The Doraville Development Authority (DDA) approved a Memorandum of Understanding (MOU) with Friday’s Plaza Property, LLC (Developer) on April 6, 2020. This MOU allows the developer to understand the incentive framework and begin underwriting with different banks and investment firms. Once the developer has secured financing they will begin the process of final design and engineering and will apply for permits with the City of Doraville. This process is expected to take about five months.
The developer has agreed to file permits with the City of Doraville by August 1, 2020 and close on the financing by September 30, 2020 or they will lose the incentive.
I will keep you updated on the status of these milestones.
|Complete execution of MOU (this Agreement)||April 30, 2020|
|Demolition Permit||July 1, 2020*|
|Land Disturbance Permit||August 1, 2020*|
|Building Permit||August 1, 2020*|
|City or Governmental Approval of Water||August 1, 2020*|
|City or Governmental Approval of Fire||August 1, 2020*|
|City or Governmental Approval of Sewer||August 1, 2020*|
|City or Governmental Approval of Pool||August 1, 2020*|
|Issuance of Bond||September 30, 2020|
|Substantial completion of Project (subject to force majeure)||December 31, 2022|
|* Deadline to submit|