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Edgerton council authorizes partial TIF/CID assignment for Woodstone project as Maverik expands parcel
Summary
The Edgerton City Council on Sept. 12 authorized a partial assignment of a TIF and CID development agreement for the Edgerton Crossing Woodstone project, clearing a path for Maverik to assume development responsibility for a newly purchased 2.5-acre parcel; council vote was 3-0.
The Edgerton City Council voted 3-0 on Sept. 12 to approve Resolution No. 09-12-24B, consenting to a partial assignment of a tax-increment financing (TIF) and community improvement district (CID) development agreement for the Edgerton Crossing Woodstone project and authorizing related amendments to bond documents.
Bond counsel Scott Anderson told the council the partial assignment mirrors a prior assignment made when Woodstone sold a portion of its site to Maverik for a travel center. Anderson said Maverik is now purchasing an additional 2.5 acres and will assume responsibility for developing that portion. "This doesn’t change the agreement with Woodstone in any other way; they’re still obligated to develop within the timelines of the agreement," Anderson said.
Councilmember Ron Conus asked whether construction has started; Anderson responded there is no building yet. Mayor Roberts noted existing roads are in place and that the site "looks a lot different." The resolution authorizes the mayor to execute the required assignment and bond-document amendments to reflect Maverik’s role on the identified parcel.
Why it matters: the action lets a private developer (Maverik) take on part of the public-financed development footprint under the previously negotiated TIF/CID structure without altering Woodstone’s remaining obligations. It preserves the city’s timeline and enforcement options if development does not occur as required.
The council approved the resolution by a 3-0 vote. Staff indicated the partial assignment and bond-document changes are ministerial steps to record the new development responsibility and do not change the substantive development deadlines that remain attached to Woodstone.
