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Indy Approves Agreement With Tokola

Contract gives redevelopment terms for Valley Concrete site

INDEPENDENCE – The Independence City Council approved an exclusive negotiating agreement on Tuesday with Tokola Properties Inc. for the redevelopment of the former Valley Concrete site.

The agreement means the city will not seek to put the 20-acre property back on the market for 180 days.

“The end goal is to get us to the point where we have a disposition and development agreement, where we spell out the terms, have planning and zoning in place, cost share, and price we will be paid for the property,” City Manager David Clyne said.

He laughingly compared it to a prenuptial agreement, Clyne said.

“It’s not far from that,” he said. “We’re partners and will be throughout. We want to have our vision fulfilled.”

Councilor Nancy Lodge requested that the agreement include provisions for sustainable building and operations, to which the developers from Tokola Properties — who were present at Tuesday’s meeting — agreed.

“I feel what we’re doing today is going to impact the city and our citizens for way beyond me,” Lodge said. “So I want to make sure we have something in there that pushes it.”

The next steps will be a memorandum of understanding, followed by the disposition and development agreement.

The city purchased the property in December 2014 from Valley Concrete when the company moved its gravel site from the riverfront.

It has invested roughly $1.2 million in the land, including the purchase price of $800,000, to make it “shovel-ready,” or ready to build on for potential developers.

Tokola Properties was selected from three developers who showed an interest in the land. Preliminary plans could include mixed housing and retail, as well as a hotel.

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