Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Oakdale EDA extends exclusive-rights agreement with Tanners Lake LLC to Dec. 10
Summary
The Oakdale Economic Development Authority voted to authorize an eighth amendment extending exclusive rights with Tanners Lake LLC to Dec. 10, contingent on delivery of plans and evidence of financing or a down payment; staff said the developer has made progress but has not yet secured financing.
The Oakdale Economic Development Authority on Oct. 14 authorized an eighth amendment to an exclusive-rights agreement with Tanners Lake LLC, extending the developers exclusive negotiation period to Dec. 10 and requiring the developer to provide plans, investigation documents and evidence of financing or a down payment before the extension expires.
EDA staff member Andy Gitlov explained the amendment and said, "There has been progress made, but yet the developer is yet to secure financing." Staff recommended the extension to allow the developer more time to secure financing or partner with another developer. As a condition of the extension, the EDA required copies of plans and related investigation documents and asked for sufficient evidence of financial commitment or a down payment prior to the deadline.
Commissioners moved to authorize the EDA president and executive director to sign the eighth amendment; the motion was seconded and approved on a unanimous voice vote. The action keeps the developers exclusive rights in place while protecting the EDA by conditioning the extension on document delivery and financial proof.
The extension does not constitute final approval of a purchase or development agreement; staff said the developer must secure financing or a partner and provide the required materials before the exclusive-rights period expires.
