Vallejo City Council unanimously approves new term sheet in North Mare Island Nimitz deal [Times-Herald, Vallejo, Calif.]
Dec. 17 The Vallejo City Council unanimously approved an updated term sheet regarding the Nimitz deal with North Mare Island on Tuesday.
The term sheet is non-binding and merely a jumping off point for negotiations, according to Gillian Hayes, deputy city manager. Still, the changes have alarmed some residents who are wary of “murky” land deals that have caused the city problems in the past.
According to the city manager’s office, the changes to the term sheet had to be made for a few reasons. First, the 2019 term sheet was created before Southern Land Company was brought in to lead the redevelopment. Second, the soil assessment of the area has proven to be more complicated (read, expensive, to the tune of between $19 and $48 million) than anticipated, and the land must be improved before anything can be built on it.