157
FY 2028-29 $5,432 $12,450,969 $12,456,401
FY 2029-30 $5,540 $12,699,988 $12,705,529
FY 2030-31 $5,651 $12,953,988 $12,959,639
FY 2031-32 $5,764 $13,213,068 $13,218,832
FY 2032-33 $5,880 $13,477,329 $13,483,209
FY 2033-34 $5,997 $13,746,876 $13,752,873
FY 2034-35 $6,117 $14,021,813 $14,027,930
FY 2035-36 $6,239 $14,302,249 $14,308,489
FY 2036-37 $6,364 $14,588,294 $14,594,659
FY 2037-38 $6,492 $14,880,060 $14,886,552
Source: City of Sacramento, EPS.
[2] Annual contribution to the Innovation and Growth Fund is based on 5 year budget revenue forecasts for fiscal years ending 2023 through 2027. For all years following 2027, 2 percent annual growth in funding has been assumed,
based on the average annual growth of the Fund from year 2023 through 2027.
[1] The Railyards RDA allocation to the Innovation and Growth Fund is equal to the area's contribution to the City's residual RPTTF revenues, based on its estimated proportional share for 2025 and fixed through 2038. This percentage (approximately 0.044 percent) is then multiplied by the Fund's projected budget to derive its allocation.

Innovation and Growth
Fund Allocation
Total Innovation and
Growth Fund
Contribution [2]
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Table D-4.1
City of Sacramento Railyards EIFD
Tax Increment Projection - River District
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 0 1% 13% 25% 21% 14%
Original AV $229,291,418
Tier 1 Base AV 2009 $370,307,968
Tier 2 Base AV 2019 $36,304,247
Tier 3 Base AV (Projected) 2040 $1,499,445,393
Low/Mod Set Aside 20%
Receive Tax Increment 07/30/2036 $535,000,000
Receipts Through June 2015 $15,828,000
OK
16 16 2025 $633,545,765 $404,254,347 $4,042,543 $0 ($526,476) ($1,003,366) $0 ($1,529,841) $2,512,702 17 17 2026 $795,016,680 $565,725,262 $5,657,253 $0 ($849,417) ($1,274,637) $0 ($2,124,054) $3,533,198 18 18 2027 $810,917,014 $581,625,596 $5,816,256 $0 ($881,218) ($1,301,349) $0 ($2,182,568) $3,633,688 19 19 2028 $827,135,354 $597,843,936 $5,978,439 $0 ($913,655) ($1,328,596) $0 ($2,242,251) $3,736,188 20 20 2029 $843,678,061 $614,386,643 $6,143,866 $0 ($946,740) ($1,356,388) $0 ($2,303,128) $3,840,738 21 21 2030 $980,701,592 $751,410,174 $7,514,102 $0 ($1,220,787) ($1,586,588) $0 ($2,807,375) $4,706,727 22 22 2031 $1,000,315,624 $771,024,206 $7,710,242 $0 ($1,260,015) ($1,619,539) $0 ($2,879,554) $4,830,688 23 23 2032 $1,020,321,937 $791,030,519 $7,910,305 $0 ($1,300,028) ($1,653,150) $0 ($2,953,178) $4,957,128 24 24 2033 $1,040,728,375 $811,436,957 $8,114,370 $0 ($1,340,841) ($1,687,433) $0 ($3,028,273) $5,086,096 25 25 2034 $1,160,298,207 $931,006,789 $9,310,068 $0 ($1,579,980) ($1,888,310) $0 ($3,468,290) $5,841,778 26 26 2035 $1,191,375,847 $962,084,429 $9,620,844 $0 ($1,642,136) ($1,940,520) $0 ($3,582,656) $6,038,188 27 27 2036 $1,223,232,474 $993,941,056 $9,939,411 $0 ($1,705,849) ($1,994,039) $0 ($3,699,888) $6,239,522 28 28 2037 $1,255,886,815 $1,026,595,397 $10,265,954 $0 ($1,771,158) ($2,048,899) $0 ($3,820,056) $6,445,898 29 29 2038 $1,387,900,425 $1,158,609,007 $11,586,090 $0 ($2,035,185) ($2,270,682) $0 ($4,305,866) $7,280,224 30 30 2039 $1,424,178,989 $0 $0 $0 $0 $0 $0 $0 $0
31 31 2040 $1,461,353,536 $0 $0 $0 $0 $0 $0 $0 $0
32 32 2041 $1,499,445,393 $0 $0 $0 $0 $0 $0 $0 $0
33 33 2042 $1,538,476,382 $0 $0 $0 $0 $0 $0 $0 $0
34 34 2043 $1,578,468,834 $0 $0 $0 $0 $0 $0 $0 $0
35 35 2044 $1,619,445,592 $0 $0 $0 $0 $0 $0 $0 $0
36 36 2045 $1,661,430,034 $0 $0 $0 $0 $0 $0 $0 $0
37 37 2046 $1,704,446,074 $0 $0 $0 $0 $0 $0 $0 $0
38 38 2047 $1,748,518,185 $0 $0 $0 $0 $0 $0 $0 $0
39 39 2048 $1,793,671,401 $0 $0 $0 $0 $0 $0 $0 $0
40 40 2049 $1,829,544,829 $0 $0 $0 $0 $0 $0 $0 $0
41 41 2050 $1,866,135,726 $0 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Net TI After
Pass Throughs
River District
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Total Pass
Throughs
Statutory Pass Throughs [1]
Negotiated Pass
Throughs
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Table D-4.2
City of Sacramento Railyards EIFD
Tax Increment Projection - River District Annexation
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1996 1% 25% 21% 14%
Original AV $52,685,384
Tier 1 Base AV 0 $52,685,384
Tier 2 Base AV 2008 $58,549,666
Tier 3 Base AV (Projected) 2028 $188,203,468
Low/Mod Set Aside 20%
Receive Tax Increment 7/02/2041 N/A
Receipts Through June 2015
OK
29 27 2025 $177,348,331 $124,662,947 $1,246,629 ($249,326) ($199,582) $0 ($448,908) $797,722 30 28 2026 $180,895,298 $128,209,914 $1,282,099 ($256,420) ($205,541) $0 ($461,960) $820,139 31 29 2027 $184,513,204 $131,827,820 $1,318,278 ($263,656) ($211,619) $0 ($475,274) $843,004 32 30 2028 $188,203,468 $135,518,084 $1,355,181 ($271,036) ($217,818) $0 ($488,855) $866,326 33 31 2029 $191,967,537 $139,282,153 $1,392,822 ($278,564) ($224,142) ($4,216) ($506,922) $885,899 34 32 2030 $195,806,888 $143,121,504 $1,431,215 ($286,243) ($230,592) ($8,516) ($525,351) $905,864 35 33 2031 $199,723,025 $147,037,641 $1,470,376 ($294,075) ($237,171) ($12,902) ($544,148) $926,228 36 34 2032 $203,717,486 $151,032,102 $1,510,321 ($302,064) ($243,882) ($17,376) ($563,322) $946,999 37 35 2033 $207,791,836 $155,106,452 $1,551,065 ($310,213) ($250,727) ($21,939) ($582,879) $968,186 38 36 2034 $211,947,672 $159,262,288 $1,592,623 ($318,525) ($257,709) ($26,594) ($602,827) $989,796 39 37 2035 $216,186,626 $163,501,242 $1,635,012 ($327,002) ($264,830) ($31,341) ($623,174) $1,011,839 40 38 2036 $220,510,358 $167,824,974 $1,678,250 ($335,650) ($272,094) ($36,184) ($643,928) $1,034,322 41 39 2037 $224,920,566 $172,235,182 $1,722,352 ($344,470) ($279,503) ($41,123) ($665,097) $1,057,255 42 40 2038 $229,418,977 $176,733,593 $1,767,336 ($353,467) ($287,060) ($46,161) ($686,689) $1,080,647 43 41 2039 $234,007,356 $181,321,972 $1,813,220 ($362,644) ($294,769) ($51,300) ($708,713) $1,104,507 44 42 2040 $238,687,504 $186,002,120 $1,860,021 ($372,004) ($302,632) ($56,542) ($731,178) $1,128,843 45 43 2041 $243,461,254 $190,775,870 $1,907,759 ($381,552) ($310,651) ($61,889) ($754,092) $1,153,667 46 44 2042 $248,330,479 $0 $0 $0 $0 $0 $0 $0
47 45 2043 $253,297,088 $0 $0 $0 $0 $0 $0 $0
48 46 2044 $258,363,030 $0 $0 $0 $0 $0 $0 $0
49 47 2045 $263,530,291 $0 $0 $0 $0 $0 $0 $0
50 48 2046 $268,800,896 $0 $0 $0 $0 $0 $0 $0
51 49 2047 $274,176,914 $0 $0 $0 $0 $0 $0 $0
52 50 2048 $279,660,453 $0 $0 $0 $0 $0 $0 $0
53 51 2049 $285,253,662 $0 $0 $0 $0 $0 $0 $0
54 52 2050 $290,958,735 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

River District Annex
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
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Table D-4.3
City of Sacramento Railyards EIFD
Tax Increment Projection - 65th Street
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 2005 1% 25% 21% 14%
Original AV $151,473,728
Tier 1 Base AV 2005 $151,473,728
Tier 2 Base AV 2015 $249,264,311
Tier 3 Base AV (Projected) 2035 $1,038,011,189
Low/Mod Set Aside 20%
Receive Tax Increment 06/29/2049 N/A
Receipts Through June 2015
OK
20 20 2025 $851,530,714 $700,056,986 $7,000,570 ($1,400,114) ($1,011,808) $0 ($2,411,922) $4,588,648 21 21 2026 $868,561,328 $717,087,600 $7,170,876 ($1,434,175) ($1,040,419) $0 ($2,474,594) $4,696,282 22 22 2027 $885,932,555 $734,458,827 $7,344,588 ($1,468,918) ($1,069,603) $0 ($2,538,520) $4,806,068 23 23 2028 $903,651,206 $752,177,478 $7,521,775 ($1,504,355) ($1,099,370) $0 ($2,603,725) $4,918,050 24 24 2029 $921,724,230 $770,250,502 $7,702,505 ($1,540,501) ($1,129,733) $0 ($2,670,234) $5,032,271 25 25 2030 $940,158,715 $788,684,987 $7,886,850 ($1,577,370) ($1,160,703) $0 ($2,738,073) $5,148,777 26 26 2031 $958,961,889 $807,488,161 $8,074,882 ($1,614,976) ($1,192,292) $0 ($2,807,268) $5,267,613 27 27 2032 $978,141,127 $826,667,399 $8,266,674 ($1,653,335) ($1,224,513) $0 ($2,877,848) $5,388,826 28 28 2033 $997,703,949 $846,230,221 $8,462,302 ($1,692,460) ($1,257,379) $0 ($2,949,839) $5,512,463 29 29 2034 $1,017,658,028 $866,184,300 $8,661,843 ($1,732,369) ($1,290,901) $0 ($3,023,270) $5,638,573 30 30 2035 $1,038,011,189 $886,537,461 $8,865,375 ($1,773,075) ($1,325,095) $0 ($3,098,170) $5,767,205 31 31 2036 $1,058,771,413 $907,297,685 $9,072,977 ($1,814,595) ($1,359,972) ($23,251) ($3,197,819) $5,875,158 32 32 2037 $1,079,946,841 $928,473,113 $9,284,731 ($1,856,946) ($1,395,547) ($46,968) ($3,299,461) $5,985,270 33 33 2038 $1,101,545,778 $950,072,050 $9,500,720 ($1,900,144) ($1,431,833) ($71,159) ($3,403,136) $6,097,585 34 34 2039 $1,123,576,693 $972,102,965 $9,721,030 ($1,944,206) ($1,468,845) ($95,833) ($3,508,884) $6,212,146 35 35 2040 $1,146,048,227 $994,574,499 $9,945,745 ($1,989,149) ($1,506,597) ($121,001) ($3,616,747) $6,328,998 36 36 2041 $1,168,969,192 $1,017,495,464 $10,174,955 ($2,034,991) ($1,545,104) ($146,673) ($3,726,768) $6,448,187 37 37 2042 $1,192,348,575 $1,040,874,847 $10,408,748 ($2,081,750) ($1,584,382) ($172,858) ($3,838,989) $6,569,759 38 38 2043 $1,216,195,547 $1,064,721,819 $10,647,218 ($2,129,444) ($1,624,444) ($199,566) ($3,953,455) $6,693,764 39 39 2044 $1,240,519,458 $1,089,045,730 $10,890,457 ($2,178,091) ($1,665,309) ($226,809) ($4,070,209) $6,820,248 40 40 2045 $1,265,329,847 $1,113,856,119 $11,138,561 ($2,227,712) ($1,706,990) ($254,597) ($4,189,299) $6,949,262 41 41 2046 $1,290,636,444 $1,139,162,716 $11,391,627 ($2,278,325) ($1,749,505) ($282,940) ($4,310,771) $7,080,856 42 42 2047 $1,316,449,173 $1,164,975,445 $11,649,754 ($2,329,951) ($1,792,871) ($311,851) ($4,434,672) $7,215,082 43 43 2048 $1,342,778,156 $1,191,304,428 $11,913,044 ($2,382,609) ($1,837,103) ($341,339) ($4,561,051) $7,351,993 44 44 2049 $1,369,633,719 $1,218,159,991 $12,181,600 ($2,436,320) ($1,882,221) ($371,417) ($4,689,958) $7,491,642 45 45 2050 $1,397,026,394 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%. 65th Street
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.4
City of Sacramento Railyards EIFD
Tax Increment Projection - Oak Park
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1973 1% 25% 21% 14%
Original AV $60,326,228
Tier 1 Base AV 2003 $302,112,293
Tier 2 Base AV 2014 $484,303,210
Tier 3 Base AV (Projected) 2033 $1,720,219,253
Low/Mod Set Aside 20%
Receive Tax Increment 05/30/2026 $172,000,000
Receipts Through June 2015 $83,541,000
52 22 2025 $1,180,908,846 $1,120,582,618 $11,205,826 $0 ($1,757,593) ($1,170,297) $0 ($2,927,891) $8,277,936 53 23 2026 $1,204,527,023 $1,144,200,795 $11,442,008 $0 ($1,804,829) ($1,209,976) $0 ($3,014,805) $8,427,202 54 24 2027 $1,278,510,092 $1,218,183,864 $12,181,839 $0 ($1,952,796) ($1,334,268) $0 ($3,287,063) $8,894,775 55 25 2028 $1,305,328,774 $1,245,002,546 $12,450,025 $0 ($2,006,433) ($1,379,323) $0 ($3,385,756) $9,064,270 56 26 2029 $1,419,135,649 $1,358,809,421 $13,588,094 $0 ($2,234,047) ($1,570,518) $0 ($3,804,565) $9,783,529 57 27 2030 $1,531,515,098 $1,471,188,870 $14,711,889 $0 ($2,458,806) ($1,759,316) $0 ($4,218,122) $10,493,767 58 28 2031 $1,614,147,605 $1,553,821,377 $15,538,214 $0 ($2,624,071) ($1,898,139) $0 ($4,522,209) $11,016,005 59 29 2032 $1,685,588,534 $1,625,262,306 $16,252,623 $0 ($2,766,952) ($2,018,159) $0 ($4,785,112) $11,467,511 60 30 2033 $1,720,219,253 $1,659,893,025 $16,598,930 $0 ($2,836,214) ($2,076,339) $0 ($4,912,553) $11,686,377 61 31 2034 $1,799,044,945 $1,738,718,717 $17,387,187 $0 ($2,993,865) ($2,208,766) ($88,285) ($5,290,916) $12,096,271 62 32 2035 $1,841,847,097 $1,781,520,869 $17,815,209 $0 ($3,079,470) ($2,280,674) ($136,223) ($5,496,367) $12,318,842 63 33 2036 $1,878,684,039 $1,818,357,811 $18,183,578 $0 ($3,153,143) ($2,342,560) ($177,481) ($5,673,184) $12,510,394 64 34 2037 $1,916,257,719 $1,855,931,491 $18,559,315 $0 ($3,228,291) ($2,405,684) ($219,563) ($5,853,538) $12,705,777 65 35 2038 $1,954,582,874 $1,894,256,646 $18,942,566 $0 ($3,304,941) ($2,470,070) ($262,487) ($6,037,498) $12,905,068 66 36 2039 $1,993,674,531 $0 $0 $0 $0 $0 $0 $0 $0
67 37 2040 $2,033,548,022 $0 $0 $0 $0 $0 $0 $0 $0
68 38 2041 $2,074,218,982 $0 $0 $0 $0 $0 $0 $0 $0
69 39 2042 $2,115,703,362 $0 $0 $0 $0 $0 $0 $0 $0
70 40 2043 $2,158,017,429 $0 $0 $0 $0 $0 $0 $0 $0
71 41 2044 $2,201,177,778 $0 $0 $0 $0 $0 $0 $0 $0
72 42 2045 $2,245,201,333 $0 $0 $0 $0 $0 $0 $0 $0
73 43 2046 $2,290,105,360 $0 $0 $0 $0 $0 $0 $0 $0
74 44 2047 $2,335,907,467 $0 $0 $0 $0 $0 $0 $0 $0
75 45 2048 $2,382,625,616 $0 $0 $0 $0 $0 $0 $0 $0
76 46 2049 $2,430,278,129 $0 $0 $0 $0 $0 $0 $0 $0
77 47 2050 $2,478,883,691 $0 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Oak Park
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.5
City of Sacramento Railyards EIFD
Tax Increment Projection - Alkali Flat
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1972 1% 25% 21% 14%
Original AV $13,594,172
Tier 1 Base AV 2002 $98,166,505
Tier 2 Base AV 2014 $116,351,073
Tier 3 Base AV (Projected) 2032 $349,938,197
Low/Mod Set Aside 20%
Receive Tax Increment 2/09/2025 $79,000,000
Receipts Through June 2015 $26,807,000
OK
53 23 2025 $304,642,259 $291,048,087 $2,910,481 $0 ($412,952) ($316,329) $0 ($729,281) $2,181,200 54 24 2026 $310,735,104 $297,140,932 $2,971,409 $0 ($425,137) ($326,565) $0 ($751,702) $2,219,707 55 25 2027 $316,949,806 $303,355,634 $3,033,556 $0 ($437,567) ($337,006) $0 ($774,572) $2,258,984 56 26 2028 $323,288,802 $309,694,630 $3,096,946 $0 ($450,245) ($347,655) $0 ($797,900) $2,299,046 57 27 2029 $329,754,578 $316,160,406 $3,161,604 $0 ($463,176) ($358,518) $0 ($821,694) $2,339,910 58 28 2030 $336,349,670 $322,755,498 $3,227,555 $0 ($476,366) ($369,598) $0 ($845,964) $2,381,591 59 29 2031 $343,076,663 $329,482,491 $3,294,825 $0 ($489,820) ($380,899) $0 ($870,719) $2,424,106 60 30 2032 $349,938,197 $336,344,025 $3,363,440 $0 ($503,543) ($392,426) $0 ($895,970) $2,467,470 61 31 2033 $356,936,961 $343,342,789 $3,433,428 $0 ($517,541) ($404,184) ($7,839) ($929,564) $2,503,864 62 32 2034 $364,075,700 $350,481,528 $3,504,815 $0 ($531,818) ($416,177) ($15,834) ($963,830) $2,540,986 63 33 2035 $371,357,214 $357,763,042 $3,577,630 $0 ($546,381) ($428,410) ($23,989) ($998,781) $2,578,849 64 34 2036 $378,784,358 $365,190,186 $3,651,902 $0 ($561,236) ($440,888) ($32,308) ($1,034,431) $2,617,471 65 35 2037 $386,360,045 $372,765,873 $3,727,659 $0 ($576,387) ($453,615) ($40,792) ($1,070,795) $2,656,864 66 36 2038 $394,087,246 $380,493,074 $3,804,931 $0 ($591,841) ($466,597) ($49,447) ($1,107,885) $2,697,046 67 37 2039 $401,968,991 $0 $0 $0 $0 $0 $0 $0 $0
68 38 2040 $410,008,371 $0 $0 $0 $0 $0 $0 $0 $0
69 39 2041 $418,208,538 $0 $0 $0 $0 $0 $0 $0 $0
70 40 2042 $426,572,709 $0 $0 $0 $0 $0 $0 $0 $0
71 41 2043 $435,104,163 $0 $0 $0 $0 $0 $0 $0 $0
72 42 2044 $443,806,247 $0 $0 $0 $0 $0 $0 $0 $0
73 43 2045 $452,682,371 $0 $0 $0 $0 $0 $0 $0 $0
74 44 2046 $461,736,019 $0 $0 $0 $0 $0 $0 $0 $0
75 45 2047 $470,970,739 $0 $0 $0 $0 $0 $0 $0 $0
76 46 2048 $480,390,154 $0 $0 $0 $0 $0 $0 $0 $0
77 47 2049 $489,997,957 $0 $0 $0 $0 $0 $0 $0 $0
78 48 2050 $499,797,916 $0 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Alkali Flat
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.6
City of Sacramento Railyards EIFD
Tax Increment Projection - North Sacramento
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs [1] Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1% 10% 25% 21% 14%
Original AV $290,861,186 after 2% County
Tier 1 Base AV N/A N/A Admin
Tier 2 Base AV N/A N/A
Tier 3 Base AV N/A N/A
Low/Mod Set Aside N/A
Receive Tax Increment 06/30/2038 $268,000,000
Receipts Through June 2015 $33,862,000
OK
2025 $1,154,092,192 $863,231,006 $8,632,310 ($862,540) $0 $0 $0 ($862,540) $7,769,770 2026 $1,177,174,036 $886,312,850 $8,863,128 ($885,604) $0 $0 $0 ($885,604) $7,977,525 2027 $1,200,717,517 $909,856,331 $9,098,563 ($909,128) $0 $0 $0 ($909,128) $8,189,435 2028 $1,224,731,867 $933,870,681 $9,338,707 ($933,124) $0 $0 $0 ($933,124) $8,405,583 2029 $1,249,226,504 $958,365,318 $9,583,653 $0 $0 $0 $0 $0 $9,583,653 2030 $1,274,211,034 $983,349,848 $9,833,498 $0 $0 $0 $0 $0 $9,833,498 2031 $1,299,695,255 $1,008,834,069 $10,088,341 $0 $0 $0 $0 $0 $10,088,341 2032 $1,325,689,160 $1,034,827,974 $10,348,280 $0 $0 $0 $0 $0 $10,348,280 2033 $1,352,202,943 $1,061,341,757 $10,613,418 $0 $0 $0 $0 $0 $10,613,418 2034 $1,379,247,002 $1,088,385,816 $10,883,858 $0 $0 $0 $0 $0 $10,883,858 2035 $1,406,831,942 $1,115,970,756 $11,159,708 $0 $0 $0 $0 $0 $11,159,708 2036 $1,434,968,581 $1,144,107,395 $11,441,074 $0 $0 $0 $0 $0 $11,441,074 2037 $1,463,667,953 $1,172,806,767 $11,728,068 $0 $0 $0 $0 $0 $11,728,068 2038 $1,492,941,312 $1,202,080,126 $12,020,801 $0 $0 $0 $0 $0 $12,020,801 2039 $1,522,800,138 $0 $0 $0 $0 $0 $0 $0 $0
2040 $1,553,256,141 $0 $0 $0 $0 $0 $0 $0 $0
2041 $1,584,321,264 $0 $0 $0 $0 $0 $0 $0 $0
2042 $1,616,007,689 $0 $0 $0 $0 $0 $0 $0 $0
2043 $1,648,327,843 $0 $0 $0 $0 $0 $0 $0 $0
2044 $1,681,294,399 $0 $0 $0 $0 $0 $0 $0 $0
2045 $1,714,920,287 $0 $0 $0 $0 $0 $0 $0 $0
2046 $1,749,218,693 $0 $0 $0 $0 $0 $0 $0 $0
2047 $1,784,203,067 $0 $0 $0 $0 $0 $0 $0 $0
2048 $1,819,887,128 $0 $0 $0 $0 $0 $0 $0 $0
2049 $1,856,284,871 $0 $0 $0 $0 $0 $0 $0 $0
2050 $1,893,410,568 $0 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Negotiated Pass Throughs calculated based on review of pass through agreements with Affected Taxing Entities.

North Sacramento
Net TI After
Pass Throughs
Total Pass
Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.7
City of Sacramento Railyards EIFD
Tax Increment Projection - Army Depot
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1995 1% 25% 21% 14%
Original AV $201,296,981
Tier 1 Base AV $201,407,821
Tier 2 Base AV 2009 $337,428,367
Tier 3 Base AV (Projected) 2029 $821,867,142
Low/Mod Set Aside 20%
Receive Tax Increment 06/15/2041 N/A
Receipts Through June 2015
OK
30 26 2025 $759,278,200 $557,981,219 $5,579,812 ($1,115,741) ($708,708) $0 ($1,824,448) $3,755,364 31 27 2026 $774,463,764 $573,166,783 $5,731,668 ($1,146,112) ($734,219) $0 ($1,880,331) $3,851,336 32 28 2027 $789,953,039 $588,656,058 $5,886,561 ($1,177,090) ($760,241) $0 ($1,937,332) $3,949,229 33 29 2028 $805,752,100 $604,455,119 $6,044,551 ($1,208,689) ($786,784) $0 ($1,995,472) $4,049,079 34 30 2029 $821,867,142 $620,570,161 $6,205,702 ($1,240,919) ($813,857) $0 ($2,054,776) $4,150,926 35 31 2030 $838,304,485 $637,007,504 $6,370,075 ($1,273,793) ($841,472) ($18,410) ($2,133,675) $4,236,400 36 32 2031 $855,070,575 $653,773,594 $6,537,736 ($1,307,326) ($869,639) ($37,188) ($2,214,152) $4,323,584 37 33 2032 $872,171,986 $670,875,005 $6,708,750 ($1,341,528) ($898,369) ($56,341) ($2,296,239) $4,412,511 38 34 2033 $889,615,426 $688,318,445 $6,883,184 ($1,376,415) ($927,674) ($75,878) ($2,379,968) $4,503,217 39 35 2034 $907,407,734 $706,110,753 $7,061,108 ($1,412,000) ($957,565) ($95,805) ($2,465,371) $4,595,737 40 36 2035 $925,555,889 $724,258,908 $7,242,589 ($1,448,296) ($988,054) ($116,131) ($2,552,482) $4,690,107 41 37 2036 $944,067,007 $742,770,026 $7,427,700 ($1,485,318) ($1,019,153) ($136,864) ($2,641,335) $4,786,365 42 38 2037 $962,948,347 $761,651,366 $7,616,514 ($1,523,081) ($1,050,874) ($158,011) ($2,731,966) $4,884,548 43 39 2038 $982,207,314 $780,910,333 $7,809,103 ($1,561,599) ($1,083,229) ($179,581) ($2,824,409) $4,984,695 44 40 2039 $1,001,851,460 $800,554,479 $8,005,545 ($1,600,887) ($1,116,231) ($201,582) ($2,918,701) $5,086,844 45 41 2040 $1,021,888,489 $820,591,508 $8,205,915 ($1,640,961) ($1,149,893) ($224,024) ($3,014,878) $5,191,037 46 42 2041 $1,042,326,259 $841,029,278 $8,410,293 ($1,681,837) ($1,184,228) ($246,914) ($3,112,980) $5,297,313 47 43 2042 $1,063,172,784 $0 $0 $0 $0 $0 $0 $0
48 44 2043 $1,084,436,240 $0 $0 $0 $0 $0 $0 $0
49 45 2044 $1,106,124,965 $0 $0 $0 $0 $0 $0 $0
50 46 2045 $1,128,247,464 $0 $0 $0 $0 $0 $0 $0
51 47 2046 $1,150,812,413 $0 $0 $0 $0 $0 $0 $0
52 48 2047 $1,173,828,662 $0 $0 $0 $0 $0 $0 $0
53 49 2048 $1,197,305,235 $0 $0 $0 $0 $0 $0 $0
54 50 2049 $1,221,251,340 $0 $0 $0 $0 $0 $0 $0
55 51 2050 $1,245,676,366 $0 $0 $0 $0 $0 $0 $0
Army Depot pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Statutory Pass Throughs [1]
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Army Depot
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.8
City of Sacramento Railyards EIFD
Tax Increment Projection - Army Depot Annexation
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1995 1% 25% 21% 14%
Original AV 2004 $468,319,029
Tier 1 Base AV 2004 $468,319,029
Tier 2 Base AV 2015 $701,650,021
Tier 3 Base AV (Projected) 2035 $1,667,331,717
Low/Mod Set Aside 20%
Receive Tax Increment 6/29/2049 N/A
Receipts Through June 2015
OK
30 20 2025 $1,367,792,739 $899,473,710 $8,994,737 ($1,798,947) ($1,119,120) $0 ($2,918,067) $6,076,670 31 21 2026 $1,395,148,594 $926,829,565 $9,268,296 ($1,853,659) ($1,165,078) $0 ($3,018,737) $6,249,559 32 22 2027 $1,423,051,566 $954,732,537 $9,547,325 ($1,909,465) ($1,211,955) $0 ($3,121,420) $6,425,906 33 23 2028 $1,451,512,597 $983,193,568 $9,831,936 ($1,966,387) ($1,259,769) $0 ($3,226,156) $6,605,779 34 24 2029 $1,480,542,849 $1,012,223,820 $10,122,238 ($2,024,448) ($1,308,540) $0 ($3,332,988) $6,789,251 35 25 2030 $1,510,153,706 $1,041,834,677 $10,418,347 ($2,083,669) ($1,358,286) $0 ($3,441,956) $6,976,391 36 26 2031 $1,540,356,780 $1,072,037,751 $10,720,378 ($2,144,076) ($1,409,027) $0 ($3,553,103) $7,167,275 37 27 2032 $1,571,163,916 $1,102,844,887 $11,028,449 ($2,205,690) ($1,460,783) $0 ($3,666,473) $7,361,976 38 28 2033 $1,602,587,194 $1,134,268,165 $11,342,682 ($2,268,536) ($1,513,574) $0 ($3,782,111) $7,560,571 39 29 2034 $1,634,638,938 $1,166,319,909 $11,663,199 ($2,332,640) ($1,567,421) $0 ($3,900,061) $7,763,138 40 30 2035 $1,667,331,717 $1,199,012,688 $11,990,127 ($2,398,025) ($1,622,345) $0 ($4,020,371) $7,969,756 41 31 2036 $1,700,678,351 $1,232,359,322 $12,323,593 ($2,464,719) ($1,678,368) ($37,348) ($4,180,434) $8,143,159 42 32 2037 $1,734,691,918 $1,266,372,889 $12,663,729 ($2,532,746) ($1,735,510) ($75,443) ($4,343,700) $8,320,029 43 33 2038 $1,769,385,756 $1,301,066,727 $13,010,667 ($2,602,133) ($1,793,796) ($114,301) ($4,510,230) $8,500,437 44 34 2039 $1,804,773,471 $1,336,454,442 $13,364,544 ($2,672,909) ($1,853,247) ($153,935) ($4,680,091) $8,684,453 45 35 2040 $1,840,868,941 $1,372,549,912 $13,725,499 ($2,745,100) ($1,913,888) ($194,362) ($4,853,349) $8,872,150 46 36 2041 $1,877,686,320 $1,409,367,291 $14,093,673 ($2,818,735) ($1,975,741) ($235,597) ($5,030,073) $9,063,600 47 37 2042 $1,915,240,046 $1,446,921,017 $14,469,210 ($2,893,842) ($2,038,831) ($277,657) ($5,210,331) $9,258,880 48 38 2043 $1,953,544,847 $1,485,225,818 $14,852,258 ($2,970,452) ($2,103,183) ($320,559) ($5,394,194) $9,458,065 49 39 2044 $1,992,615,744 $1,524,296,715 $15,242,967 ($3,048,593) ($2,168,822) ($364,318) ($5,581,734) $9,661,233 50 40 2045 $2,032,468,059 $1,564,149,030 $15,641,490 ($3,128,298) ($2,235,774) ($408,953) ($5,773,025) $9,868,465 51 41 2046 $2,073,117,420 $1,604,798,391 $16,047,984 ($3,209,597) ($2,304,065) ($454,480) ($5,968,142) $10,079,842 52 42 2047 $2,114,579,768 $1,646,260,739 $16,462,607 ($3,292,521) ($2,373,722) ($500,918) ($6,167,161) $10,295,446 53 43 2048 $2,156,871,364 $1,688,552,335 $16,885,523 ($3,377,105) ($2,444,772) ($548,284) ($6,370,161) $10,515,362 54 44 2049 $2,200,008,791 $1,731,689,762 $17,316,898 ($3,463,380) ($2,517,243) ($596,598) ($6,577,221) $10,739,677 55 45 2050 $2,244,008,967 $0 $0 $0 $0 $0 $0 $0
Army Depot Annexation pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Army Depot Annexation
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.9
City of Sacramento Railyards EIFD
Tax Increment Projection - Del Paso Heights
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1970 1% 25% 21% 14%
Original AV $27,064,022
Tier 1 Base AV 2000 $141,214,710
Tier 2 Base AV 2011 $328,612,263
Tier 3 Base AV (Projected) 2031 $796,357,410
Low/Mod Set Aside 30%
Receive Tax Increment 05/11/2033 $131,000,000
Receipts Through June 2015 $55,735,000
55 24 2025 $707,142,590 $680,078,568 $6,800,786 ($990,374) ($556,440) $0 ($1,546,813) $5,253,972 56 25 2026 $721,285,442 $694,221,420 $6,942,214 ($1,015,124) ($577,230) $0 ($1,592,353) $5,349,861 57 26 2027 $735,711,151 $708,647,129 $7,086,471 ($1,040,369) ($598,435) $0 ($1,638,804) $5,447,667 58 27 2028 $750,425,374 $723,361,352 $7,233,614 ($1,066,119) ($620,065) $0 ($1,686,184) $5,547,430 59 28 2029 $765,433,881 $738,369,859 $7,383,699 ($1,092,384) ($642,128) $0 ($1,734,511) $5,649,187 60 29 2030 $780,742,559 $753,678,537 $7,536,785 ($1,119,174) ($664,632) $0 ($1,783,805) $5,752,980 61 30 2031 $796,357,410 $769,293,388 $7,692,934 ($1,146,500) ($687,585) $0 ($1,834,085) $5,858,849 62 31 2032 $812,284,558 $785,220,536 $7,852,205 ($1,174,372) ($710,998) ($15,609) ($1,900,979) $5,951,226 63 32 2033 $828,530,249 $801,466,227 $8,014,662 ($1,202,802) ($734,879) ($31,529) ($1,969,211) $6,045,451 64 33 2034 $845,100,854 $818,036,832 $8,180,368 ($1,231,801) ($759,238) ($47,769) ($2,038,808) $6,141,561 65 34 2035 $862,002,871 $834,938,849 $8,349,388 ($1,261,379) ($784,084) ($64,333) ($2,109,796) $6,239,592 66 35 2036 $879,242,929 $852,178,907 $8,521,789 ($1,291,549) ($809,427) ($81,228) ($2,182,204) $6,339,585 67 36 2037 $896,827,787 $869,763,765 $8,697,638 ($1,322,323) ($835,277) ($98,461) ($2,256,061) $6,441,577 68 37 2038 $914,764,343 $887,700,321 $8,877,003 ($1,353,712) ($861,644) ($116,039) ($2,331,394) $6,545,609 69 38 2039 $933,059,630 $905,995,608 $9,059,956 ($1,385,729) ($888,538) ($133,968) ($2,408,234) $6,651,722 70 39 2040 $951,720,823 $0 $0 $0 $0 $0 $0 $0
71 40 2041 $970,755,239 $0 $0 $0 $0 $0 $0 $0
72 41 2042 $990,170,344 $0 $0 $0 $0 $0 $0 $0
73 42 2043 $1,009,973,751 $0 $0 $0 $0 $0 $0 $0
74 43 2044 $1,030,173,226 $0 $0 $0 $0 $0 $0 $0
75 44 2045 $1,050,776,690 $0 $0 $0 $0 $0 $0 $0
76 45 2046 $1,071,792,224 $0 $0 $0 $0 $0 $0 $0
77 46 2047 $1,093,228,068 $0 $0 $0 $0 $0 $0 $0
78 47 2048 $1,115,092,630 $0 $0 $0 $0 $0 $0 $0
79 48 2049 $1,137,394,482 $0 $0 $0 $0 $0 $0 $0
80 49 2050 $1,160,142,372 $0 $0 $0 $0 $0 $0 $0
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Del Paso Heights
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.10
City of Sacramento Railyards EIFD
Tax Increment Projection - Franklin Boulevard
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1993 1% 31% 25% 21% 14%
Original AV $354,324,447
Tier 1 Base AV N/A
Tier 2 Base AV N/A
Tier 3 Base AV #N/A N/A
Low/Mod Set Aside 0%
Receive Tax Increment 12/13/2038 $201,000,000
Receipts Through June 2015
OK
32 32 2025 $921,783,245 $567,458,798 $5,674,588 $1,746,638 ($436,660) ($366,794) ($244,529) ($1,047,983) $4,626,605 33 33 2026 $940,218,910 $585,894,463 $5,858,945 $1,803,383 ($450,846) ($378,710) ($252,474) ($1,082,030) $4,776,915 34 34 2027 $959,023,288 $604,698,841 $6,046,988 $1,861,263 ($465,316) ($390,865) ($260,577) ($1,116,758) $4,930,231 35 35 2028 $978,203,754 $623,879,307 $6,238,793 $1,920,301 ($480,075) ($403,263) ($268,842) ($1,152,180) $5,086,613 36 36 2029 $997,767,829 $643,443,382 $6,434,434 $1,980,519 ($495,130) ($415,909) ($277,273) ($1,188,311) $5,246,123 37 37 2030 $1,017,723,186 $663,398,739 $6,633,987 $2,041,941 ($510,485) ($428,808) ($285,872) ($1,225,165) $5,408,823 38 38 2031 $1,038,077,649 $683,753,202 $6,837,532 $2,104,592 ($526,148) ($441,964) ($294,643) ($1,262,755) $5,574,777 39 39 2032 $1,058,839,202 $704,514,755 $7,045,148 $2,168,496 ($542,124) ($455,384) ($303,589) ($1,301,098) $5,744,050 40 40 2033 $1,080,015,986 $725,691,539 $7,256,915 $2,233,679 ($558,420) ($469,072) ($312,715) ($1,340,207) $5,916,708 41 41 2034 $1,101,616,306 $747,291,859 $7,472,919 $2,300,164 ($575,041) ($483,035) ($322,023) ($1,380,099) $6,092,820 42 42 2035 $1,123,648,632 $769,324,185 $7,693,242 $2,367,980 ($591,995) ($497,276) ($331,517) ($1,420,788) $6,272,454 43 43 2036 $1,146,121,605 $791,797,158 $7,917,972 $2,437,152 ($609,288) ($511,802) ($341,201) ($1,462,291) $6,455,681 44 44 2037 $1,169,044,037 $814,719,590 $8,147,196 $2,507,707 ($626,927) ($526,618) ($351,079) ($1,504,624) $6,642,572 45 45 2038 $1,192,424,918 $838,100,471 $8,381,005 $2,579,673 ($644,918) ($541,731) ($361,154) ($1,547,804) $6,833,201 46 46 2039 $1,216,273,416 $861,948,969 $8,619,490 $2,653,079 ($663,270) ($557,147) ($371,431) ($1,591,847) $7,027,642 47 47 2040 $1,240,598,884 $0 $0 $0 $0 $0 $0 $0
48 48 2041 $1,265,410,862 $0 $0 $0 $0 $0 $0 $0
49 49 2042 $1,290,719,079 $0 $0 $0 $0 $0 $0 $0
50 50 2043 $1,316,533,461 $0 $0 $0 $0 $0 $0 $0
51 51 2044 $1,342,864,130 $0 $0 $0 $0 $0 $0 $0
52 52 2045 $1,369,721,413 $0 $0 $0 $0 $0 $0 $0
53 53 2046 $1,397,115,841 $0 $0 $0 $0 $0 $0 $0
54 54 2047 $1,425,058,158 $0 $0 $0 $0 $0 $0 $0
55 55 2048 $1,453,559,321 $0 $0 $0 $0 $0 $0 $0
56 56 2049 $1,482,630,507 $0 $0 $0 $0 $0 $0 $0
57 57 2050 $1,512,283,117 $0 $0 $0 $0 $0 $0 $0
Franklin Boulevard pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Calculated based on review of Negotiated Pass Through agreements with affected taxing entities.

Franklin Boulevard
Net TI After
Pass Throughs
Total
Negotiated
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Negotiated Pass Throughs [1]Portion Subject
to Negotiated
Pass Throughs
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.11
City of Sacramento Railyards EIFD
Tax Increment Projection - Merged Downtown
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1% 25% 21% 14%
Original AV $193,233,423
Tier 1 Base AV 2004 $1,912,829,158
Tier 2 Base AV 2014 $2,435,070,345
Tier 3 Base AV (Projected) 2034 $5,351,811,020
Low/Mod Set Aside 30%
Receive Tax Increment
1/1/2032 (42%)
& 1/1/2035 (58%) $2,278,000,000
Receipts Through June 2015 $536,689,000
OK
21 2025 $4,567,719,174 $4,374,485,751 $43,744,858 ($4,646,058) ($3,134,994) $0 ($7,781,051) $35,963,806 22 2026 $4,567,719,174 $4,374,485,751 $43,744,858 ($4,646,058) ($3,134,994) $0 ($7,781,051) $35,963,806 23 2027 $4,659,073,557 $4,465,840,134 $44,658,401 ($4,805,928) ($3,269,285) $0 ($8,075,212) $36,583,189 24 2028 $4,752,255,029 $4,559,021,606 $45,590,216 ($4,968,995) ($3,406,261) $0 ($8,375,257) $37,214,959 25 2029 $4,847,300,129 $4,654,066,706 $46,540,667 ($5,135,324) ($3,545,978) $0 ($8,681,302) $37,859,365 26 2030 $4,944,246,132 $4,751,012,709 $47,510,127 ($5,304,980) ($3,688,488) $0 ($8,993,468) $38,516,659 27 2031 $5,043,131,054 $4,849,897,631 $48,498,976 ($5,478,028) ($3,833,849) $0 ($9,311,878) $39,187,099 28 2032 $5,143,993,676 $4,950,760,253 $49,507,603 ($5,654,538) ($3,982,117) $0 ($9,636,655) $39,870,947 29 2033 $5,246,873,549 $5,053,640,126 $50,536,401 ($5,834,578) ($4,133,351) $0 ($9,967,928) $40,568,473 30 2034 $5,351,811,020 $5,158,577,597 $51,585,776 ($3,490,567) ($2,486,813) $0 ($5,977,380) $45,608,396 31 2035 $5,458,847,240 $5,265,613,817 $52,656,138 ($3,599,208) ($2,578,072) ($104,895) ($6,282,176) $46,373,962 32 2036 $5,568,024,185 $5,374,790,762 $53,747,908 ($1,855,011) ($1,335,578) ($61,448) ($3,252,037) $50,495,870 33 2037 $5,679,384,669 $5,486,151,246 $54,861,512 ($1,911,527) ($1,383,051) ($93,096) ($3,387,675) $51,473,838 34 2038 $5,792,972,362 $5,599,738,939 $55,997,389 ($1,969,173) ($1,431,474) ($125,378) ($3,526,024) $52,471,365 35 2039 $5,908,831,810 $5,715,598,387 $57,155,984 ($2,027,971) ($1,480,865) ($158,305) ($3,667,141) $53,488,843 36 2040 $6,027,008,446 $0 $0 $0 $0 $0 $0 $0
37 2041 $6,147,548,615 $0 $0 $0 $0 $0 $0 $0
38 2042 $6,270,499,587 $0 $0 $0 $0 $0 $0 $0
39 2043 $6,395,909,579 $0 $0 $0 $0 $0 $0 $0
40 2044 $6,523,827,770 $0 $0 $0 $0 $0 $0 $0
41 2045 $6,654,304,326 $0 $0 $0 $0 $0 $0 $0
42 2046 $6,787,390,412 $0 $0 $0 $0 $0 $0 $0
43 2047 $6,923,138,220 $0 $0 $0 $0 $0 $0 $0
44 2048 $7,061,600,985 $0 $0 $0 $0 $0 $0 $0
45 2049 $7,202,833,005 $0 $0 $0 $0 $0 $0 $0
46 2050 $7,346,889,665 $0 $0 $0 $0 $0 $0 $0
Merged Downtown pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Merged Downtown
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Prepared by EPS 4/8/2025 \\EgnyteDrive\epsys\Shared\Projects\SAC\242000\242147 Sacramento Railyards EIFD\Model\232111 RY EIFD 1.30.25 DRAFT
Table D-4.12
City of Sacramento Railyards EIFD
Tax Increment Projection - Stockton Boulevard
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 1994 1% 25% 21% 14%
Original AV $215,204,917
Tier 1 Base AV 1994 $215,204,917
Tier 2 Base AV 2005 $325,773,649
Tier 3 Base AV 2024 $716,265,838
Low/Mod Set Aside 20%
Receive Tax Increment 06/15/2042 N/A
Receipts Through June 2015
OK
31 31 2025 $752,159,236 $536,954,319 $5,369,543 ($1,073,909) ($716,328) ($40,201) ($1,830,437) $3,539,106 32 32 2026 $767,202,421 $551,997,504 $5,519,975 ($1,103,995) ($741,600) ($57,049) ($1,902,644) $3,617,331 33 33 2027 $782,546,469 $567,341,552 $5,673,416 ($1,134,683) ($767,378) ($74,234) ($1,976,296) $3,697,120 34 34 2028 $798,197,399 $582,992,482 $5,829,925 ($1,165,985) ($793,672) ($91,763) ($2,051,420) $3,778,505 35 35 2029 $814,161,346 $598,956,429 $5,989,564 ($1,197,913) ($820,491) ($109,643) ($2,128,047) $3,861,517 36 36 2030 $830,444,573 $615,239,656 $6,152,397 ($1,230,479) ($847,847) ($127,880) ($2,206,207) $3,946,190 37 37 2031 $847,053,465 $631,848,548 $6,318,485 ($1,263,697) ($875,750) ($146,482) ($2,285,929) $4,032,556 38 38 2032 $966,182,524 $750,977,607 $7,509,776 ($1,501,955) ($1,075,887) ($279,907) ($2,857,749) $4,652,027 39 39 2033 $985,506,175 $770,301,258 $7,703,013 ($1,540,603) ($1,108,351) ($301,549) ($2,950,502) $4,752,510 40 40 2034 $1,005,216,298 $790,011,381 $7,900,114 ($1,580,023) ($1,141,464) ($323,625) ($3,045,111) $4,855,003 41 41 2035 $1,110,878,769 $895,673,852 $8,956,739 ($1,791,348) ($1,318,977) ($441,966) ($3,552,291) $5,404,448 42 42 2036 $1,190,071,473 $974,866,556 $9,748,666 ($1,949,733) ($1,452,020) ($530,662) ($3,932,416) $5,816,250 43 43 2037 $1,450,975,000 $1,235,770,083 $12,357,701 ($2,471,540) ($1,890,338) ($822,874) ($5,184,753) $7,172,948 44 44 2038 $1,608,536,373 $1,393,331,456 $13,933,315 ($2,786,663) ($2,155,041) ($999,343) ($5,941,047) $7,992,267 45 45 2039 $1,856,637,237 $1,641,432,320 $16,414,323 ($3,282,865) ($2,571,851) ($1,277,216) ($7,131,931) $9,282,392 46 46 2040 $2,011,193,036 $1,795,988,119 $17,959,881 ($3,591,976) ($2,831,505) ($1,450,318) ($7,873,799) $10,086,082 47 47 2041 $2,521,043,078 $2,305,838,161 $23,058,382 ($4,611,676) ($3,688,053) ($2,021,351) ($10,321,079) $12,737,302 48 48 2042 $2,571,463,940 $2,356,259,023 $23,562,590 ($4,712,518) ($3,772,760) ($2,077,822) ($10,563,100) $12,999,491 49 49 2043 $2,622,893,219 $0 $0 $0 $0 $0 $0 $0
50 50 2044 $2,675,351,083 $0 $0 $0 $0 $0 $0 $0
51 51 2045 $2,728,858,105 $0 $0 $0 $0 $0 $0 $0
52 52 2046 $2,783,435,267 $0 $0 $0 $0 $0 $0 $0
53 53 2047 $2,839,103,972 $0 $0 $0 $0 $0 $0 $0
54 54 2048 $2,895,886,052 $0 $0 $0 $0 $0 $0 $0
55 55 2049 $2,953,803,773 $0 $0 $0 $0 $0 $0 $0
56 56 2050 $3,012,879,848 $0 $0 $0 $0 $0 $0 $0
Stockton Boulevard pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

Stockton Boulevard
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
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Table D-4.13
City of Sacramento Railyards EIFD
Tax Increment Projection - Railyards
Tier 1 Tier 2 Tier 3
RDA Year FY Ending Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed 2008 1% 25% 21% 14%
Original AV $54,805,723
Tier 1 Base AV 2008 $54,805,723
Tier 2 Base AV 2018 $78,908,720
Tier 3 Base AV (Projected) 2038 $6,221,590,242
Low/Mod Set Aside 20%
Receive Tax Increment 05/13/2053 N/A
Receipts Through June 2015
OK
17 17 2025 $59,500,175 $4,694,452 $46,945 ($9,389) $0 $0 ($9,389) $37,556 18 18 2026 $60,690,179 $5,884,456 $58,845 ($11,769) $0 $0 ($11,769) $47,076 19 19 2027 $175,615,982 $120,810,259 $1,208,103 ($241,621) ($162,468) $0 ($404,089) $804,014 20 20 2028 $179,128,302 $124,322,579 $1,243,226 ($248,645) ($168,369) $0 ($417,014) $826,212 21 21 2029 $598,001,764 $543,196,041 $5,431,960 ($1,086,392) ($872,076) $0 ($1,958,468) $3,473,492 22 22 2030 $814,170,397 $759,364,674 $7,593,647 ($1,518,729) ($1,235,240) $0 ($2,753,969) $4,839,678 23 23 2031 $1,187,174,578 $1,132,368,855 $11,323,689 ($2,264,738) ($1,861,887) $0 ($4,126,624) $7,197,064 24 24 2032 $1,743,599,581 $1,688,793,858 $16,887,939 ($3,377,588) ($2,796,681) $0 ($6,174,268) $10,713,670 25 25 2033 $2,923,639,022 $2,868,833,299 $28,688,333 ($5,737,667) ($4,779,147) $0 ($10,516,814) $18,171,519 26 26 2034 $3,779,721,646 $3,724,915,923 $37,249,159 ($7,449,832) ($6,217,366) $0 ($13,667,198) $23,581,962 27 27 2035 $4,572,915,730 $4,518,110,007 $45,181,100 ($9,036,220) ($7,549,932) $0 ($16,586,152) $28,594,948 28 28 2036 $5,431,104,385 $5,376,298,662 $53,762,987 ($10,752,597) ($8,991,689) $0 ($19,744,286) $34,018,701 29 29 2037 $5,810,843,172 $5,756,037,449 $57,560,374 ($11,512,075) ($9,629,650) $0 ($21,141,725) $36,418,650 30 30 2038 $6,221,590,242 $6,166,784,519 $61,667,845 ($12,333,569) ($10,319,705) $0 ($22,653,274) $39,014,571 31 31 2039 $6,472,095,357 $6,417,289,634 $64,172,896 ($12,834,579) ($10,740,554) ($280,566) ($23,855,699) $40,317,198 32 32 2040 $6,713,718,707 $6,658,912,984 $66,589,130 ($13,317,826) ($11,146,481) ($551,184) ($25,015,491) $41,573,639 33 33 2041 $6,847,993,081 $6,793,187,358 $67,931,874 ($13,586,375) ($11,372,062) ($701,571) ($25,660,008) $42,271,866 34 34 2042 $7,145,423,586 $7,090,617,863 $70,906,179 ($14,181,236) ($11,871,745) ($1,034,693) ($27,087,674) $43,818,505 35 35 2043 $7,288,332,058 $7,233,526,335 $72,335,263 ($14,467,053) ($12,111,831) ($1,194,751) ($27,773,635) $44,561,629 36 36 2044 $7,434,098,699 $7,379,292,976 $73,792,930 ($14,758,586) ($12,356,719) ($1,358,009) ($28,473,315) $45,319,615 37 37 2045 $7,582,780,673 $7,527,974,950 $75,279,750 ($15,055,950) ($12,606,505) ($1,524,533) ($29,186,988) $46,092,761 38 38 2046 $7,734,436,287 $7,679,630,564 $76,796,306 ($15,359,261) ($12,861,286) ($1,694,388) ($29,914,935) $46,881,371 39 39 2047 $7,889,125,013 $7,834,319,290 $78,343,193 ($15,668,639) ($13,121,163) ($1,867,639) ($30,657,441) $47,685,752 40 40 2048 $8,046,907,513 $7,992,101,790 $79,921,018 ($15,984,204) ($13,386,238) ($2,044,355) ($31,414,797) $48,506,221 41 41 2049 $8,207,845,663 $8,153,039,940 $81,530,399 ($16,306,080) ($13,656,614) ($2,224,606) ($32,187,300) $49,343,099 42 42 2050 $8,372,002,576 $8,317,196,853 $83,171,969 ($16,634,394) ($13,932,398) ($2,408,462) ($32,975,253) $50,196,715 ry opa pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below:

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%.

RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Statutory Pass Throughs [1]
Railyards
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
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Fiscal Impact Analysis
DRAFT
DRAFT
Table 1
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
City General Fund Net Fiscal Impact Analysis Summary (2024$) Item
Initial Phase
(2030)
Buildout
(2040)
City General Fund Net Fiscal Impacts
Annual Revenues $3,935,000 $15,978,000
Annual Expenditures $4,856,000 $14,589,000
Annual Net General Fund Surplus/(Deficit) ($921,000) $1,389,000 Revenue-to-Expenditure Ratio 81% 110%
Source: EPS.

Note: All values are rounded to the nearest $1,000.

Cumulative Annual Net
Fiscal Impact Summary
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Table 2
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
City Annual General Fund Detailed Net Fiscal Impact Analysis (2024$) Item
City General Fund
Annual Revenues [1]
Property Tax $0 $0
Property Tax Pass Through to City $347,000 $2,404,000
City Share of RPTTF less EIFD Allocation $0 $0
Property Tax in lieu of VLF $1,160,000 $3,880,000
Real Property Transfer Tax $147,000 $576,000
Sales Tax $723,000 $2,963,000
Sales Tax - Measure U $723,000 $2,963,000
Sales Tax - Prop. 172 (Public Safety) $59,000 $242,000
Transient Occupancy Tax (TOT) $212,000 $1,342,000
Utility Taxes $349,000 $1,074,000
Business Operations Tax $138,000 $295,000
Franchise Fees $77,000 $239,000
Total Annual General Fund Revenues $3,935,000 $15,978,000 Annual Expenditures [2]
General Government $68,000 $209,000
Convention and Cultural Services $20,000 $75,000
Police $1,991,000 $6,132,000
Fire $1,440,000 $4,436,000
Youth, Parks, and Community Enrichment $343,000 $1,277,000 Citywide $367,000 $1,368,000
Community Development Services $158,000 $488,000
Community Response $128,000 $477,000
Public Works $41,000 $127,000
Stadium Services $300,000 $0
Total Annual General Fund Expenditures $4,856,000 $14,589,000 Annual General Fund Surplus/(Deficit) ($921,000) $1,389,000 Source: EPS.

Note: All values are rounded to the nearest $1,000.
[1] See Table B-1 for details on revenue estimating procedures. [2] See Table C-1 for details on revenue estimating procedures.

Cumulative Annual Net Fiscal
Impact Summary
Initial Phase
(2030)
Buildout
(2040)
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Table A-1
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
General Assumptions
Item Assumption
General Assumptions
Base Fiscal Year [1] FY 2024-25
General Demographic Characteristics
City of Sacramento
Population [2] 520,407
Employees [3] 378,000
Persons Served [4] 709,407
[1] This Fiscal Impact Analysis is based on the City of Sacramento's FY 2024-25 Approved Budget. [2] California Department of Finance estimate for January 1, 2024. [4] "Persons Served" is defined as City of Sacramento's population plus 50% of employees. [3] US Census Onthemap.ces.census.gov estimated a total of jobs of 338,937 in the City of Sacramento in 2022. California EDD reports an annual average growth rate in employment of 1.38% since 2022 for
Sacramento County. EPS escalated 2022 employment figure to arrive at 2024 job estimate, adjusted by an additional 10% to account for self-employed workers, and rounded to the nearest hundred employees.

Source: California Department of Finance; US Census Bureau (OnTheMap) ; California EDD; EPS.

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Table A-2
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Cumulative Land Use Projections
Item
Dwelling
Units Rooms Stalls
Building
Sq. Ft./
Acres
Dwelling
Units Rooms Stalls
Building
Sq. Ft./
Acres
Development Projections
Residential Land Uses
Multifamily - Market Rate 993 - - - 3,798 - - -
SRFC Multifamily - Market Rate 688 - - - 2,800 - - - Multifamily - Affordable [1] 219 - - - 500 - - -
Subtotal Residential 1,900 - - - 7,098 - - -
Nonresidential Land Uses
SRFC Commercial - - - 76,188 - - - 310,000
Central Shops - - - 77,300 - - - 424,905
Office - - - 646,500 - - - 2,068,500
Subtotal SRFC Commercial,
Central Shops and Office - - - 799,988 - - - 2,803,405 Garage - - 1,218 - - 1,218 -
Hotel - 183 - - - 1,272 - -
Kaiser Hospital
Hospital - - - 657,500 - - - 657,500
Garage - - - 490,250 - - - 490,250
Central Utility Plant - - - 32,500 - - - 32,500
Medical Office - - - 171,500 - - - 171,500
Subtotal Kaiser Facilities - - - 1,351,750 - - - 1,351,750 SRFC Stadium - - - 14 - - - 14
Source: City of Sacramento; Downtown Railyard Ventures; Sacramento Republic FC; EPS. [1] Additional affordable housing units may be accommodated beyond the estimate included in this analysis.

Cumulative Dwelling Units/Building Square Feet by Year
Initial Phase (2030) Buildout (2040)
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Table A-3
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Cumulative Occupied Dwelling Units and Building Square Footage Item
Vacancy
Rate [1]
Dwelling
Units Rooms Stalls
Building
Sq. Ft./
Acres
Dwelling
Units Rooms Stalls
Building
Sq. Ft./
Acres
Development Projections
Residential Land Uses
Multifamily - Market Rate 6.0% 933 - - - 3,570 - - - SRFC Multifamily - Market Rate 6.0% 647 - - - 2,632 - - - Multifamily - Affordable 2.0% 215 - - - 490 - - - Subtotal Residential 1,795 - - - 6,692 - - -
Nonresidential Land Uses
SRFC Commercial 5.0% - - - 72,379 - - - 294,500
Central Shops 5.0% - - - 73,435 - - - 403,660
Office 5.0% - - - 614,175 - - - 1,965,075
Subtotal SRFC Commercial,
Central Shops & Office - - - 759,989 - - 2,663,235 G
arage 0.0% - - 1,218 - - - 1,218 -
Hotel 0.0% - 183 - - - 1,272 - -
Kaiser Facilities
Hospital NA - - - 657,500 - - - 657,500
Garage NA - - - 490,250 - - - 490,250
Central Utility Plant NA - - - 32,500 - - - 32,500
Medical Office NA - - - 171,500 - - - 171,500
Subtotal Kaiser Facilities - - - 1,351,750 - - - 1,351,750 SRFC Stadium NA - - - 14 - - - 14
Source: City of Sacramento; Downtown Railyard Ventures; Sacramento Republic FC; EPS. [1] For vacancy rate assumptions, refer to Table A-5.

Cumulative Occupied Dwelling Units/Building Square Feet by Year Initial Phase (2030) Buildout (2040)
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Table A-4
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Cumulative Estimated Population and Employees (Occupied Units/Sq. Ft.) Assumptions
Item [1]
Residential Land Uses
Person per HH
Multifamily - Market Rate 2.40 2,239 8,568
SRFC Multifamily - Market Rate 2.40 1,553 6,317
Multifamily - Affordable 2.40 516 1,176
Total Resident Population 4,308 16,061
Nonresidential Land Uses Sq. Ft. per Emp.

SRFC Commercial 500 145 589
Central Shops 500 147 807
Office 300 2,047 6,550
Subtotal SRFC Commercial, Central Shops & Office Employees 2,339 7,946 Emp. Per Stall
Garage 0 0 0
Emp. Per Room
Hotel 1.0 183 1,272
Kaiser Facilities Sq. Ft. per Emp.

Hospital 250 2,630 2,630
Garage 0 0 0
Central Utility Plant 400 81 81
Medical Office 300 572 572
Subtotal Kaiser Facilities Employees 3,283 3,283
Total
SRFC Stadium 100 100 100
Total Employees 5,905 12,601
Total Persons Served 7,261 22,362
Source: California Department of Finance; EPS.
[1] For persons per household and square feet per employee assumptions, refer to Table A-5. [2] Resident and Employee Populations were calculated by multiplying occupied dwelling units/building sq. ft. by persons per household/sq. ft. per employee values. [3] "Person Served" estimates are calculated as the sum of the total number of residents and 50% of the total number of employees.

Cumulative Resident
Population/ Project Persons
Served by Year [2]
Initial Phase
(2030)
Buildout
(2040)
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Table A-5
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Land Use Assumptions
Estimated
Annual Annual Resident
as % Average
Land Use of HH Income Annual Exp.

Formula a b c = a * b
Residential Land Uses Per Unit Persons/HH
Multifamily - Market Rate $400,000 $82,000 27.3% $22,300 6.7% 2.40 6.0% SRFC Multifamily - Market Rate $400,000 $82,000 27.3% $22,300 6.7% 2.40 6.0% Multifamily - Affordable [7] $53,000 30.6% $16,200 6.7% 2.40 2.0% Nonresidential Land Uses Per Sq. Ft. Sq. Ft./Employee
SRFC Commercial $500 - - - 5.0% 500 5.0%
Central Shops $500 - - - 5.0% 500 5.0%
Office $500 - - - 5.0% 300 5.0%
Per Stall
Garage $51,500 - - - 0.0% - 0.0%
Per Room Employee/Room
Hotel $400,000 - - - 5.0% 1.0 0.0%
Kaiser Facilities Per Sq. Ft. Sq. Ft./Employee
Hospital $0 - - - 0.0% 250 0.0%
Garage $0 - - - 0.0% - 0.0%
Central Utility Plant $0 - - - 0.0% 400 0.0%
Medical Office $0 - - - 0.0% 300 0.0%
Per Acre Total
SRFC Stadium $15,500,000 - - - 0.0% 100 0.0%
[7] Assessed values of affordable housing units are excluded from this analysis, as they do not contribute to property tax revenues for the City. [6] Estimated residential vacancy rates based on CoStar (data accessed December 19, 2024). Data limited to properties built before 2022 with 5+ units. [5] Resident density assumptions derived from 2023-5 Year ACS data for average persons per renter-occupied household for the City of Sacramento.

Employee density assumptions based on typical EPS assumptions for retail land uses.

Assessed
Value
(Rounded) [1]
Taxable HH Expenditures [3]
Income per
Household [2]
[2] Incomes for market rate units assumes that rent plus utilities are 40% of income. Rent estimates for market rate units derived from comparable rental data by unit type obtained from CoStar (data accessed December 19, 2024). Monthly utility cost based on Sacramento Housing and Redevelopment A
gency 2024 Utility Allowance Schedule for a 2 bedroom, apartment/walk-up. Estimated income for affordable housing units utilizes Sacramento County's 2024 very low income limit for a 3-person household.

Turnover
Rate [4]
and
Employee
Vacancy
Rate [6]
Source: California Department of Finance; CoStar; U.S. Bureau of Labor Statistics; EPS. [1] Value per residential unit is estimated based on current average multifamily rental rates per square foot for 2024 as provided by Costar (data accessed December 4, 2024), anticipated average unit sizes, and an assumed capitalization rate, adjusted to account for the product types anticipated within the pr
oject areas. Value for commercial retail uses based on average sale price per square foot within the Sacramento area. [4] Turnover rates based on typical EPS assumptions. Owner-occupied residential assumed to turn over once every 7 years and renter-occupied residential is assumed to turn over once every 15 years. Nonresidential uses are assumed to turn over once every 20 years. [3] Taxable expenditures as a percentage of income derived from the 2022 BLS Consumer Expenditure Survey.

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Table B-1
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Revenue-Estimating Procedures - City of Sacramento (2024$) City of Sacramento Adjusted
Estimating Reference Approved FY 2024-25 Offsetting Net FY 2024-25 Service Revenue Item Procedure Table Revenues (Rounded) Revenues [1] Revenues Population Multiplier Formula a b c = a - b d e f =d * c / e
Annual General Fund Revenues
Taxes
Property Tax Case Study Table B-3 $160,057,851 - $160,057,851 26.6% 100.0% NA NA Property Tax in lieu of VLF Case Study Table B-3 $61,775,097 - $61,775,097 10.3% 100.0% NA NA Real Property Transfer Tax Case Study Table B-4 $10,767,642 - $10,767,642 1.8% 100.0% NA NA Sales Tax Case Study Table B-5 $110,226,779 - $110,226,779 18.3% 100.0% NA NA Sales Tax - Measure U Case Study Table B-5 $135,124,491 - $135,124,491 22.5% 100.0% NA NA Sales Tax - Prop. 172 (Public Safety) Case Study Table B-5 $9,013,600 - $9,013,600 1.5% 100.0% NA NA Transient Occupancy Tax (TOT) Case Study Table B-6 $6,791,500 - $6,791,500 1.1% 100.0% NA NA Utility Taxes Per Person Served NA $68,164,926 - $68,164,926 11.3% 50.0% 709,407 $48.04 Business Operations Tax Per Employee NA $8,835,833 - $8,835,833 1.5% 100.0% 378,000 $23.38 Residential Development Property Tax [2] NA $1,013,486 - $1,013,486 0.2% 100.0% NA NA Medical Marijuana Business Operations Tax [2] NA $21,966,196 - $21,966,196 3.7% 100.0% NA NA Subtotal Taxes $593,737,401 - $593,737,401 98.7%
Licenses and Permits
Franchise Fees Per Person Served NA $7,570,690 - $7,570,690 1.3% 100.0% 709,407 $10.67 Other Licenses & Permits Per Person Served NA $34,685,063 $34,685,063 - 0.0% 100.0% NA NA Subtotal Licenses and Permits $42,255,753 $34,685,063 $7,570,690 1.3% Fines and Forfeitures [3] NA $7,272,322 $7,272,322 - 0.0% 100.0% NA NA Use of Money (Interest, Rents, and Concessions) [3] NA $1,854,000 $1,854,000 - 0.0% 100.0% NA NA Intergovernmental Revenue [3] NA $18,757,345 $18,757,345 - 0.0% 100.0% NA NA Charges for Services [3] NA $62,415,666 $62,415,666 - 0.0% 100.0% NA NA Miscellaneous Revenues (Inc. Assessment Levies) [3] NA $2,058,086 $2,058,086 - 0.0% 100.0% NA NA Contributions From Other Funds
Enterprise Funds/General Tax [3] NA $35,758,700 $35,758,700 - 0.0% 100.0% NA NA In-lieu Franchise Fee [3] NA $3,011,000 $3,011,000 - 0.0% 100.0% NA NA In-lieu Property Tax [3] NA $699,500 $699,500 - 0.0% 100.0% NA NA Investment Fees [3] NA $3,000,000 $3,000,000 - 0.0% 100.0% NA NA Subtotal Contributions From Other Funds $42,469,200 $42,469,200 - 0.0% Total Annual General Fund Revenues $770,819,773 $169,511,682 $601,308,091 100.0% Source: City of Sacramento FY 2024-25 Approved Budget; EPS. [2] This revenue source is not expected to be affected by the development and therefore is not evaluated in this analysis. [3] This revenue source is based on cost recovery or transfers from another fund and is therefore not evaluated in this analysis (see footnote [2] above). % of
Total
Adjustment
Factor
[1] Revenues are adjusted by user fees and cost recovery amounts shown in the City's FY 2024-25 Budget. These deductions from ongoing revenues also are deducted from ongoing costs, as shown in Table C-1.

If Offsetting Revenues exceeds Revenues then Adjusted Net Revenues equal $0.

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Table B-2
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Estimated Annual General Fund Revenues (2024$)
Estimating
Revenue Category Procedure Source
General Fund Revenues (Rounded)
Taxes
Property Tax Case Study Table B-3 [1] -
Property Tax Pass Through to City Case Study Table B-3 $347,000 $2,404,000 City Share of RPTTF less EIFD Allocation Case Study Table B-3 - [1] Property Tax in lieu of VLF Case Study Table B-3 $1,160,000 $3,880,000 Real Property Transfer Tax Case Study Table B-4 $147,000 $576,000 Sales Tax Case Study Table B-5 $723,000 $2,963,000
Sales Tax - Measure U Case Study Table B-5 $723,000 $2,963,000 Sales Tax - Prop. 172 (Public Safety) Case Study Table B-5 $59,000 $242,000 Transient Occupancy Tax (TOT) Case Study Table B-6 $212,000 $1,342,000 Utility Taxes Per Person Served Multipler Table B-1 $349,000 $1,074,000 Business Operations Tax Per Employee Multipler Table B-1 $138,000 $295,000 Subtotal Taxes $3,858,000 $15,739,000
Licenses and Permits
Franchise Fees Per Person Served Multipler Table B-1 $77,000 $239,000 Subtotal Licenses and Permits $77,000 $239,000
Total Annual Gen. Fund Revenues $3,935,000 $15,978,000
Source: City of Sacramento FY 2024-25 Approved Budget; EPS.

Estimated Annual General Fund Revenues
[1] City share of RPTTF revenues will cease to exist following the dissolution of RDAs in 2038. In addition, property tax revenues before 2038 are not applicable, as they are distributed through the RPTTF.

Initial Phase
(2030)
Buildout
(2040)
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Table B-3
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Estimated Annual Property Tax Revenues (2024$)
Source/
Item Assumptions Formula
Assessed Value of New Development [1] Table D-2 a $1,425,709,546 $4,769,428,786 Property Tax Revenue (1% of Assessed Value) 1.00% b = a * 1.00% $14,257,095 $47,694,288 Estimated Property Tax Allocation
Railyards Blvd RDA [2]
City of Sacramento General Fund 25.72% c = b * 25.72% NA $12,266,580 Other Agencies/ERAF 74.28% d = c * 74.28% NA $35,427,708 Property Tax Pass Through to City [3] e $346,846 $2,404,050 RY EIFD Allocation
Total City General Fund Property Tax Revenue c NA $12,266,580 Total Property Tax Pass Through to City for all RDAs e NA $2,404,050 Subtotal Property Tax Revenue less Pass Through f = c - e NA $9,862,530 EIFD Allocation from Property Tax 100.00% g = f * 100.00% NA $9,862,530 Net General Fund Property Tax Revenue less EIFD Allocation h = f - g NA $0 Net City Share of RPTTF (Net of IGF) i $858,719 NA
EIFD Allocation from Net City Share of RPTTF (Net of IGF) 100.00% j = i * 100.00% $858,719 NA Net General Fund Property Tax Revenue less EIFD Allocation k = i - j $0 NA Property Tax In-Lieu of Motor Vehicle In-Lieu Fee Revenue (VLF) Total Citywide Assessed Value [4] $75,939,285,503 l
Total Assessed Value of Project m $1,425,709,546 $4,769,428,786 Total Assessed Value n = l + m $77,364,995,049 $80,708,714,289 Percentage Change in AV o = m / l 1.88% 6.28%
Property Tax In-Lieu of VLF [5] $61,775,097 p = o * $61,775,097 $1,159,786 $3,879,835 Sourc
e: Sacramento County Office of the Assessor; EPS.
[1] For assumptions and calculation of assessed value, refer to Table D-1. [4] Reflects Assessed Valuation for FY 2024-25. Includes citywide secured, unsecured, homeowner exemption, and public utility roll. [5] Property tax in-lieu of VLF amount derived from the City of Sacramento FY 2024-25 Annual Budget. Refer to Table B-1 for details.

Estimated Property Tax Revenues
[2] Assumes that following dissolution of RDAs in 2038, AB1290 factors will remain unchanged during project timeline. Factors based on FY 2016-17 values. [3] Estimated statutory pass-through payments at buildout calculated based on FY 2037-38, coinciding with RDA dissolution, and the City's FY 2016-17 AB1290 factor, representing the last year in which this factor was updated.

Initial Phase
(2030)
Buildout
(2040)
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Table B-4
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Real Property Transfer Tax (2024$)
Source/
Item Assumptions
Rate per $1,000 of AV [1] $2.75
Project Assessed Value Table D-2
Residential Land Uses Turnover Rate [2]
Multifamily - Market Rate 6.7% $397,200,000 $1,519,200,000 Multifamily - Affordable 6.7% - -
Subtotal Residential $397,200,000 $1,519,200,000
SRFC Multifamily - Mixed Use [3] 6.7% $78,420,637 $303,749,822 Nonresidential Land Uses
Central Shops 5.0% $38,650,000 $212,452,500
Office 5.0% $323,250,000 $1,034,250,000
Subtotal Central Shops & Office $361,900,000 $1,246,702,500 Garage 0.0% $62,727,000 $62,727,000
Hotel 5.0% $73,200,000 $508,800,000
Kaiser Facilities
Hospital 0.0% - -
Garage 0.0% - -
Central Utility Plant 0.0% - -
Medical Office 0.0% - -
Subtotal Kaiser Facilities - -
SRFC Stadium 0.0% $217,000,000 $217,000,000
Total Assessed Value Subject to Transfer Tax $1,190,447,637 $3,858,179,322 Estimated Real Property
Transfer Tax Revenues
Initial Phase
(2030)
Buildout
(2040)
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Table B-4
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Real Property Transfer Tax (2024$)
Source/
Item Assumptions
Estimated Real Property
Transfer Tax Revenues
Initial Phase
(2030)
Buildout
(2040)
Annual Transfer Tax Revenue [4]
Residential Land Uses
Multifamily - Market Rate $72,820 $278,520
Multifamily - Affordable - -
Subtotal Residential $72,820 $278,520
SRFC Multifamily - Mixed Use $14,377 $55,687
Nonresidential Land Uses
Central Shops $5,314 $29,212
Office $44,447 $142,209
Garage - -
Subtotal Central Shops, Office, & Garage $49,761 $171,422 Hotel $10,065 $69,960
Kaiser Facilities
Hospital - -
Garage - -
Central Utility Plant - -
Medical Office - -
Subtotal Kaiser Facilities - -
SRFC Stadium - -
Total Annual Transfer Tax Revenue $147,023 $575,589
Source: City of Sacramento; EPS.
[4] Formula for Transfer Tax = Assessed Value/$1,000 * Rate per $1,000 of Assessed Value * Turnover rate. [1] The rate of $2.75 per $1,000 of AV is for the City of Sacramento only and excludes the County of Sacramento rate of $0.55 per $1,000 of AV.
[2] Refer to Table A-5 for turnover rate assumptions.
[3] Assumes 75% of SRFC multifamily - mixed-use land uses will not turn over and remaining 25% will turn over at the same rate as other multifamily uses.

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Table B-5
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Estimated Annual Taxable Sales and Use Tax Revenue (2024$) Source/
Item Assumptions Formula
Estimated Annual Taxable Sales
Annual Taxable Sales from Market Support (Residents and Employees) Table B-5A a $37,351,000 $130,603,160 Annual Taxable Sales from Retail Commercial Uses Table B-5B b $27,070,080 $144,336,644 Annual Business to Business Taxable Sales Table B-5B c $7,856,750 $21,365,750 Annual Taxable Sales from New Development d = a + b + c $72,277,830 $296,305,554 Annual Sales Tax Revenue
Bradley Burns Local Sales Tax Revenue 1.0000% e = d * 1.0000% $722,778 $2,963,056 Measure U Citywide Sales Tax Revenue 1.0000% f = d * 1.0000% $722,778 $2,963,056 City of Sacramento Prop 172 Public Safety Sales Tax Revenue [1] 8.1773% g = e * 8.1773% $59,104 $242,299 Source: City of Sacramento; California State Board of Equalization; EPS. [1] Calculated as the ratio of Proposition 172 Public Safety Tax revenue to total sales tax revenue based on the FY 2024-25 Budget.

Any variation in the relationship between Proposition 172 Public Safety Tax revenue and total sales tax revenue affecting the estimate of thi
s revenue source is estimated to be nominal.

Estimated Taxable Sales
and Use Tax Revenue
Initial Phase
(2030)
Buildout
(2040)
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Table B-5A
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Estimated Annual Taxable Sales from Proposed Development, Market Support Method (2024$) Source/
Item Assumptions Formula
Annual Taxable Sales from New Residents
Residential Development Table A-3
Multifamily - Market Rate a 933 3,570
SRFC Multifamily - Market Rate b 647 2,632
Multifamily - Affordable c 215 490
Subtotal Residential e = a + b + c + d 1,795 6,692
Taxable Retail Expenditures per Household [1]
Multifamily - Market Rate $22,300 f = a * $22,300 $20,805,900 $79,611,000 SRFC Multifamily - Market Rate $22,300 g = b * $22,300 $14,428,100 $58,693,600 Multifamily - Affordable $16,200 h = c * $16,200 $3,483,000 $7,938,000 Total Taxable Retail Expenditures i = f + g + h $38,717,000 $146,242,600 Esti
mated Citywide Capture from New Households [2] 80% j = i * 80% $30,973,600 Est
imated Taxable Sales inside Project Area 20% k = j * 20% $6,194,720 Est
imated Taxable Sales outside Project Area 80% l = j * 80% $24,778,880 $116,994,080
$23,398,816
$93,595,264
Estimated Annual Taxable
Sales from Market Support
Initial Phase
(2030)
Buildout
(2040)
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Table B-5A
Railyards EIFD
Fiscal Impact Analysis - City of Sacramento
Estimated Annual Taxable Sales from Proposed Development, Market Support Method (2024$) Source/
Item Assumptions Formula
Estimated Annual Taxable
Sales from Market Support
Initial Phase
(2030)
Buildout
(2040)
Annual Taxable Sales from New Employment
Taxable Sales from New Employment (Total City and County) Employees Table A-4 m 5,905 12,601
Average Daily Taxable Sales per New Employee $10.00 n
Work Days per Year 240 o
Taxable Sales from New Employees [3] 50% p
Total Taxable Sales from New Employees q = m * n * o * p $7,086,000 $15,121,200 Estimated Citywide Capture from New Employees [2] 90% r = q * 90% $6,377,400 $13,609,080 Estimated Taxable Sales inside Project Area 50% s = r * 50% $3,188,700 $6,804,540 Estimated Taxable Sales outside Project Area 50% t = r * 50% $3,188,700 $6,804,540 Total Annual Taxable Sales from Market Support u = j + r $37,351,000 Taxabl
e City Sales inside Project Area v = k + s $9,383,420
Taxabl
e City Sales outside Project Area w = l + t $27,967,580 $130,603,160
$30,203,356
$100,399,804
Sourc
e: Bureau of Labor Statistics; City of Sacramento; Sacramento County; EPS. [3] Taxable sales from employees discounted by 50 percent to account for employees who are also residents. [1] For details pertaining to household taxable expenditure assumptions, refer to Table A-5. [2] Represents the portion of household and employee retail expenditures estimated to take place in the City of Sacramento, based on EPS's analysis.

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