Redding officials will see whether they can ink a deal with a Southern California developer to offload the remaining 15 vacant lots in Stillwater Business Park.
“The city manager has been authorized to negotiate the sale of (15 lots) in Stillwater Business Park to the Panattoni group,” City Attorney Barry DeWalt said Tuesday night.
The announcement came after the council met for about 30 minutes in closed session where it discussed union negotiations and interest in Stillwater from Panattoni Development, which has offices in the United States, Canada and Europe.
Headquartered in Newport Beach, Panattoni, per its website, has worked with more than 2,500 companies across the globe while developing millions of square feet of industrial and office space.
The company recently expressed interest in the park that includes a non-binding letter of intent to the Economic Development Corp. of Shasta Count that gives details about how Panattoni would like to structure a purchase agreement to develop the park
Earlier in the night, Redding resident Dale Ball addressed the council while carrying a sign that read “Stillwater Sell-Baby Sell.”
“I lost a bet,” Ball said before urging the sale. “I know most of you were not around back when this was originally sought out. The Grand Jury report said ‘hey it’s not a great idea’ but I’m not here to hold any of you accountable for that. Let’s get out of the real estate business. Let’s get focused on public safety. Whatever deal you guys have to make, please, in the best (interest) of our community, let’s get this albatross off our back and be done with it.”
To date, the city has sold a single lot at Stillwater, to Lassen Canyon Nursery, but the Redding company last year postponed its plans build due to the economy. Lassen Canyon paid $840,000 for 16.75 acres in late 2015.
The remaining 15 lots in Stillwater range in size from 3.3 acres to 91.85 acres.
The park was last appraised in 2014 at $14 million, which exceeds the debt owed on the park, City Manager Barry Tippin has said.
