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City says Davis Exchange MOU is still being finalized; no new loan request reported
Summary
City staff updated commissioners that the memorandum of understanding for the Davis Exchange/IDP project remains under negotiation and that the developer’s current ask reflects the original loan commitment rather than a new $750,000 increase. Commissioners pressed for timelines and stronger contractual safeguards.
City staff told the Albany City Commission on July 1 that the memorandum of understanding (MOU) for the Davis Exchange (IDP) project is still being finalized and will return to the commission for review when complete.
Miss Gaskins, who presented the update, said the team met with the developer, the city manager and city attorney and that the MOU under preparation reflects the original loan commitment rather than an additional request. "We're still working on the memorandum of understanding," she said, and added that the completed document will include a delineated timeline with closing and construction dates.
Commissioners questioned the status of a prior request for an additional $750,000 and whether the commission had previously voted on that increase. City attorney Michael Custer clarified that an agenda item the week before asked for an additional $750,000 and that the MOU currently under discussion is at the original loan commitment amount; he described the present step as completion of a commitment made in 2023–24 rather than a fresh financing ask.
Multiple commissioners expressed concern the developer was not "shovel ready," citing requests for extensions and missing paperwork. Commissioners asked staff to include stronger "checks and balances" in the MOU, to add repayment language if the developer sells the project within a set period, and to supply a one-page summary of city commitments and benefits before any final approval.
No vote or formal action on the MOU occurred at the July 1 meeting; staff said they will return with a completed MOU and proposed dates for milestones.
