V. ASSIGNMENT OF DEVELOPMENT RIGHTS, OBLIGATIONS AND AWARDS

Community Redevelopment Board · 2026-06-02 · agenda_item

This item concerns the Community Redevelopment Board's acknowledgment of an owner's right to assign development rights and obligations for a property. The owner can transfer the entire agreement, including TIF Rebate Program awards, to a new owner and developer. This new party must agree to develop the property as outlined in the existing agreement. The Community Redevelopment Board has given advance consent for assignments to entities where a current party holds an ownership stake. This process is currently under review. The potential for future development work could involve site preparation, construction, and related trades, depending on the assignee's plans. Local contractors, suppliers, and service providers are encouraged to engage early to understand potential future needs as this assignment process moves forward.