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City staff says Davis Exchange MOU nearing completion; commissioners press for documents and timeline
Summary
City staff updated commissioners that the MOU for the Davis Exchange/IDP project is still being finalized and will be returned to the commission for review; commissioners pressed for the MOU, construction timeline and clarity on prior votes and funding commitments.
City staff told the commission July 1 that the memorandum of understanding for the Davis Exchange project and the associated IDP funding is not yet complete and will be brought back for review.
Miss Gaskins (city staff) said staff met with the developer, the city manager and the city attorney as recently as the day before and are continuing to work through the draft. "We will bring that memorandum of understanding back to the commission for your review," she said, and added that the document will include proposed timelines and dates for construction and closings.
Commissioners pressed staff about the project's funding history. The city attorney summarized recent activity: last week the agenda item had asked for an additional $750,000 loan commitment; the current MOU request is at the original $1,750,000 loan commitment and includes no additional ask. Commissioners recalled the prior $750,000 request had been voted down; others said the project team previously indicated they could not proceed without the extra funds. Mayor Bo Dura said he wanted to see the original agreement, noting the city had allocated $1,750,000 over two years without an MOU and described that as problematic.
Commissioners also raised concerns about whether the developer is "shovel ready," citing prior delays and extension requests, and urged staff to include clear checks and timelines in the MOU. Staff said the developers are seeking gap financing and that the MOU will delineate the original project scope tied to the $1,750,000 commitment and provide timelines for closings and construction.
No vote was taken; staff committed to return the finalized MOU and to provide clearer supporting documentation to the commission before any further action.
