City Of Concord Extends Negotiating Period For Former Concord Naval Weapons Station

Concord CA

13 April, 2022

11:28 PM

Description

Press release from the City of Concord: March 30, 2022 CONCORD, CA — The Local Reuse Authority (LRA) is extending the Preliminary Stage negotiating period under the Exclusive Agreement to Negotiate with Concord First Partners, LLC (CFP) —master developer of the former Concord Naval Weapons Station — for 30 days to finalize a Term Sheet for City Council consideration. The Preliminary Stage will now expire on May 25, 2022. LRA staff and CFP have made substantial progress in discussions about the Term Sheet, but need additional time to further negotiate terms, and prepare and release documents for consideration by both the community and City Council. LRA staff has tentatively set City Council consideration of the proposed Term Sheet for its meeting on May 24, 2022. Under the Exclusive Agreement to Negotiate, Concord First Partners, LLC is allowed 180 days in the Preliminary Stage to prepare a Term Sheet for City Council consideration. That 180-day period is set to expire on April 25, 2022. Section 3.3 of the Exclusive Agreement to Negotiate allows the City Manager or designee the ability to administratively extend the Preliminary Stage up to 180 days if substantial progress is being made between the parties toward a proposed Term Sheet. Learn more about Concord's Base Reuse Project This press release was produced by the City of Concord. The views expressed here are the author's own.