University Park City Council voted unanimously to approve a long awaited agreement, putting SMU one step closer to the purchase of Potomac Park and other city owned property.

The agreement involved a near $2.4 million loss of taxable revenue, as the campus expands for the new Bush library complex. It has set provisions for minimum revenues from the Park Cities Plaza shopping center, which includes the SMU Barnes and Noble that the university owns. The process though which the city and SMU will value future land purchases was set as well.

The agreement is seventh in a series of development agreements between SMU and University Park over the last 10 years.

The vote has ended months of negotiations over how to determine the value of Potomac Park and other property east of campus.

The agreement calls for both SMU and University Park to hire appraisers to conduct independent assessments of the property’s value. SMU will cover the cost of the appraisals.

“SMU and University Park have a long history of working together,” special assistant to President Turner for government relations Leon Bennett said in a press release. “This agreement allows us to move forward with our respective plans to improve both the university and our home city.”

The appraisers will use property values based on home sales in the area from 2007 and 2008.

If the valuations differ by less than 15 percent, they will be averaged. If they differ by more, it will require the university and school to develop another valuation method.

“The amount of land involved in the transaction is substantial,” University Park City Manager Bob Livingston said in a press release. “Based on the value of property in University Park, the sale will positively impact the city for generations. I know that the city council will look judiciously at how to use the funds both in the near-term and for decades to come.”

According to the Dallas Morning News previous appraisals have varied greatly. In July 2006 an appraisal valued the land at $1.57 million and in October 2007 the value was set at $2.45 million.