Since the original Contract for Private Development and two amendments were approved, there are now additional lenders and other parties involved in this redevelopment including the State of Minnesota, the Met Council, at least two lenders and the developer also now rebuilding the street.

The various attorneys involved all agreed that one Amendment that incorporates everything needed including the two grant agreements and the necessary subordination agreements that allow the lenders to step into the shoes of the developer should the project need to be completed, would simplify everything since this document will need to be recorded.

This new agreement reflects all of the past amendments and sets forth repayment to the EDA/City for funds expended for demolition and property acquisition and sets the minimum assessment necessary for the TIF notes repayment.  It also incorporates the new parcel description since it is all now one parcel.

The developer has submitted preliminary public improvement plans that are also incorporated into the agreement. 

The developer plans on closing on the property with the EDA in October.  They have already submitted plans for footings and foundations to the city for approvals.  They plan on submitting final building construction plans in early November.  They will begin trash removal on the site later in October and then digging the footings and foundations.  Construction of the building is estimated at approximately 18 months.