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Court consents to collateral-assignment agreement for Lansdowne LLC; county described as consenting party only
Summary
The court voted 4–1 to consent to a collateral-assignment of rights to a lender for Lansdowne LLC; county legal staff said the county is not liable absent borrower default.
Taylor County Commissioners voted 4–1 to approve a collateral-assignment agreement related to Lansdowne LLC, a developer involved with a previously approved project the county supports.
County staff and the county’s legal advisor explained the document is an assignment of rights to the lender on a construction loan. They said the county is not a party to the loan and would have no liability under the agreement so long as there is no default by the borrower; the county’s role is to consent.
A county representative asked that the Lansdowne representative be notified of the court’s decision. The judge said he would sign the letter and collateral-assignment agreement on behalf of the court unless a commissioner requested reopening the item for another vote; no commissioner asked for rehearing.
The motion to approve was made and seconded in open session and passed 4–1.
County staff directed the clerk to inform the Lansdowne representative of the court’s action.
