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Doran SLV II, LLC <br />6423 City West Parkway <br />Eden Prairie, MN 55344 <br />MEMORANDUM <br />TO: Charlie Yunker, City of Saint Anthony City Manager <br />FROM: Evan Doran, Doran SLV II <br />DATE: October 22, 2025 <br />RE: Summary of Fifth Amendment to Contract for Private Redevelopment – St. Anthony <br />Village / Doran SLV <br />Charlie— <br />As owner of the parcel known as Ruby Phase II, I am coming before the City to request an <br />amendment to our Contract for Private Redevelopment that would grant an extension of <br />our approvals. The relevant overview is outlined below for City Staff and Council to read. <br />Parties <br />• Housing and Redevelopment Authority of St. Anthony, Minnesota (“Authority”) <br />• City of St. Anthony Village (“City”) <br />• Doran SLV, LLC (“Phase I Redeveloper”) <br />• Doran St. Anthony, LLC (“Phase I Owner”) <br />• Doran SLV II, LLC (“Phase II Owner and Redeveloper”) <br />Collectively referred to as the “Parties.” <br />Background <br />The original Contract for Private Redevelopment was executed February 19, 2019 and <br />recorded March 17, 2020. It has since been amended four times (June 2020, November <br />2020, January 2024, December 2024). This Fifth Amendment modifies project timelines for <br />Phase II of the redevelopment due to ongoing construction market impacts and COVID- <br />19–related delays and the downstream ramifications of said delays including the market <br />downturn related to interest rate increases and cost increases as a result of COVID induced <br />inflationary pressures. <br />Key Terms and Modifications <br />1. Section 4.3(a) – Phase II Construction Deadlines <br />• Commencement Deadline: Extended to January 1, 2028 (subject to Unavoidable Delays). <br />• Completion Deadline: Extended to January 1, 2030 (subject to Unavoidable Delays). <br />These replace the prior deadlines (previously earlier dates under the Fourth Amendment). <br />42