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URA to draft LOI to explore Jackson House purchase; deed restrictions and development strategy discussed
Summary
Board directed staff and counsel to draft a nonbinding letter of intent (LOI) to the city to explore acquiring the Jackson House and adjacent lot, with contingencies and deed restrictions noted. Staff will return a draft LOI and maintenance cost estimates at the next meeting.
Board discussion focused on whether the Urban Renewal Agency should prepare a nonbinding letter of intent to negotiate purchase of the Jackson House and the adjacent lot behind it, while leaving the road parcel in the city’s ownership. The Chair summarized participants from a recent kickoff meeting and asked whether the board wanted staff and counsel to draft an LOI to present to the city: "...what do you guys think about us putting together a letter of intent to give to the city?" The Chair said the LOI would not bind the board to purchase the property and that contingencies would be included.
Legal counsel reminded the board that deed restrictions recorded when the city acquired the house limit alterations to the façade: "Also remember that there are the deed restrictions on the house when the City acquired it, it can't be removed, the facade can't be altered or it goes back to the Sharp family so that's some of the contingencies that are there." Discussion covered appraisal and valuation methods, insurance and maintenance responsibilities while the agency holds property, and the board’s preference to run an RFP process to guide future development rather than leaving the property wholly in government ownership. Pacific Companies (owner/developer interest by Caleb Rue) was mentioned as having shown preliminary interest; staff were directed to prepare an LOI draft and a maintenance-cost estimate for the next meeting.
