VLSHRE Assumes Pillars Development Agreements

HEDA approved VLSHRE Pillars Hermantown, LLC’s assumption of the Pillars of Hermantown development agreements and $600,000 Pay-As-You-Go note. The buyer will assume post-closing obligations and receive remaining tax-abatement payments without increasing HEDA’s financial obligations.

Document date · October 15, 2026

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Scope & details

The full contract record, as filed.

Contract amount

Up to $600,000 under the HEDA PAYG Note; outstanding balance $454,596.89

Contract type

OTHER

Contract term

Effective upon closing of the 2026 property sale; PAYG payments continue through taxes payable in 2030

Renewal date

2030-12-31

Renewal

Assignment becomes effective at closing; no terms are modified and no renewal option is stated. PAYG payments continue through taxes payable in 2030.

Document type

AgendaPacket

Source document

Hermantown Economic Development Authority AgendaPacket October 15, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by City of Hermantown?

Vlshre Pillars Hermantown Llc was awarded this government contract by City of Hermantown, as recorded on October 15, 2026. The contract value is Up to $600,000 under the HEDA PAYG Note; outstanding balance $454,596.89.

How much is the Vlshre Pillars Hermantown Llc contract with City of Hermantown worth?

The Vlshre Pillars Hermantown Llc contract with City of Hermantown is valued at Up to $600,000 under the HEDA PAYG Note; outstanding balance $454,596.89.

What type of contract is this?

This is a government contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in Hermantown Economic Development Authority AgendaPacket October 15, 2026 (AgendaPacket), dated October 15, 2026 from City of Hermantown. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Vlshre Pillars Hermantown Llc hold?

Vlshre Pillars Hermantown Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Vlshre Pillars Hermantown Llc's profile

What is City of Hermantown currently buying?

Explore City of Hermantown's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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