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La Crosse commission approves subordination for Haven on Main despite lender limits
Summary
The ECDC voted unanimously to approve a lender-required subordination of the city’s development-agreement lien so the Haven on Main project can close its permanent loan; developer counsel said Freddie Mac would not accept language guaranteeing that denials be ‘reasonable.’
City planning staff and developer counsel told the Economic and Community Development Commission that approving a subordination agreement was necessary to move a TIF-supported development from construction financing to permanent financing.
Miss Emsley summarized staff review and legal involvement and said the subordination is “relatively standard.” Developer attorney Joe Shuma described…
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