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MEMORANDUM <br />To:Saint Anthony Village City Council <br />From:Charlie Yunker, City Manager <br />Date:October 28, 2025 <br />Request: Approving Proposed Fifth Amendment to Contract for Redevelopment with Doran SLV, LLC <br />BACKGROUND <br />In front of you this evening is a resolution approving a Fifth Amendment to Contract for Redevelopment <br />with Doran SLV, LLC for the former Walmart site redevelopment, referred to as The Ruby. <br />The initial Contract for Private Redevelopment contemplated the construction of each phase of the Ruby <br />project to be done in two phases. Phase I is complete, and Phase II has encountered challenges to <br />commence construction resulting in multiple extensions requested by the developer and subsequently <br />approved by the City Council to date. <br />Due to those ongoing market challenges, Doran SLV, LLC is requesting an additional extension of timing <br />requirements on Phase 2. Doran SLV, LLC proposes Phase II Commencement deadline of January 1, 2028 <br />and completion date of January 1, 2030. <br />At the work Session on September 23, 2025 Doran SLV, LLC representative Evan Doran introduced the <br />desire to request a two-year extension for Council consideration and to discuss the ongoing challenges <br />resulting in the delay of commencement and subsequent extensions. At that time Council expressed its <br />support for an extension given the circumstances, with a desire to see the Phase II site improved <br />aesthetically until such time as construction begins. <br />During the review process of the required documents to facilitate an extension by the City’s legal and <br />financial advisors, it was advised that the language regarding Tax Increment Financing (TIF) for Phase II <br />be removed. The anticipated timeline for the project completion now coming very close to the end date <br />of the existing TIF district results in negligible TIF assistance generated for the project. As a result, staff is <br />recommending to remove the previously approved TIF assistance has dissolved over time. <br />Mr. Doran is on hand to further discuss their challenges, offer insight, and answer any questions the <br />Council may have. <br />RECOMMENDATION <br />Staff recommends approval. <br />ATTACHMENTS <br />Memo from Doran SLV, LLC <br />Fifth Amendment to Contract for Redevelopment with Doran SLV, LLC <br />Subordination Agreement <br />Resolution 25-071 <br />41