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Stockton approves purchase of 303 N. El Dorado, creates redevelopment fund for downtown revitalization
Summary
The council authorized acquiring the Wells Fargo parcel at 303 N. El Dorado for $425,000 and established a redevelopment subfund by transferring about $1.94 million deobligated funds; council discussed short-term parking use and bankruptcy revenue-sharing before approving the motion 7-0.
The Stockton City Council authorized staff to acquire the property at 303 North El Dorado Street and to establish a redevelopment subfund to support downtown infill and demolition work, voting unanimously to approve the purchase and related budget actions.
Director of Economic Development Carrie Wright told the council the city negotiated a final purchase price of $425,000 for the parcel formerly occupied by a Wells Fargo branch and recommended moving approximately $1.94…
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