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

By Colleen Awad, Community Relations Manager, City of Concord

Concord, CA – In an enthusiastic unanimous vote, the Concord City Council approved the U.S. Navy Term Sheet for the Concord Community Reuse Project at the former Concord Naval Weapons Station, marking a major milestone.

The Term Sheet is the financial agreement with 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 be redeveloped by the Reuse Project under an Economic Development Conveyance. The Term Sheet is supported by the project’s master developer, Brookfield.

Mayor Laura Nakamura said, “This is an important step in a long and complex process that will one day transform the former Concord Naval Weapons Station into a vibrant new addition to our community that benefits not only Concord, but the entire region. This project will bring housing, jobs, parks, economic opportunity, and community amenities for generations to come.”

In addition to approving the U.S. Navy Term Sheet, the City Council also approved revisions to the previously adopted Brookfield Term Sheet and amendments to the Exclusive Negotiation Agreement to ensure consistency with the terms negotiated with the Navy.

The U.S. Navy is concurrently reviewing the Term Sheet, and upon its approval, the next phase of the project includes preparation and consideration of the Specific Plan and additional entitlement documents required to guide future development.

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