Bradenton ready to set deadline for developer of Save-A-Lot property
BRADENTON -- Bradenton city officials have been patient but won't wait forever for Wisconsin-based developer Endeavor Corp. to close on a $6 million loan to construct the long-awaited Minnie L. Rogers Plaza.
The plan calls for the plaza to be anchored by a Save-A-Lot grocery store at the corner of First Street West and 13th Avenue West.
City Attorney Bill Lisch has said the city is close to setting a "time certain" deadline for the developer to get going on construction or get out of the deal. Central Community Redevelopment Agency Director Tim Polk said everything will depend on a new proposal being prepared by the developer that was discussed late Friday.
"We're waiting to hear from the developer who is putting together a timeline," said Polk. "That will include a proposed closing date on the loan." That loan has been ready to close on for almost for more than a year.
The project has suffered through many disappointing anniversaries; next month will be another, as city officials held a ground-breaking ceremony in October 2012. The project was conceived almost 14 years ago, and last month marked the one-year anniversary of the city council voting 4-1 to approve the deal.
Under the deal between Endeavor and the CCRA, the agency will loan the developer $300,000 and then pay it $45,000 a year for seven years. The CCRA also agreed to be the landlord for the plaza, taking on the responsibility of leasing other retail space or pay the developer for any vacancies.
Predictions to start construction have come and gone since 2012. The latest two predictions this year were in March and then again in June. Polk said the newest estimate, if all goes well, is "trending toward November."
The delays this year have
been largely financial.
About 18 months ago, Endeavor qualified for $6 million in federal tax credits funded by the U.S. Treasury Department and loaned through the U.S. Bank. While Endeavor representatives have repeatedly declined to speak to the Bradenton Herald, city officials say the delay is now due to rising construction costs.
Polk, who has been working with the developer to win state tax credits to make up the difference, said Monday that those guarantees appear to be place for the developer to continue. In the meantime, the CCRA completed its obligations more than a year ago, and permitting and zoning are in place to coincide with its contract with Endeavor.
"We still have a development agreement in place," Polk said. "New financing is available, so we are just waiting to see the timeline."
Polk stopped short of Lisch's "time certain" deadline, saying only, "We don't know yet until I see the timeline."
Mark Young, Herald urban affairs reporter, can be reached at 941-745-7041 or follow him on Twitter @urbanmark2014.
This story was originally published September 22, 2015 at 12:00 AM with the headline "Bradenton ready to set deadline for developer of Save-A-Lot property ."