Brookfield Term Sheet

February 16, 2024

The consideration of the Brookfield Term Sheet by the Local Reuse Authority, originally scheduled for February 20, 2024, has been postponed at Brookfield’s request to allow the community additional time to review both the Term Sheet and staff report.

The City Council is now set to consider the Term Sheet at a special meeting starting at 6 p.m. on Tuesday, March 19, 2024.

The City Manager has extended the Preliminary Stage of the Exclusive Agreement to Negotiate by 28 days to March 30, 2024, to accommodate the new schedule.

Below are the documents released on February 15, 2024:

1. Term Sheet 2024 Staff Report

2. Attachment 1 - BCUS Acquisitions LLC Term Sheet (Brookfield Term Sheet)

3. Attachment 2 - First Amendment to ENA

4. Attachment 3 - Land Use Plan and Tables

At the March 19 meeting, the City Council, sitting as the Local Reuse Authority, accepted the Brookfield Term Sheet.  During the discussion that evening staff was asked to clarify the meaning of the term “Open Book Accounting” as used in the Term Sheet.  This is the requested clarification:

Clarification on the term "Open Book Accounting