Approve revised Terminal One housing development and community benefits
In Plain English
Richmond signed a 2014 agreement to sell 10 acres at 1500 Dornan Drive for 323 condos and townhomes. The original project became financially unfeasible due to high construction costs. If approved, the city gets $10 million in sale proceeds plus $5 million more when all units sell, while the developer builds community benefits worth up to $20 million including an accessible wharf, park, and hazardous soil cleanup.
Auto-generated summary. Source: official agenda documents.
Votes
To approve the resolution that includes the Terms of Amendment to Land Disposition Agreement for Terminal One Project with Developer; authorize the city manager and city attorney to finalize the Amendment incorporating the approved terms; and declare Terminal One Property Exempt From Surplus Land Act
6 to 0
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