Title
Approval of a Resolution Consenting to Boardwalk Associates' Assignment of its Interest and Obligations in a Right-of-Way Use Agreement and Maintenance Agreement to DKS Boardwalk, LLC, and Consenting to DKS Boardwalk, LLC's Collateral Assignment of the Right-of-Way Use Agreement and Maintenance Agreement to Washington Business Bank
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution consenting to Boardwalk Associates' assignment of a Right-of-Way Use Agreement and Maintenance Agreement to DKS Boardwalk, LLC, and approving DKS Boardwalk, LLC's collateral assignment of the Right-of-Way Use Agreement and Maintenance Agreement to Washington Business Bank.
Report
Issue:
Whether to approve Boardwalk Associates' assignment of the Right-of-Way Use and Maintenance Agreements to DKS Boardwalk, LLC, and DKS Boardwalk, LLC's collateral assignment of those agreements to Washington Business Bank.
Staff Contact:
Rich Hoey, P.E., Public Works Director, 360.753.8495
Laura Keehan, Parks Planning and Design Manager, Parks Arts and Recreation Department, 360.570.5855
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Boardwalk Associates, Inc., has a Right-of-Way Use Agreement with the City, by which Boardwalk Associates is permitted to maintain a structure and related appurtenances within the Columbia Street right-of-way. The structure, located at 525 Columbia Street NW, currently contains the Budd Bay Caf? Restaurant.
The City Council authorized the current Right-of-Way Use Agreement in 2020. This replaced a prior agreement dating back to 1987.
The Boardwalk Associates and the City have a separate Maintenance Agreement, also executed in 2020, which governs the parties' cooperation in, and the sharing of costs for common, shared elements of the Percival Landing facility.
Boardwalk Associates has notified the City that it intends to sell its fee interest...
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