Council Readies for Vote on Land Deal

The Foster City City Council will end months of deliberation tonight when it votes to choose one of two potential developers to build a senior living community on a vacant 15-acre lot of city land.

But depending on the outcome of future negotiations, that vote will either mark the end of the beginning phase of the development deal - or the beginning of the end.

Both Seres Regis, a California developer which has an office in Foster City, and Foster City Community Partners, a consortium of local businesses, have appeared before the Council twice to make competing proposals.

The two developers on Oct. 3.

The developer picked by the Council will enter the next phase of the selection process, with the city entering into negotiations over terms of any land deal.

The Council's vote is expected during tonight’s regularly scheduled 6:30 p.m. meeting.

“Once the City Council selects one team as a potential developer of the site, the city and the selected team will enter into a 60-day exclusive negotiating period during which specific business terms will be developed,” Community Development Director Richard Marks explained in a prepared statement.

“The business terms will then be considered for approval in a public meeting.”

But the outcome of those negotiations has no certainty.

If statements , it shouldn't be assumed that haggling over the details is a mere formality.

Bronitsky stressed his support for building a senior residential center, but hinted that selling potentially valuable land at today’s depressed values could be a deal-breaker.

“I continue to have concerns as to whether now is the right time to be selling that parcel and feel strongly, as I believe all of the Council members do, that if we do sell it cannot be at a fire sale price,” Bronitsky said.

“I have said repeatedly that we must take great care before selling any city-owned land. Not only should such a sale benefit the city as a whole, but such a sale must also make both short term and long term economic sense. I believe strongly that we cannot simply sell land and then spend the money as a way to deal with our general fund deficit. If we do that, then at some point in the not to distant future we will have no land and no money.”

The meeting can be viewed on FCTV; Comcast Channel 27, ATT Channel 99 or streamed at fostercity.tv.

Related Topics: Foster City council, city of foster city, foster city 15 acres vacant land, foster city 15-acre parcel, foster city community partners, foster city council chambers, foster city council meetings, foster city news, sares regis of northern california LLP, and senior community foster city