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Posted on: January 2, 2024

Brookfield CNWS Term Sheet Status

KnolltoBART

The City of Concord/Local Reuse Authority (LRA) and Brookfield are making progress in negotiating the Term Sheet regarding the redevelopment of the Concord Naval Weapons Station but no longer expect it to be ready for release and consideration by the City Council on January 16, 2024, as originally announced.

 

The City Manager has issued a 45 day extension to the Preliminary Stage negotiating period per the terms of the Exclusive Agreement to Negotiate.  The decision to extend is based on both the substantial progress the LRA and Brookfield are making in the negotiations of the Term Sheet and the need for additional time to successfully complete those discussions before the matter is considered by the City Council. The Preliminary Stage was set to expire on January 17, 2024, and will now expire on March 2, 2024.

 

Assuming agreement between the LRA staff and Brookfield can be reached, consideration of the proposed Term Sheet will be set for a special meeting by the City Council/LRA on February 20, 2024.


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