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Zion Council approves indemnification for Trumpet Park deal despite possible $900K–$1.1M recapture exposure
Summary
The Zion City Council on June 3 approved an indemnification/recapture agreement with Orion Asset Management LLC tied to the Trumpet Park project; staff said recapture claims from dissolved predecessor entities could expose the city to roughly $900,000–$1.1 million, but those costs would be allocated to benefiting property and could be paid from TIF funds.
The Zion City Council voted June 3 to authorize an indemnification and recapture agreement with Orion Asset Management LLC that clears title for the city’s planned Trumpet Park commercial transaction while leaving a possible financial exposure if recapture claims arise.
City Attorney Jimmy Driscilla told the council the negotiated indemnification is intended to resolve “recapture obligations that are outstanding as recorded against the Trumpet Park property” and to allow the transaction to close. He…
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