Exclusive Negotiating Agreement and Term Sheet to be Approved Next

The Concord City Council, sitting as the Local Reuse Authority (LRA), interviewed and designated Brookfield Properties as the preferred master developer for Concord’s Base Reuse Project.
At a special meeting on Aug. 26, the LRA received a presentation from Brookfield about their plan to develop 2,300 acres of the former Concord Naval Weapons Station.
Following Council questions and public comment, the LRA voted unanimously to select the global real estate developer for this project.
The next steps include outlining the terms of an Exclusive Negotiating Agreement (ENA) and a “term sheet,” a document that establishes procedures and standards for the negotiation of a comprehensive proposed Disposition and Development Agreement and drafting a Specific Plan for the property.
In the second round of selecting a Master Developer, Brookfield Properties had lost in the council’s 3-2 vote to Concord First Partners, whose term sheet was later rejected by the Council.
However, in this third round, Brookfield Properties returned to the table and was the sole applicant being considered. Another applicant, Housing America Partners had failed to complete their application and withdrew their Statement of Qualifications to be Master Developer of the Concord Naval Weapons Station project, according to the City of Concord.
Brookfield Properties’ unanimous acceptance may have been a forgone conclusion and a necessary next step from the LRA. After the loss of the second Master Developer, in a letter from the Department of the Navy, the LRA was warned, “It is noted that the City’s schedule will support the initiation of negotiations for an Economic Development Conveyance (EDC) Term Sheet with the Navy no later than February 2024…. If the City’s established developer selection schedule cannot be upheld, it is our responsibility to assess other viable means to accelerate transfer and redevelopment.”
The LRA is expected to consider the ENA at a meeting tentatively scheduled for Sept. 19.
A recording of the Aug. 26 meeting is available for viewing on the City’s YouTube channel.