Agenda Item Title:
Authorize the Mayor and Finance Officer to Sign the Assignment Agreement with Bank West for Contract for Construction of Public Improvements by Private Developer for Tax Increment District 82 Between Yasmeen Dream, LLC and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/15/2020
City Council Hearing Date:
07/20/2020
Staff Contact:
Patsy Horton, Transportation Planning Corrdinator/Wade Nyberg, Deputy City Attorney
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 82 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 accomplishes that assignment. It provides that the City will make payments out of the TIF fund directly to Bank West instead of to the developer.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve