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KITTITAS COUNTY <br />DEPARTMENT OF PUBLIC WORKS <br />2023 AGENDA STAFF REPORT <br />AGENDA DATE: March 7, 2023 <br />ACTION REQUESTED: Request to Approve a Resolution to Authorize the <br />Collateral Assignment of the Suncadia Resort Development <br />Agreement to CIBC Bank <br />BACKGROUND: The acquisition of New Suncadia by Real Capital Solutions <br />(RCS) in 2021 (Resolution 2021-100) retains Lowe <br />Enterprises as managing developer of Suncadia Resort. <br />The team is seeking Board authorization to assign <br />development entitlements to CIBC securing a line of credit. <br />The practice of assigning collateral securing financial line <br />of credit is common in the land development industry. <br />INTERACTION: Public Works. <br />RECOMMENDATION: Authorize Board's signature on resolution authorizing the <br />assignment of Suncadia Resort development agreement <br />entitlements to CIBC Bank. <br />HANDLING: Return one original to Public Works. <br />ATTACHMENTS: Resolution. <br />LEAD STAFF: Mark R. Cook, Director. <br />