The Irving City Council agenda for May 8 lists Item 44 “Approving a Memorandum of Understanding with a Developer to Design, Construct, and Operate an Entertainment Center.” This item was placed on the agenda by Council members Michael Gallaway, Roy Santoscoy and Dennis Webb. Rumors have abounded for several weeks the City, through its assigned negotiators, were close to working out a deal with a new developer. This deal would necessarily include a removal of the lawsuit filed by Las Colinas Group (LCG) against the City. The mediation of that lawsuit has been one of the reasons for the current activity with a developer as yet unidentified.
While the Memorandum of Understanding (MOU) has not been released to the public yet, it reportedly provides a satisfactory route to settlement plus financing and construction of the facility. The MOU is not the final contract, but if approved, will allow the final development agreement to be fleshed out and brought back to the City Council.
This is seen by many as an opportunity to get the City out of the expensive lawsuit, a lawsuit which also ties up the ability to build the facility with any other developer. Many are concerned with the viability of the convention center unless both the hotel and entertainment area have dependable short-term completion dates. The Council members placed the item on the agenda after checking on the progress of the negotiations and determining it was timely to present the MOU. The item will be discussed at the Wednesday work session and is on the agenda for a vote Thursday night.
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