HomeMy WebLinkAboutRES 2023-044BOARD OF COUNTY COMMISSIONERS
COUNTY OF KITTITAS
STATE OF WASHINCTON
RESOLUl'ION
No. ,9 oA b'a+Ll
AUTHORIZING THE ASSIGNMENT OF SUNCADIA RESORT DEVELOPMENT
AGREEMENT ENTITLNMENTS TO CIBC BANK
WHEREAS; The Board of County Commissioners authorized the transfer of New
Suncadia development agreement entitlements to suncadia Resort with
Resolution 202 l- 100; and
WHEREAS:Real capital solutions working with Lowe Enterprises does now request
authority to assign suncadia Resort development entitlements to clBC
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 staffsupport 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 7th day of March2A23,at Ellensburg, Washington.
tlltlllt BOARD OF COUNTY COMMISSIONERS
, WASHINGTON
Wrigh! Chairman
Julie Kiorsvik
sm Vice-Chairman
n Deputy Clerk of the Board- Mandy Buchholz
Commissioner
CONSENT TO ASSIGNMENT OF RIGHTS
WITH R.ESPECT TO DEVELOPMENT AGREEMENT
The County hereby consents to the foregoing Assignment by Borrower of the Development
Agreement. The County agrees that if Lender gives written notice to the County that an "Event of
Default" has occurred under the Loan Agreement, then Lender will have the right, at Lender's option, to
assume Borrower's rights and obligations under the Development Agreement. If Lender elects to
exercise its rights under the Assignment with respect to the Development Agreement, then the County
will perform its duties and obligations under the Development Agreement for the Lender, provided that
Lender agrees to perform Borrower's obligations under the Development Agreement.
Dated as of r 2023
COUNTY:
KITTITAS COUNTY BOARD OF
As authorized by Resolution No. J 0 3 3'Ot/ tf
Approved As To Form:
By:
Deputy Prosecuting Attomey
Consent to Assignment of Rights with Respect to Development Agreement