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Council approves TIF assignment for Sunset Ridge Apartments; developer clarifies ownership structure and Fannie Mae collateral requirement
Summary
The council approved an assignment and consent related to TIF District 410 for Sunset Ridge Apartments after staff explained that lender requirements from Fannie Mae required council-level consent to a collateral assignment; the developer clarified an ownership structure involving an LLC and a tenant‑in‑common interest.
The Fergus Falls City Council approved an assignment and consent connected to Tax Increment Financing (TIF) District 410 for Sunset Ridge Apartments. City staff told the council that the earlier TIF approval required an additional council-level consent to satisfy Fannie Mae financing conditions, and the council acted to provide that consent.
City staff and the city’s bond attorney said the Fannie Mae financing required…
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