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 was not able to meet the new deadline and requested another extension.  As the City wished the project to continue and desired to spread the payments out over two (2) years instead of one lump sum, the extension was granted.
 
The developer agreed to these terms:

1)  The duration of the Agreement was 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 was 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.

The project was substantially completed and was issued a Certificate of Occupancy on January 17, 2020.  As a result, the CRA made the first incentive payment on February 20, 2020.

The CRA wishes to further amend the Agreement to defer the remaining one half of the Increment Payment due from the CRA.

The obligation of the CRA to pay the Developer the Increment Payment is would be modified as follows:

(a)    The CRA shall pay Developer the total sum of $737,500.00, as follows:          (i)  The sum of $368,750.00 shall be paid on or before September 30,

               2021; and

         (ii)  The sum of $368,750.00 shall be paid on or before September 30,

                2022;

(b)   The aforesaid payments shall continue to accrue interest at the rate of two percent (2%) per annum until paid in full with no pre-payment penalty; and

(c)    No other Increment Payments shall be due and owing to Developer by City or CRA.