Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Term Sheet with Provident Realty Advisors, Inc., Governing the Annexation, Zoning, and Development of Approximately 65 Acres of Land Generally Located East of State Highway 5 and south of State Highway 121
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space)
MEETING DATE: March 3, 2026
DEPARTMENT: Development Services
CONTACT: Gary Graham, PE, PTOE, Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approve the proposed resolution.
ITEM SUMMARY:
* Staff is recommending that the City Council approve a resolution allowing the City Manager to execute a term sheet governing the annexation, zoning, and development of approximately 65 acres of land generally located east of State Highway 5 and South of State Highway 121.
* Staff was approached by Provident Reality Advisers, Inc, seeking to enter a partnership with the City to see the property annexed into the city limits.
* The proposed term sheet outlines a framework that will be used to draft a comprehensive agreement governing the annexation, zoning, and development of the subject property.
* The term sheet generally allows for the following:
o The property will be zoned for warehouse and light industrial uses. It also states that no residential uses will be allowed within areas that are zoned or used for non-residential purposes.
o The City agrees to participate in the total contract amount of public improvements up to 30 percent.
o The City agrees to consider using eminent domain to acquire offsite easements for the public improvements if the Developer is unsuccessful in acquiring these easements after 180 days and has shown good faith efforts in the acquisition process.
BACKGROUND INFORMATION:
* N/A
FINANCIAL SUMMARY:
* N/A
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