Treasurer's report, amendment to agreement with Paradise Valley development, agreed to be its last amendment.
Good afternoon, Detroit. I’ll be live-tweeting today’s Downtown Development Authority Board of Directors meeting for #DetroitDocumenters. The meeting begins at 3pm, and is being held remotely via Zoom. @media_outlier @wdet @CitizenDetroit @Detour_Detroit @freep
01:22 PM Apr 28, 2021 CDT
The agenda is attached below, and information on how to join the meeting may be found here: https://2nq1rd1ofg7sy5ck73amt9qv-wpengine.netdna-ssl.com/wp-content/uploads/2021/04/04-28-21-DDA-Board-Meeting-Notice-and-Agenda.pdf https://t.co/pWeW7UZVKr
“The Downtown Development Authority (DDA) supports private investments and business growth through loans, sponsorships and grants, capital improvements to public infrastructure and additional programs designed to increase economic activity.” https://www.degc.org/DDA/
The one project on today’s agenda was discussed at length during the March 29 DDA meeting, also covered by @DetDocumenters. If you’d like a bit of background, you can find those notes here: https://detroit.documenters.org/assignments/board-of-directors-2137/
Roll call was just given and they have a quorum. March 31 minutes have been approved. John Naglick, Treasurer is giving a quick report for March 2021. https://t.co/hT2sWK9DH6
With no questions on his report, they’ve voted to accept it and we’re moving on to the one project on the agenda.
David Howell, Senior Real Estate Director of DEGC, is discussing the details of this amendment to the Development Agreement for 1435 Randolph and 1455 Centre. https://t.co/NUxGmPG9zP
Mr. Rainy Hamilton Jr, the developer, has suffered delays due to the pandemic, a downturn in retail rental demand due to the pandemic, and issues with financing. This amendment offers various changes to his agreement with the DDA. https://t.co/ApjbQvDZwQ
One big change is an additional $435k Development Credit if he closes the Senior Loan (with Flagstar Bank) in 6 months. This credit can potentially be forgivable if he meets other construction criteria.
Director Melvin Hollowell, who had reservations approving these amendments at the Mar 29 meeting, has stated he is inclined to support them now that they have been further examined. With the caveat that this is the LAST amendment proposed on this project.
Director David Blaszkiewicz also stated his support. The motion to approve was given, and this amendment was unanimously approved.
Jennifer Kanalos briefly presented a DDA Tax Rate Report, which was unanimously approved. https://t.co/xdTTkGp9yo
With no other business before the Board, and no members of the public wishing to give comment, the meeting was adjourned at 3:31 pm.
The DDA holds meetings on the second and fourth Wednesday of every month, at 3pm. For additional coverage of this meeting, please visit http://documenters.org