HomeMy WebLinkAboutResolution_SuncadiaAssignment_CIBCBankKITTITAS COUNTY
DEPARTMENT OF PUBLIC WORKS
2023 AGENDA STAFF REPORT
AGENDA DATE: March 7, 2023
ACTION REQUESTED: Request to Approve a Resolution to Authorize the
Collateral Assignment of the Suncadia Resort Development
Agreement to CIBC Bank
BACKGROUND: The acquisition of New Suncadia by Real Capital Solutions
(RCS) in 2021 (Resolution 2021-100) retains Lowe
Enterprises as managing developer of Suncadia Resort.
The team is seeking Board authorization to assign
development entitlements to CIBC securing a line of credit.
The practice of assigning collateral securing financial line
of credit is common in the land development industry.
INTERACTION: Public Works.
RECOMMENDATION: Authorize Board's signature on resolution authorizing the
assignment of Suncadia Resort development agreement
entitlements to CIBC Bank.
HANDLING: Return one original to Public Works.
ATTACHMENTS: Resolution.
LEAD STAFF: Mark R. Cook, Director.
BOARD OF COUNTY COMMISSIONERS
COUNTY OF KITTITAS
STATE OF WASHINGTON
RESOLUTION
NO.
AUTHORIZING THE ASSIGNMENT OF SUNCADIA RESORT DEVELOPMENT
AGREEMENT ENTITLEMENTS TO CHIC BANK
WHEREAS: The Board of County Commissioners authorized the transfer of New
Suncadia development agreement entitlements to Suncadia Resort with
Resolution 2021-100; and
WHEREAS: Real Capital Solutions working with Lowe Enterprises does now request
authority to assign Suncadia Resort development entitlements to CIBC
Bank securing a line of credit for land use development in Suncadia
Resort; and
WHEREAS: The Board of County Commissioners have been duly briefed on the
matter by Public Works staff and staff support the assignment action.
NOW, THEREFORE BE IT RESOLVED: The Board of County Commissioners, after due
consideration, does hereby authorize the assignment of Suncadia Resort development agreement
entitlements to CIBC Bank as requested by Real Capital Solutions.
DATED this 7' day of March 2023, at Ellensburg, Washington.
Attest:
❑ Clerk of the Board- Julie Kjorsvik
❑ Deputy Clerk of the Board- Mandy Buchholz
BOARD OF COUNTY COMMISSIONERS
KITTITAS COUNTY, WASHINGTON
Cory Wright, Chairman
Brett Wachsmith, Vice -Chairman
Laura Osiadacz, Commissioner