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Council approves TID assignment consent for 3700 South Lake Drive financing
Summary
The City Council approved consent to assignment and a security agreement allowing a developer to pledge TIF payments for financing on the 3700 South Lake Drive project; staff said the arrangement matches prior practice on similar developments.
The City Council approved consent to assignment and a related security agreement for tax‑incremental financing (TIF) payments tied to the 3700 South Lake Drive development, allowing the developer to pledge future TIF revenues as collateral to their lender.
Why it matters: Allowing a developer to pledge future TIF reimbursements can make private financing more favorable…
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