Committee approves collateral assignment of Conservancy Bend phase 2 TIF agreement to Lake Ridge Bank
The committee consented to a collateral assignment of the 2019 TIF agreement for Conservancy Bend Apartments Phase 2 from Conservancy Bend 2 Residences LLC to Lake Ridge Bank; staff clarified the TIF is developer-financed and that 100% of the tax increment is available to the developer up to a capped amount.
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The committee approved a consent to collateral assignment of the 2019 Tax Increment Financing (TIF) agreement for Conservancy Bend Apartments Phase 2, transferring the collateral interest from Conservancy Bend 2 Residences LLC to Lake Ridge Bank. The motion was made by Speaker 3 and seconded (the transcript records Lohrmann as second). The item was approved by voice vote.
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