Overview

• Residents say they have covered loan and maintenance costs since 1997 and expected ownership on repayment in 2027, but city records show no agreement to transfer title.
• The homeowners’ group first offered $20 million with payments, then raised it to a $23.5 million all-cash bid after the city cited a $26 million valuation.
• Novato officials have not publicly accepted the latest offer and plan to discuss it in a closed session on Sept. 9.
• City leaders have previously warned that conveying municipal property below market value could be deemed a gift of public funds, complicating a direct transfer.
• Residents are pursuing outside financing and say they are open to mediation, arguing a private sale could drive up land rents in the senior community.