Concord City Council accepts Brookfield term sheet

CONCORD, CA (Mar. 21, 2024) — On March 19, 2024 the Concord City Council, sitting at the Local Reuse Authority, unanimously accepted Brookfield’s proposed Term Sheet and amended the Exclusive Agreement to Negotiate.

The Term Sheet is largely consistent with the Area Plan adopted by the City/LRA in 2012.  It envisions a Transit Oriented Development of 12,272 residential units of which over 3,000 units will be affordable to low income earners.  The plan also shows 6 million square feet of commercial space of all types – generating an estimate 16,000 permanent jobs.  The project is subject to Project Labor Agreements with the Contra Costa Building & Construction Trades Council and Nor Cal Carpenters Union.

More information on the Term Sheet and amended Exclusive Agreement to Negotiate can be found at the Brookfield Term Sheet Page on this website found here: https://concordreuseproject.org/195/Brookfield-Term-Sheet

Brookfield will now have up to 48 months to negotiate a property transfer agreement with the U.S. Navy, draft a Specific Plan, analyze project impacts in an Environmental Impact Report, and address all entitlement and permitting aspects of the project that will allow its construction.