In a recent government meeting, officials discussed the ongoing development project involving the vacation of Sloat Avenue, emphasizing the procedural steps ahead and the financial implications for the city. The project, which has faced delays, is expected to see construction drawings completed soon, with an escrow account set to be established. The transaction will only proceed once building and grading permits are secured, ensuring that if these permits are not obtained, the street will remain under city control.

City officials expressed optimism about the project, noting its potential to generate significant revenue for Pacific Grove, which has been losing approximately $300,000 monthly in transient occupancy taxes and sales taxes due to the delays. The development is also anticipated to create job opportunities, particularly for students in the hospitality industry.

Concerns were raised regarding the project's timeline and the need for thorough planning, as some officials pointed out that the development process has not followed the typical sequence of submitting and reviewing finalized plans. Instead, discussions are taking place about vacating the property before the final plans are established, which some officials described as a leap of faith.

The city attorney clarified that the agreement related to the property vacation is still in draft form, with potential terms yet to be finalized. These terms may include compensation to the city for the transfer of interest to the developer, among other considerations.

Overall, the meeting highlighted a mix of support and caution regarding the project, with officials keen to ensure that community interests are safeguarded as the development progresses.