Make your developer note more marketable — eight tips
By Richard F Klawiter
There is a common misperception that a municipality’s willingness to issue a so-called developer note on a pay-as-you-go basis is tantamount to providing equity to the redevelopment project.
Unfortunately, most developer notes have too much ‘hair’ on them, thereby compromising their marketability. As a result, unless properly structured in the context of a negotiated redevelopment agreement, the utility of a developer note is not often maximised.
I have represented clients who have successfully monetised developer notes issued by a municipality. Working in tandem with underwriters, we have been able to finance and/or market for sale proposed developer notes. As you structure the features of developer notes, the following principles may help you maximise their marketability. Keep these eight tips in mind…
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