The legal title to the property is in the name of FORA. FORA and the City of Marina presently split the Net Operating Income (NOI) 50-50 with the understanding that the respective rights of FORA and the City of Marina are to be determined pursuant to several legal documents and the California Government Code.
One approach that is being promoted is to sell the property to a third person/party and split the proceeds of the sale 50-50.
Another approach is to transfer the legal title to the City of Marina and continue to split the proceeds 50-50 with FORA.
Still another approach is to leave the legal title in the name of FORA and continue to split the revenue (NOI) 50-50.
Each approach has its good points and its drawbacks. I am in the process of making a thorough review of all documents and law in order to make a decision that is in the best interests of the City of Marina.
Council member Jim Ford has placed the issue of the sale of Preston Park on the council agenda. He has done this in spite of the fact that the City of Marina is in mediation with the FORA representatives. People have questioned this strategy since it may be compromising the City of Marina's negotiation efforts. Will FORA consider this approach as a sign that at least one, and possibly more council members support the desire to sell the development to a third party? Will FORA be less apt to consider the various approaches set forth above (and others) if one or more members of the council vote to place the development for sale?
In the near future I will have to vote on what to do with the Preston Park Development. I can only hope that the public and the members of the Marina City Council will form their opinions based on the existing facts, documents, and law. Now is not the time to base an opinion/conclusion on fabricated "facts".
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