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The Portland Development Commission board today agreed to delay redevelopment on the parking structure at Southwest 10^th Avenue and Yamhill Street to assure developers of the nearby Galleria Building that there will be parking available for an incoming Target store.

As the Daily Journal of Commerce reported earlier this week, Target is in the process of finalizing a lease in the historic Galleria Building. The PDC did not identify Target as the potential tenant of the building, but the resolution identified a 鈥渞etail use of approximately 80,000 square feet.鈥�

According to , the commission has reserved funds for a potential redevelopment project at the 10^th and Yamhill garage, which is owned by the city of Portland. The report stated that the retailer that plans to move into the building 鈥渞equires assurance鈥� that there will be no reduction of parking in the garage for the first two years it is open 鈥� a period slated to end in 2015.

At this morning’s PDC board of commissioners meeting, the board unanimously passed a resolution to authorize the agreement with Galleria Building owner Bill Naito Company. The agreement will require Target to begin construction on the store by May 15, 2012 and to occupy at least 80,000 square feet, and in return the PDC won’t reduce the amount of parking available in the 10^th and Yamhill garage until two years after the store opens.

PDC Board Chair J. Scott Andrews said the agreement makes sense for the PDC and won’t delay any projects to redevelop the 10^th and Yamhill property, which are already a few years off. He added that the retailer is expected to create jobs and foot traffic downtown.