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Council tables resolution to assign TIF revenues as loan collateral for Living Green redevelopment
Summary
Councilors deferred a resolution that would formalize assignment of tax-increment financing (TIF) proceeds as collateral for a developer's loan tied to the Living Green project, citing incomplete economic-development assurances and requests for more information from the developer and tenant.
The Delaware County Council voted to table Resolution 2025‑12 on Aug. 26 after extended discussion about whether reassigning TIF revenues as collateral would protect county interests.
Sarah Carrell of Faegre (bond counsel) told the council the measure is a standard legal step that would assign TIF receipts as collateral to support financing the completion of a project begun under a prior financing agreement. “This creates no additional obligations of the county,” Carrell said, adding the assignment does not extend or pledge new tax dollars beyond the existing financing agreement.
Several council members said they were uncomfortable approving the assignment without clearer, updated commitments from the developer or from the company that will occupy the finished building. Council members noted past failed performance by the original project proponent (Living Green Farms), which had not met previously stated job and investment pledges by a December 2024 deadline. Redevelopment representatives said the new developer and the tenant company are expected to assume obligations in the underlying financing documents, but councilors expressed concern that the economic development agreement (EDA) had not been re‑negotiated to reflect the new parties’ concrete commitments to jobs, wages and capital investment.
Steven Brand, speaking on behalf of the Delaware County Redevelopment Commission, said the new developer plans to complete the building and that a tenant would manufacture aluminum trailers. Brand said the new developer and tenant expect to invest substantial capital and that the developer would be bound by the financing agreement. Council members asked the redevelopment commission and local legal counsel to produce an updated EDA or comparable documentation on job pledges, wages and capital investment; several members said they wanted those assurances before formalizing the TIF assignment. A motion to table the resolution passed by roll call and the council asked the redevelopment commission to return with additional information at the next meeting.
