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Minot council authorizes outside counsel to untangle Big M TIF legal issues
Summary
The council voted unanimously to hire outside counsel to assist with legal, lien and bond issues tied to the Big M TIF project after city staff detailed mortgages, construction liens, outstanding taxes and investor guarantees that complicate potential successor development.
The Minot City Council on Feb. 17 unanimously authorized hiring outside counsel to help resolve legal and financial encumbrances related to the "Big M" tax increment financing (TIF) project, city officials said.
City staff and the finance director described a complex set of encumbrances that could include mortgages, construction liens, investor personal guarantees, outstanding taxes and an existing TIF and minimum…
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