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Suamico approves amendment directing incentive payments to Michael Brandt
Summary
The Village Board approved a first amendment to the developer agreement tied to the tax incremental district that routes annual incentive payments to Michael Brandt rather than the original LLC, per a company request.
The Suamico Village Board on Monday approved a first amendment to a tax incremental district developer agreement to direct annual incentive payments to Michael Brandt instead of MBA Holdings LLC, allowing Brandt to retain payments even if he later sells an interest in the LLC.
Why it matters: The amendment modifies the payment recipient within an existing developer incentive agreement for a TID (tax incremental district) project connected to RC Moores; the procedural change affects how incentive payments are disbursed but does not change the underlying incentive amount described in the agreement.
Administrator Caker said the amendment was drafted at the request of Michael Brandt (doing business as MBA Holdings LLC and RC Moores). The change clarifies the payment recipient so Brandt can retain incentive payments even if ownership interests in MBA Holdings change. Brandt had appeared before the board several months earlier to propose the concept.
A motion to approve the amendment carried on a voice vote, 7–0. No additional changes to the developer’s obligations or to the tax incremental district were reported at the meeting.
Ending: The board did not discuss any other modifications to the agreement; staff will file the executed amendment and proceed with administrative steps to deliver payments in accordance with the revised language.
