U.S. Navy approves financial agreement for Base Reuse Project at former Concord Naval Weapons Station

Will cost Master Developer $44.6 million plus interest

Additional community engagement expected to start early 2027

By Colleen Awad, Community Relations Manager, City of Concord

Concord, CA – The City of Concord is happy to announce that the U.S. Navy has approved the Term Sheet for the Concord Community Reuse Project at the former Concord Naval Weapons Station.

The Term Sheet is the financial agreement between the City and the U.S. Navy regarding the price and payment terms for approximately 2,422 acres of property at the former Concord Naval Weapons Station to facilitate the property’s redevelopment as part of the Base Reuse Project. The project’s master developer, Brookfield, supports the Term Sheet.

The City of Concord is the federally recognized local redevelopment authority (LRA) for the Former Naval Weapons Station Concord (NWS Concord).

The total cost to the Master Developer will be $44.6 million. According to the Term Sheet, the LRA shall pay, or cause Master Developer to pay, the Navy a Deposit of $4,600,000 at the time of the closing of the Initial Transfer. Guaranteed Deferred Payments will begin 36 months after the date of the Initial Transfer at which time the LRA shall pay, or cause Master Developer to pay, the Navy no less than $40,000,000 in equal Guaranteed Deferred Payments $10,000,000 annually over four years plus, interest accrued from the Initial Transfer date at a rate equal to the 10-year United States Treasury Bond rate, as of the date of Initial Transfer, plus 150 basis points. Guaranteed Deferred Payments plus accrued interest will be due on the anniversary date of the closing of the Initial Transfer.

“I am proud the Base Reuse Project has reached this important milestone. The U.S. Navy has proven to be a tremendous partner in moving the community’s vision forward. This approval moves the Project into an important next phase, and our dedicated staff will continue working diligently to advance the Specific Plan,” said Director of Economic Development and Base Reuse, Guy Bjerke, who is retiring on September 30, 2026, after 11 years serving in his current role.

See Fully-Executed_NWS-Concord-EDC_Term-Sheet_23SEP2026.

The next phase of the project includes preparing and considering the Specific Plan and additional entitlement documents required to guide future development. The Specific Plan will bring the adopted Area Plan to life by designing the layout, uses, and features of development, implementing the Area Plan’s standards and policies. Brookfield will be leading the development of the Specific Plan. Both the City and Brookfield are hiring consultants to support this work, which will start this winter, with additional community engagement expected to start in early 2027.

To learn more about the Concord Community Reuse Project and follow its progress, visit the project website at www.concordreuseproject.org.