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Commission hears update on Davis Exchange MOU as developers pursue gap financing
Summary
City staff told the commission the Davis Exchange MOU is still being finalized; the developers and staff said the project should proceed at the originally approved $1.75 million while developers seek an additional $750,000 from other sources. Commissioners pressed for a completed MOU with milestones and repayment safeguards before additional funding.
City of Albany commissioners received an update July 1 on the memorandum of understanding for the Davis Exchange (IDP) project but took no vote because staff said the MOU remains unfinished.
Economic development staff (identified in the record as Miss Gaskins) told the commission the city met with the developer, the city manager and legal counsel as recently as the day before and that the MOU will be returned to the commission once the document is complete. Staff said the MOU will include a timeline with delineated dates for milestone completion, anticipated construction start…
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