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CDA approves third amendment extending J and M Davis loan deadline to Oct. 31, 2026
Summary
The CDA approved a third amendment extending the developer deadline for J and M Davis Holdings LLC to Oct. 31, 2026 after staff said the developer experienced plumbing-permit delays but has been making required loan payments; the board rejected default or recourse options and voted to extend the deadline.
The DeForest Community Development Authority on July 9 approved a third amendment to the development and loan agreement with J and M Davis Holdings LLC, extending the deadline for performance to Oct. 31, 2026.
Staff told the board the developer encountered issues with a plumber who failed to submit plans to the state; the developer has since engaged a new plumber and staff expects state plan review to be complete by the end of the month. Staff recommended the extension rather than declaring default and pursuing repayment or taking over the lease, noting the borrower has been making loan payments on time.
Board members discussed whether this should be the final extension; staff replied the board could set different terms later but said October 31 is a reasonable near-term target given current progress. A motion to approve the third amendment extending the deadline to Oct. 31, 2026 was moved, seconded and passed on a verbal vote.
Next steps: staff will monitor project milestones and report if additional extensions or recourse considerations are required.
