Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Assignment Agreement for Tax Increment District Number Eighty Between The North Atlantic Developers, LLC, First National Bank, and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/28/2018
City Council Hearing Date:
04/02/2018
Staff Contact:
Carla Cushman, Pauline Sumption
Agenda Item Summary:
In December 2017, Council created Promise Road Tax Increment District and approved a Project Plan for TIF 80. On March 19, the Council entered into an agreement for public improvements with The North Atlantic Developers, LLC for TIF 80, which 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 80 fund directly to First National Bank instead of to the developer.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| All payments to be made to the Lender pursuant to this Agreement will be paid out of the Tax Increment District Eighty Fund. | |
Recommendations:
Origination Recommendation Action:
Approve