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 did not anticipate meeting the new deadline and requested an extension.  The extension was approved on August 20, 2019 and the CRA and Main Street Landings agreed to the following 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

Due to the Site Contractor needing to temporarily leave the site and complete another job, the Main Street Landing project is facing another delay and is requesting another extension.