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Council consents to bank assignment of LB840 payments for Paddock (Hoppy) loan

5775732 · August 13, 2025

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Summary

The council approved a consent form allowing the Paddock/Kensington LLC (Hoppy) to assign LB 840 loan payments to Security First Bank as part of the project's efforts to monetize its loan; staff said the change does not alter loan terms with the city and requires Paddock to continue meeting original conditions.

The Beatrice City Council approved a consent to the pledge, assignment and transfer of LB 840 loan proceeds to Security First Bank for Paddock Kensington LLC (also described as Hoppy) to monetize an LB 840 loan.

City staff explained the bank requested that future LB 840 payments be made to Security First Bank rather than to the developer; staff said the consent is a standard administrative step that does not change the underlying LB 840 loan terms or conditions. Paddock’s arrangement would let the developer receive funds up front from the bank, with subsequent payments following the same conditions required by the city.

The resolution passed unanimously. Staff said the consent preserves the city’s conditions for payment and does not relieve Paddock of obligations contained in the original LB 840 agreement.