An Illinois-based speculation firm is the new owner of Sacramento's concerned rail yard project.
The Sacramento Bee reports that Inland American Real Estate was the lone bidder Friday when it took control of the business district Sacramento rail yard.
The contract came as a relief to city officials because they were concerned the project might be compulsory into insolvency. They say the yard's previous owners—Thomas Enterprises—had failed to pay $193 million in loans and penalty.
Metropolis officials say during the coming weeks they will draw up papers that transfer entitlements and legal household tasks to Inland American, as well as an obligation to pay the city of Sacramento $2.7 million Thomas had owed the city.
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