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Developers pursuing gap financing for Davis Exchange; city says MOU still in progress
Summary
City staff told commissioners July 1 that the Davis Exchange MOU is not final; developers are pursuing additional funding to close a previously reported $750,000 gap while the city’s current MOU reflects the original $1,750,000 commitment. Commissioners requested timelines, original agreements and clearer documentation of the city’s obligations.
City staff updated the Albany City Commission on July 1 that the memorandum of understanding for the Davis Exchange (IDP) project remains under negotiation and is not ready for a final vote.
Miss Gatson, speaking for staff, said the MOU work continued after a meeting with the developer and the city manager and that the document will be brought back to the commission for review when complete. Gatson said the developers are seeking additional funding to cover a gap from a previously discussed request for an extra…
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