City Seeks Letters of Interest for Downtown PropertyPosted: Dec 21, 2011
December 21, 2011 – The City of Tracy recently announced the release of a ‘Letter of Interest’ for the sale or lease of a newly purchased downtown property at 729/741 Central Ave., the project site consists of an approximately 11,017 building on a 10,500 square foot lot. The deadline for receipt of Letters of Interest is January 26, 2012.
Seeking to incentivize private investment, the City is looking to bring new business to the downtown that will create synergy with the surrounding uses and add to the positive momentum that is already underway. Over the past eight years, the City of Tracy has invested approximately $57 million to revitalize the downtown area, including such projects as the Grand Theatre Center of the Arts, Tracy Transit Station, Fire Administration headquarters, downtown streetscape and improvements, and the new Downtown Plaza, currently under construction and scheduled for completion in February, 2012.
The City is willing to negotiate on a number of incentives with interested parties. Potential incentives could include favorable purchase price or lease rates, access to low interest, local revolving loan fund for furniture, fixtures, equipment, and operating expenses for owner-user-tenants.
“Tracy is an ideal place to build and grow your business,” says City Manager Leon Churchill. “We are a growing, evolving, vibrant community with new and expanding possibilities around every corner and are looking for the right business to add to downtown.”
Interested parties are urged to review the letter of interest details posted on the City of Tracy website, http://www.insidethetriangle.com. The letter of interest process helps determine fit with City of Tracy downtown revitalization efforts and priorities before applicants are asked to expend time and resources to put together a full proposal. If requested, applicants will be required to submit a full proposal.
For more information:
Development & Engineering Services Director
T. (209) 831-6400