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City Council Regular Meeting Minutes December 10, 2024 Page 6 1 Due to those ongoing market challenges, Doran SLV, LLC is requesting an extension of timing 2 requirements on Phase 2. Doran SLV, LLC proposes Phase II Commencement deadline of 3 January 1, 2026 and completion date of January 1, 2028. 4 5 Doran SLV, LLC representative Evan Doran was present to discuss their challenges, offer 6 further insight to the request and answer any questions the Council may have. 7 8 Mr. Evan Doran stated while interest rates have stabilized there are continued headwinds on 9 construction. They are motivated to do the second phase as soon as possible. 10 11 Mayor Webster noted this is being extended by one year. 12 13 Councilmember Jenson asked if one more year is all that is needed for the project to start. Mr. 14 Doran stated that is difficult to answer. In an ideal world, they would request a longer extension 15 not knowing what the future will hold. It is fair to extend by one year and come back to Council 16 if necessary. 17 18 Mayor Webster stated Council toured Phase I of The Ruby. Mr. Doran stated it is currently 94% 19 leased and occupied. They receive positive feedback from residents and the neighboring 20 shopping center. They are struggling to fill the 3-bedroom units with families. 21 22 Councilmember Jenson stated he is familiar with a couple that just moved into the Ruby and they 23 said how great it is to live there. 24 25 Councilmember Doolan asked about learnings from the first building to apply to the second 26 phase such as 3-bedroom units. 27 28 Motion by Councilmember Jenson, seconded by Councilmember Doolan, to approve Resolution 29 24-095 — Approving Fourth Amendment to Contract for Private Redevelopment Between the 30 Housing and Redevelopment Authority of St. Anthony Village, Minnesota, the City of St. 31 Anthony Village, Doran SLV, LLC, Doran St. Anthony, LLC, and Doran SLVB II, LLC. 32 33 Motion carried 5-0. 34 35 X. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 36 37 City Manager Yunker stated this is typically the last meeting of the year. He thanked staff for all 38 their work throughout the year. 39 40 Councilmember Randle had no report. 41 42 Councilmember Doolan stated last weekend was Small Business Saturday. She attended the 43 Chamber of Commerce Board of Directors meeting on December 9. There were over 400 44 attendees for Small Business Saturday. She attended the League of Women Voters Holiday Party 45 this weekend. Earlier today, she and Parks Commission Chair Lily Fee attended Wilshire 46 Elementary to talk to students about the Water Conservation Poster Contest.