Agenda Item Title:
Authorize Mayor and Finance Officer to sign Assignment Agreement for Tax Increment District 76 Buffalo Crossing between KS West, LLC and SK East, LLC and First National Bank
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/10/2016
City Council Hearing Date:
08/15/2016
Staff Contact:
Carla Cushman
Agenda Item Summary:
In April, Council approved the Development Agreement for TIF 76 with KS West, LLC and SK East, LLC as the developers. That agreement states that the developers may assign their rights to payment from tax increment funds to their bank as security for their loan. This Assignment Agreement does just that – provides that the City will make payments out of the TIF 76 fund directly to the bank, instead of the developer.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve