Carson Reclamation Authority approves sixth amendment to developer option for Cells 3–5

The Carson Reclamation Authority on Feb. 2 approved a sixth amendment to the developer option for Cells 3, 4 and 5, extending the transaction closing date to Oct. 21, 2026, and clarifying the timing for the developer’s Leonardo Drive payment.

Authority staff told the board the agenda language was incorrect and that the item before members reconciles prior amendments in the project record. Authority counsel said the board’s approval would be "subject to any minor changes approved by legal counsel." The motion carried with three members voting yes: Board member Hobson, Board member Thomas and Authority Vice Chair Hicks. Chair Davis Holmes and Board member Aldridge were absent.

Bridal Kotler, speaking for the developer, said a separate written settlement had already extended the closing date and that the amendment now before the board reconciles the record. Kotler said the developer remains the financial backstop for the project and expressed optimism about momentum and financing windows, adding, "I believe we are breaking ground this summer," while also noting some details remain premature to discuss publicly.

The vice chair and staff said the amendment is intended to streamline payment timing and reduce administrative burden from multiple prior amendments. Authority counsel and staff will finalize any minor language changes approved under the motion before execution.

The board had met in closed session earlier about real property negotiations concerning the same Cells 3–5 parcel; the vice chair reported that staff and legal counsel provided a status update but that no reportable action was taken during closed session.

Next steps: legal counsel will review and sign off on any minor changes, and staff will return final documentation to the authority when ready.