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<br /> <br />MEMORANDUM <br /> <br />TO: Charlie Yunker – Interim City Manager and HRA Executive Director <br />FROM: Stacie Kvilvang - Ehlers <br />DATE: November 23, 2020 <br />SUBJECT: Doran Redevelopment – Second Amendment to Contract for Private Redevelopment <br /> <br /> <br /> <br />On June 17, 2020, the City and HRA approved the First Amendment to the Contract for Private Redevelopment <br />with Doran SLV, LLC in connection to the Walmart redevelopment site. That amendment provided for: <br /> <br />1. Added language to address public health emergencies (including without limitation the COVID-19 <br />pandemic) <br /> <br />2. Approved issuance of one PAYGO Note for $3.3 million instead of issuing two (2) notes for the combined <br />amount; and <br /> <br />3. Pushed construction dates for Phase II back one year to December 31, 2022 and substantial completion <br />by December 31, 2024 <br /> <br />Since that time, the developer has determined to not commence construction until the spring of 2021 and has <br />requested: <br /> <br />1. The Phase I construction date be moved to May 31, 2021 with substantial completion by April 1, 2023; <br />and <br /> <br />2. The Phase II construction date be moved to May 31, 2023 with substantial completion by May 31, 2025 <br /> <br /> <br />The Developer understands that by delaying construction of the project that they may not receive the full value <br />of the PAYGO TIF note. <br /> <br />Please contact me at 651-697-8595 with any questions. <br /> <br /> <br />