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Board grants consent to collateral assignment for Merge Urban Development refinancing; staff recommended approval
Summary
The board approved a consent to collateral assignment for the development agreement with Merge Urban Development and its lender as part of a refinancing; staff recommended approval after review and proposed changes.
Trustees approved consent to a collateral assignment request from Merge Urban Development related to refinancing of the Mike McCarthy Way development agreement.
Tony (presenter) explained the request: a new lender for the project asked for consent to use tax‑increment proceeds as security under the development agreement. Staff reviewed the draft consent, proposed changes and recommended approval.
A motion to approve the consent carried by voice vote. The action allows the developer and its new lender to proceed with refinancing under the negotiated terms of the consent documentation reviewed by village staff.
