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Oakdale EDA extends exclusive redevelopment agreement with Tanner Lake LLC to Oct. 23, 2025
Summary
The Oakdale Economic Development Authority authorized its president and executive director on Sept. 9 to sign a seventh amendment extending the exclusive rights agreement with Tanner Lake LLC to Oct. 23, 2025 while the developer secures alternate financing and finalizes exhibits for a purchase and development assistance agreement.
The Oakdale Economic Development Authority (EDA) on Sept. 9 authorized a seventh amendment to the amended and restated exclusive rights agreement (ERRA) with Tanner Lake LLC, extending the ERRA roughly 45 days to Oct. 23, 2025 so the developer can secure alternate private financing and finalize exhibits required for a purchase and development assistance agreement.
EDA staff (Mr. Glov) told commissioners the Tanner Lake site has been under consideration for redevelopment for about 17 years and that the EDA and city previously approved a draft purchase and development assistance agreement; several exhibits (including developer documentation of private financing) remain outstanding. Staff recommended extending the exclusive rights agreement so the developer can complete financing and entitlement steps; staff also said the ERRA contains contingency terms that could obligate the developer to sell parcels to the city if the partnership dissolves.
The EDA moved, seconded and authorized the EDA president and executive director to sign the seventh amendment to the exclusive rights agreement on behalf of the EDA. Commissioners approved the authorization by voice vote.
Staff said it will continue to work closely with the developer during the extension period and pursue contingency planning if needed.
