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Posted on: March 30, 2022

Local Reuse Authority/City of Concord Extends Exclusive Negotiating Agreement

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The Local Reuse Authority (LRA) is extending the Preliminary Stage negotiating period under the Exclusive Agreement to Negotiate with Concord First Partners, LLC (CFP) 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 of 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 towards a proposed Term Sheet.

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