Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Assignment Agreement for Tax Increment District Number Seventy-Eight Between Yasmeen Dream, LLC, Bank West, and the City of Rapid City
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Agenda Item Summary:
In December, the Council approved a developer’s agreement between the City and Yasmeen Dream, LLC for Tax Increment District 78 at Orchard Meadows. 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 does just that – provides that the City will make payments out of the TIF 78 fund directly to Bank West instead of to the developer.
Funding Source & Fiscal Impact (if applicable):
Funding Source & Fiscal Impact Notes:
All payments to be made to Bank West pursuant to this Assignment Agreement will be paid out of the Tax Increment District Seventy-Eight Fund.
Origination Recommendation Action: