On November 10, 2015, the Community Redevelopment Agency entered into a development agreement with Main Street Landing, LLP. The development agreement provided for a completion incentive payment, a credit for water and sewer impact fees and permit fees. The agreement anticipated the project would be completed in 3 1/2 years.

Language in the current agreement provided for delays in the performance due to events of Force Majeure. The Developer has regularly kept the city abreast of the project's progress. As part of those progress reports the Developer notified the City of a labor shortage for the concreter block and exterior stucco contractors which delayed performance by the Developer in excess of 164 days. As a result, the Developer has requested that the duration of the Agreement be extended for 120 days due to the labor unavailability.

The developer has made excellent progress and fully expects to complete. The developer has insured the project for $20 million, which reflects the overall investment made by the developer. The developer developed a website for Main Street Landings and is preparing to advertise availability for both residential and commercial occupancy. 

Additionally, the agreement provides for further clarification regarding the distinction between Certificate of Occupancy and Certificate of Completion.