Frank Smith's Inc. has reached an agreement with current Pier 36 owner Jeff Lagow that could prevent boats being impounded.

According to a press release issued by CEO Jim Hightower Wednesday, the company currently operating Frank's Marina and Dead Fish grill has signed a Letter of Understanding with Mr. Lagow and will purchase all assets of Pier 36.

After an investigation of conditions at Pier 36 revealed numerous violations and elevated contaminant levels, the U.S. Army Corps of Engineers, Fort Worth District announced that Mr. Lagow's lease would be cancelled in early September, and the Corps told slip holders they would need to remove boats and property from the marina before September 8th to avoid their boats being impounded.

However, Mr. Hightower said Wednesday that he hopes the agreement with Mr. Lagow will provide the opportunity to propose a plan allowing a seamless transition of ownership that will prevent anyone having to remove boats or disrupt service to tenants.

"We realize the magnitude of the deferred maintenance that currently exists at Pier 36 and are in the process of evaluating and understanding the existing deficiencies," Hightower said. "We are fully aware that our ability to move forward with this project will need the approval of the Corps of Engineers and that there will most likely be competing plans proposed by other interested parties."

The Corps of Engineers is accepting plans from applicants until August 31 and will award a new lease in September.