City Council 03 03 26 Agenda Item N 2 Exclusive Negotiation Agreement Between the City of Oxnard

The City of Oxnard City Council discussed an Exclusive Negotiation Agreement (ENA) with Dynamic Real Estate Partners LLC regarding the disposition of a surplus undeveloped property located between US 101 and River Park Boulevard. After the property was declared surplus and offered to preferred public and affordable housing buyers without a successful transaction, the city engaged a real estate firm to identify interested developers. Dynamic Real Estate Partners, already developing adjacent property, submitted a letter of intent to acquire and develop the site for commercial use. The council considered authorizing a 12-month ENA, extendable by another 12 months, to negotiate terms and prepare a disposition agreement. This authorization would not approve the project itself but allow negotiations to proceed, with final approval contingent on city council actions including amending the River Park Specific Plan to change the site's designation from public facilities to commercial regional.