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Council consents to assignment of ColdPoint IRB documents after corporate acquisition
Summary
The council approved a consolidated vote consenting to assignment of base leases and related IRB documents for four ColdPoint Logistics projects to Lineage CP, LLC after a corporate purchase; the council merged four resolutions into a single vote and approved 4-0.
The council approved Resolutions 07-24-25B, C, D and E to consent to the assignment of base leases, lease agreements and associated bond documents for four Industrial Revenue Bond (IRB) projects originally held by ColdPoint Logistics Real Estate, LLC.
Bond Counsel Kevin Wimpy explained the approvals are needed because ColdPoint was acquired by Lineage CP, LLC; the resolutions transfer ColdPoint’s interests in the IRB documents to the entity resulting from the merger. Councilmember Josh Lewis moved to merge items 9–12 into one vote; the consolidated motion to approve all four assignments carried 4-0.
The approvals are administrative consents required by the bond documents after the corporate acquisition; no new financing, abatements or changes to the terms of the bonds were made at the meeting.
