In February of 2019, the Community Redevelopment Agency amended the agreement with Main Street Landings to extend the deadline for achieving Certificates of Occupancy on 90% of the units, and receiving the Increment Payment of $1,475,000, for 120 days due to labor unavailability.  The new deadline would be September 10, 2019.
 
Despite making excellent progress, the Developer does not anticipate meeting the new deadline and has requested an extension.  Although the agreement with Main Street Landing stipulates, “Failure to receive Certificates of Occupancy on 90% of the units within three and one half (3 1/2) years [plus 120 days] from the effective date shall relieve the City and/or Agency of any and all liability for the payment of the Increment Payment” the City wishes the project to continue.  Also, the CRA wishes to spread the payments out over two (2) years instead of one lump sum.
 
The developer has agreed to these terms:

1)  The duration of the Agreement is extended by 60 days until November 10, 2019.

2)  The obligation of the Agency to pay the Developer the Increment Payment of $1,475,000 is deferred as follows:

a)  The Agency shall pay $737,500 to Developer 30 days after the date the Project is substantially complete.

b)  The Agency shall pay $737,500 plus interest at 2% accruing from six months after the date the Project is substantially complete to Developer on the later of:

i) one year after the date the Project is substantially complete, or

ii) 10/1/2020.

c)  The Agency may prepay any payment or portion thereof without penalty.