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<br /> <br />Memo <br /> <br />To: Mark Casey – City Manager and HRA Executive Director <br />From: Keith Dahl and Stacie Kvilvang - Ehlers <br />Date: June 17, 2020 <br />Subject: Doran Redevelopment – First Amendment to Contract for Private Redevelopment <br /> <br /> <br />In December of last year, the City and HRA approved a Contract for Private Redevelopment with <br />Doran SLV, LLC in connection to the Walmart redevelopment site. Since that time, the developer has <br />experienced and/or will experience delays surrounding the COVID-19 pandemic and has <br />subsequently requested a few amendments to the contract. Below are the changes incorporated into <br />the First Amendment: <br /> <br />1. General <br />a. Added language to address public health emergencies (including without limitation <br />the COVID-19 pandemic) <br /> <br />2. Tax Increment <br />a. The HRA will now issue one (1) pay-as-you-go TIF note for $3,300,000 instead of <br />two (2) notes. This allows the Developer to bring $1,350,000 less in equity for <br />construction of Phase I. The amounts originally attributable to each Phase are as <br />follows: <br />i. Phase I: $1,950,000 <br />ii. Phase II: $1,350,000 <br /> <br />b. If development of Phase II is not commenced prior to the date below, the TIF note <br />will be reduced by $1,350,000 (amount attributable to Phase II). This provision <br />protects the City/HRA to not “over assist” the Developer if only Phase I is <br />constructed. <br /> <br />c. The HRA would allow the developer to assign the TIF note to an affiliate or Kelly J. <br />Doran without approval <br /> <br />3. Construction Dates <br />a. Phase II construction dates will be pushed back one year. The Developer must <br />commence construction of Phase II by December 31, 2022 and be substantially <br />complete by December 31, 2024 <br /> <br />Please contact me at 651-697-8595 with any questions. <br /> <br />15