The Santaquin Community Development Renewal Agency (CDRA), meeting as the council Dec. 2, approved an extension to a land‑purchase agreement for a local business owner identified in the record as Alika.

Alika told the board that a Small Business Administration loan tied to the project has been delayed by federal processing backlogs and a new appraisal requirement, which has pushed the anticipated closing past previously agreed dates. He said bank partners advised that combining the land and building financing could take several months, so the developer proposed closing on the land first and completing building financing later.

City staff extended the closing window (adding 35 days) to accommodate the delays and to allow closing in the first week of January if necessary. Alika said the bank had indicated the funds should be available by the developer’s new deadline but that prior timelines had slipped; he asked for the board's continued flexibility while appraisals and SBA processing conclude.

The CDRA motion to approve the amended purchase agreement/resolution (recorded in the meeting as resolution 12‑01‑2025 for the CDA) was moved, seconded and passed by the members present. The board’s action authorizes the extension; no new appropriation or change to other terms was recorded in the meeting minutes.

The developer said he hopes to close before winter affects construction timelines but acknowledged uncertainty if federal loan processing continues to lag.