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<br /> <br />Memo <br /> <br />To: Mark Casey – City Manager and HRA Executive Director <br />From: Stacie Kvilvang - Ehlers <br />Date: December 10, 2019 <br />Subject: Doran Redevelopment – Contract for Private Redevelopment <br /> <br /> <br />Doran Companies is proposing to redevelop the former Walmart located at 3800 Silver Lake Road <br />into 496 units of market rate apartments. Following are the main points within the above referenced <br />Agreement: <br /> 1. General <br />a. Contract for Private Redevelopment with Doran SLV, LLC <br />b. Development of 496-units in two (2) phases <br />i. Phase I 258-units <br />ii. Phase II 238-units <br /> <br />2. Development and Timing of Construction <br />a. Must commence construction of Phase I by December 31, 2020 and be <br />substantially complete by December 31, 2022 <br /> <br />b. Must commence construction of Phase II by December 31, 2022 and be <br />substantially complete by December 31, 2024 <br /> <br />3. Construction Plans <br /> <br />a. If the Developer makes a material change of $500,000 or more in the construction <br />plans, the HRA has to approve those changes in writing, which cannot be <br />unreasonable withheld. <br /> <br /> 4. Payment of Authority Costs <br />a. Developer has deposited $17,500 with the City and is required to reimburse <br />City/HRA for costs of consultants in negotiating and drafting development <br />agreement (fiscal and legal). <br />