Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Downtown Redevelopment topic
No spam. Unsubscribe anytime.
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 million of deobligated Open Windows Project funds into a redevelopment fund to cover acquisition and early redevelopment activities. Wright said the city's plan is to clear the block and create conditions attractive to private developers, and that Wells Fargo would exercise a short leaseback so it can move to a new nearby facility.
Council members asked whether short-term parking or other interim uses would create complications with the city's bankruptcy-related payment obligations. Staff and the city attorney explained the existing payment plan accounts for total revenues and that additional revenue would be applied under the agreed repayment formula; staff said additional revenues would be incremental and would move the city closer to payoff, not reduce the city's obligations.
The council voted 7-0 to approve the purchase authorization, the budget amendment to transfer deobligated funds into the redevelopment subfund, and related procedural steps (filing notices under CEQA for the acquisition and authorizing city manager to execute agreements such as short-term leasebacks). Staff noted due diligence will proceed and that demolition and more detailed CEQA review will follow as the project advances.
The item was presented as Item 15.1 and includes the authorization to create a multi-year capital approach (a subfund) so redevelopment funding can roll over year to year as needed for property acquisition, demolition, and infrastructure.
