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Redevelopment agency extends deadline in participation agreement for Red Sky Sandy LLC; board approves second amendment
Summary
The Sandy City Redevelopment Agency approved a second amendment to its tax increment participation agreement with Red Sky Sandy LLC, extending the closing and permit timeline to July 1 to allow the developer additional time to finalize construction financing.
The Sandy City Redevelopment Agency voted to authorize a second amendment to the tax increment participation agreement with Red Sky Sandy LLC on March 11, giving the developer additional time to close construction financing and obtain permits.
Casey Dunlavy, the city’s economic development director, told the board the amendment would extend a previously granted March 15 deadline to July 1. Dunlavy said developer Mike Christiansen has financial commitments and term sheets from two lenders (possibly three) but will not meet the March 15 deadline to close the construction loan and pay for permitting.
Dunlavy said the property sits behind the Target building and has required several years of clearing deed restrictions before development could proceed. “He is super close on this,” Dunlavy said, describing loan commitments and resubmitted permit materials. Dunlavy recommended the board grant more time so the developer can close the loan, pay permitting fees and bonds, and proceed with construction.
Board member Sharkey voiced support for the extension and thanked the developer for persisting on the project. Developer Mike Christiansen (on the meeting line) said he had term sheets from two or three lenders and asked for patience to get through loan committees.
Board member Meekum moved to adopt Resolution RD25-01, and board member D’Souza seconded. Roll call votes were recorded in favor by board members Meekum, D’Souza, Sharkey, Robinson, Stroud and the chair; the amendment passed (vote recorded as unanimous in the meeting record).
