Board OKs collateral assignment to secure financing for King Parkway spec building
Trustees unanimously approved a collateral assignment and municipal revenue obligation tied to the TDC DeForest 5 development agreement; staff said the assignment lets the construction lender step in to finish the project if the developer defaults, which the village views as protective of completion goals.
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The board approved Resolution 2026‑098, which authorizes a collateral assignment of the development agreement and municipal revenue obligations for the TDC DeForest 5, LLC industrial spec development on King Parkway. Staff said the assignment is a routine financing tool that allows the lender (Tri City National Bank) to assume or facilitate completion of the project in a foreclosure or default scenario and does not remove the developer’s obligations to construct the project.
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