Marin Valley's Ownership Should be on Council Agenda by This Fall

With unanimous support from the Novato City Council, the city will explore solutions to a long-brewing issue about the future ownership of the Marin Valley Mobile Country Club senior residence park.

The council did not officially vote on anything Monday in a special meeting at the park clubhouse, but Jim Olson, president of the Park Acquisition Corporation and resident of the city-owned property near Hamilton, said he was pleased city staff has been directed to prepare a work plan and several ownership scenarios. 

"I wouldn't use the term victory, but it's progress," he said. "I don't think anybody won or lost with this decision. I think everybody won."

Some residents of the park have sought for park residents to buy the complex, some would like to maintain the status quo and some would consider a third party ownership plan.

Meanwhile, the city has $10 million worth of bonds outstanding on the project.

"It's been a complicated little situation for a long time," said Cathy Capriola, Novato's assistant city manager.

The council members emphasized how much they want to protect the affordability of the park and keep it as affordable housing, Capriola said. Next on the game plan is for city staff to provide the council all the pros and cons of any move that could be made. It's likely the Marin Valley topic would appear on a council agenda in October or November, she said.

The park was financially upside down when the city took over ownership of the park in 1997 and partnered with the five-person Park Acquisition Corporation, which then farmed out management of the facility. The result is a complicated set of bond documents, Capriola said.

Until this spring, the park was owned by the Novato Financing Authority, a joint powers authority comprised of the city and the Novato Redevelopment Agency. But the state-prompted axing of all redevelopment agencies earlier this year forced the city to take over full ownership, sparking new talks about the club's future.

More than 400 people live in the park, and 145 people attended Monday's meeting.