Agenda Item Title:
Authorize the Mayor and Finance Officer to Sign Assignment Agreement with Black Hills Community Bank and Yasmeen Dream, LLC for Tax Increment District 84
City Council Working Session
Origination Meeting Date:
City Council Hearing Date:
Agenda Item Summary:
This Assignment Agreement is a companion to the developer’s agreement between the City and Yasmeen Dream, LLC for Tax Increment District 84 at E. Anamosa Street. That agreement states that the developer may assign its rights to payment from tax increment funds to its bank as security for developer’s loan. This Assignment Agreement accomplishes that assignment. It provides that the City will make payments out of the TIF fund directly to Black Hills Community Bank instead of to the developer.
Funding Source & Fiscal Impact (if applicable):