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Board approves second amendment for Lofts of Honey Creek agreement as developer deposits escrow
3077064 · April 22, 2025
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Summary
Trustees approved a second amendment allowing the Lofts of Honey Creek developer to deposit escrow funds in lieu of renewing a letter of credit while the developer approaches its guaranteed assessed value.
The Village Board approved a second amendment to the development agreement for the Lofts of Honey Creek that lets the developer substitute an escrow deposit for a letter of credit scheduled to expire.
Eileen explained the existing development agreement required the developer to maintain a…
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