The Executive Summary #03
The EXECUTIVE SUMMARY by Joe Chimenti
Destination: Downtown
To build a better community, we must implement a progressive plan to attract entrepreneurs, manufacturers, developers, and tourism dollars. Central to that plan is a vibrant downtown.
Recently, two local “investment powers” stepped up to purchase the old police station, downtown, on California Street. The McConnell Foundation offered the City $1,040,000 for the police station and the lots across the street. Equity Streams, a local venture group, also sought the old police station. Their initial offer was $650,000.
Both offers were slated to go before the Redding City Council on Tuesday, February 21.
However, last week, McConnell withdrew. Shannon Phillips, McConnell’s VP of Operations said, “We are putting the council in a position to choose one well-meaning organization over another well-meaning organization. We really see a broader vision for the downtown”… “It feels like the right step to step back and let the council handle the project on its own merits.”
If their offer is accepted by the City Council, Equity Streams plans to refurbish the police station and the adjacent warehouse space to create a “venture hub” type atmosphere downtown. McConnell will continue to negotiate with Union Pacific for the downtown rail yard located to the west of California Street.
A focus on downtown is critical. Having the McConnell Foundation and Equity Streams, along with K2 Development, aligning their economic “muscle” bodes well for creating a progressive social and economic center.
McConnell Foundation pulls out offer on Old Redding Police Station