Sec. 26-1-30. Funding LLC.

“Funding LLC” means the Spring Lake Planning Group, LLC, a limited liability company formed by owners of parcels in the Spring Lake specific plan for the purpose of: (1) funding development of the specific plan; (2) funding the engineering drawings for public improvements required for the Spring Lake specific plan; (3) indemnifying the city in connection with adoption of the Spring Lake specific plan; and (4) qualifying its members for “class A” priority as further defined in this chapter. (Ord. No. 1343, § 3, (part).)