North Mare Island Update
VALLEJO, CA – At the upcoming regular City Council meeting on Tuesday, December 15, 2020, Council will consider and potentially take action to approve a revised term sheet and Exclusive Negotiating Agreement (ENA) between the City of Vallejo and Nimitz Group LLC for the purchase and development of approximately 157 acres on North Mare Island. Council will hear and consider public comment during the December 15th meeting regarding this Term Sheet and the ENA. Members of the Nimitz team will also be available to answer questions.
The Term Sheet and ENA do not currently lock the parties into a future transfer of the Property. However, it will guide the parties in their negotiation of a potential future Purchase Agreement. A Purchase Agreement is a contract that will expressly define the development commitments, rules, and policies. It will set forth the terms for the City’s transfer of ownership of the Property.
Staff will bring a proposed Purchase Agreement for Council's consideration and possible approval at a public meeting approximately four to six months after the approval of the Term Sheet and ENA.
In October of 2019, City Council approved a Term Sheet. A revised term sheet is now needed for several important reasons;
- Since the 2019 Term Sheet approval, Nimitz Group LLC has hired an experienced Development Manager, Southern Land Company, to focus on developing the entire island (as opposed to only North Mare Island, which was the main focus of the 2019 Term Sheet.)
- Additional and more detailed information has become available which has resulted in a greater understanding of the economics and challenges associated with the development of North Mare Island. With this updated Term Sheet and amended ENA, the City, Nimitz and SLC will be better equipped to plan the development of Mare Island to the benefit of Vallejoans.
A table comparing the newly proposed 2020 Term Sheet to the 2019 Term Sheet, which highlights the differences between the two documents can be seen by clicking here.
Click here to read the full proposed 2020 Term Sheet
Click here to view the previously approved 2019 Term Sheet