Brownfield Redevelopment Authority Meeting Agenda August 2025
TIF Collateral Assignment Approved for New Everett Park Phase II
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Description
The Brownfield Redevelopment Authority consented to New Everett Park Phase II, LLC's request to collaterally assign its tax increment financing reimbursement rights to its lender, Macatawa Bank, for the Trailside II development. The assignment supports project loan security with a developer reimbursement cap of $547,500.
Contract Details
Vendor
NEW EVERETT PARK PHASE II LLC
Agency
City of South Haven, MI
Contract Type
FINANCIAL_SERVICES
Document Date
August 11, 2025
Contract Term
November 13, 2024 Brownfield Reimbursement Agreement; cap at $547,500 for developer portion
Renewal Info
Developer portion capped at $547,500 under the Brownfield Reimbursement Agreement dated November 13, 2024; collateral assignment as of June 27, 2025.
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