Officials seek Railroad Square funds

California infill financing critical; state also wants federal stimulus included

SANTA ROSA – Funding was the primary obstacle left in the way of the mixed-use Railroad Square project in Santa Rosa getting under way, and it looked to be closer than ever, but a new wrinkle has appeared: the federal economic stimulus bill.

Sonoma Marin Area Rail Transit and New Railroad Square LLC, comprised of Creative Housing Associates, The Santa Rosa Canners, Equity Community Builders and developer John Stewart, signed a series of documents Feb. 11 giving the company the option to buy SMART’s land.

“All of that is in very good shape,” said Michael Dieden, principal of Creative Housing Associates. “We are in a much stronger position now we have control of the real estate.”

The next step in the process for the developers is to secure financing. The option agreement requires New Railroad Square to secure the funds to begin and complete phase one before it can actually buy the land.

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