Bell Bank is the lender for the redevelopment of the old city hall site for Deco Shakopee LLC (Enclave) redevelopment mixed use project.  The assignment allows Bell Bank to step in as the developer and complete the project and assume all of the rights of the developer should something happen to the actual developer.  This protects the bank's loan and also protects the city and the EDA since the development's tax increment is being paid back to the EDA as repayment for the TIF loan for the project.  This will ensure that the bank protects its $13 million investment along with the EDA's investment and will ensure that the project is completed should the developer default with the lender and gets the project on the tax roles.

This is a common practice that ensures that projects are completed, protecting the lender and the EDA's interests.