Title
Approval of a Resolution Consenting to DKS Boardwalk LLC's Assignment of Its Interests and Obligations under Certain Real Estate-Related Agreements with the City
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution consenting to DKS Boardwalk LLC's collateral assignment of its interest and obligations in a Right-of-Way Use Agreement and Maintenance Agreement with the City, to Olympia Federal Savings and Loan Association, and approving a "Collateral Assignment of Agreement and Subordination" Agreement.
Report
Issue:
Whether to approve DKS Boardwalk LLC's collateral assignment, to Olympia Federal Savings and Loan Association, of DKS Boardwalk LLC's interest and obligations under certain real estate agreements with the City, and subordination of the City's interests in those agreements to Olympia Federal.
Staff Contact:
Mark Russell, P.E., Director, Public Works Department, 360.753.8762
Laura Keehan, Director of Parks Planning and Maintenance, Parks Arts and Recreation Department, 360.570.5855
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
DKS Boardwalk LLC and the City have two real estate agreements related to DKS Boardwalk's ownership and use of a building located at 525 Columbia Street NW; which houses Budd Bay Caf?. The two agreements are: (1) a Right-of-Way Use Agreement, which allows the 525 Columbia Street building to occupy a portion of the Columbia Street right-of-way, and (2) a Maintenance Agreement, which governs the parties' cooperation in, and sharing in the costs of, maintaining and repairing certain common elements of the adjacent Percival Landing facility.
DKS Boardwalk LLC wishes to re-finance the loan by which it purchased the 525 Columbia Street building. The lender for this refinance is Olympia Federal Savings and Loan Association. In order to complete the loan, it is necessary for Olympia Federal to acquire, as collateral, a secu...
Click here for full text