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Urban Renewal Agency authorizes exclusive negotiating agreement for 791 Main Street
Summary
The Urban Renewal Agency board authorized a six-month exclusive negotiating agreement (as amended) for 791 Main Street with Tukola Properties Incorporated; staff said the ENA focuses negotiations with one developer, does not obligate the agency to a final deal, and legal counsel recommended adding a venue provision.
The Dallas Urban Renewal Agency on Nov. 3 authorized an amended exclusive negotiating agreement (ENA) with Tukola Properties Incorporated for 791 Main Street, granting a six-month period for the agency and that developer to negotiate feasibility and terms. Staff said legal counsel had reviewed the draft and recommended adding an amendment specifying venue for dispute resolution in Polk County.
Agency staff (Charlie) said the ENA is a standard tool to allow a single development team to focus on feasibility without binding the agency to a commitment to develop. Agency counsel and members discussed adding a venue paragraph to avoid requiring litigation in Salem; the motion ultimately carried with the amendment.
A board member moved to authorize the city manager to enter into the amended ENA; the board voted aye and the motion passed unanimously.
The agreement allows focused negotiations for six months; personnel emphasized the ENA is not an obligation to build and any final development agreement would require further approvals.
