LAKEPORT – A representative of the company that leases the Vista Point Shopping Center asked the Lakeport City Council Tuesday to hold off on making any further decisions about the property's sale until another proposal can be put forward.
Jeff Walters spoke to the council during the meeting's public comment period.
Walters, of Chadds Ford, Pa., spoke to the council representing Meridian Investments, which holds the Vista Point Shopping Center lease.
As Lake County News has previously reported, earlier this summer the City of Lakeport began to accept proposals from buyers interested in the Vista Point Shopping Center, located on Lakeport Boulevard near the freeway onramp.
The city wants to sell both the land – which an appraisal valued at $900,000 “as is” -- as well as the lease held by Oakland-based Meridian Investments. The lease has 21 years remaining on it, and the city receives an annual lease payment, which for 2006-07 totaled $42,337.37. The lease amount increased by 5 percent annually.
Jeff Walters is the son of Bill Walters, a former general partner in Meridian who died early in August.
His father's unexpected death led to Jeff Walters' current involvement with the company and with Vista Point, he explained.
Walters said a new partnership and development group has been formed, and his involvement has been a catalyst for Meridian's "wholesale reevaluation of the shopping center.”
Walters said he came to Lakeport to evaluate the property, and his assessment "is that Vista Point is an excellent investment opportunity," as well as a tremendous opportunity for the city to enjoy new tax revenue and see new jobs created.
Vista Point, said Walters, should be a gateway for the city, since a major entry point off the freeway passes right in front of it.
Right now, said Walters, the building is "an old, tired structure," and he said the question is whether to replace it or rehabilitate it.
Meridian's investment group, he said, is led by a group of San Francisco investors who are showing interest in the center.
"Meridian's role would only be that of a limited partner," said Walters, adding, "My role is to assemble the team."
Walters said the project team wants to move quickly, which brought him to his reason for going before the council: to request that the city consider a 30-day pause in its sales negotiations process in order to allow the team of Meridian and its partner investors to submit a purchase bid.
A properly executed project, Walters said, could result in incremental tax revenue to the city of hundreds of thousands of dollars a year. "Every year that this doesn't get done is a huge opportunity lost to the city,” he said.
Walters said redevelopment projects need five things – unity of ownership, a seasoned developer, financial strength with expert investors, the right piece of land and local support for development.
"We think that the investor group we have has all five of those things," said Walters.
As such, Walters asked the council for the opportunity to submit a bid to purchase the center for the council's consideration.
City Attorney Steve Brookes reminded the council that Walters' request was not agendized, and that they could take no action on it because of that.
The council had agendized a closed session discussion on continued negotiations over the shopping center's sale, and Brookes said in public comment Walters could address that issue.
During his comment, Walters offered no specifics about the principal people involved in the team he's assembling.
Walters said following the meeting that it was too early to further discuss the proposal, and that he felt it was important to first approach the council.
Following closed session, Brookes told Lake County News that the council had discussed negotiation terms, but could say little more.
Last month, the council decided to begin negotiations for the shopping center's sale with Matt Riveras, a Sonoma County developer who was one of only two interested buyers to submit purchase proposals for the shopping center. The other proposal came from Barry Johnson, the owner of Willopoint Resort.
Riveras also is the son-in-law of Councilman Buzz Bruns. Because of that, Bruns had to recuse himself from the original discussion, and again left the council chamber before closed session convened following the regular meeting Tuesday night.
Brookes said Walters has so far not asked to have his proposal formally agendized at a future council meeting.
E-mail Elizabeth Larson at
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