Commission hears update on Davis Exchange MOU as developers pursue gap financing
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.
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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.
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