Officials explain tax-lien exposure if PID defaults; RDA would take title subject to liens
County counsel and RDA staff outlined what would happen if the PID entity failed: liens and bond claims attach to property tax revenues, the RDA would receive property back subject to those liens but would not be personally liable for bond payments, and structures exist to reduce the county's exposure.
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Commissioners and staff asked what would happen if the PID were to fail or declare bankruptcy. Kent (speaker 4) described the mechanics: “The bond attaches to the property, and the RDA gets the property back subject to the tax lien, but the RDA is not responsible for paying the tax lien.”
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