HomeMy Public PortalAboutAB 14-139 Assignment of Hangar 202
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 14-139
Meeting Date July 10, 2014
AGENDA ITEM INFORMATION
SUBJECT:
Approval for Consent to Assignment of Lease for Hangar 202, Ryno Works, Inc.
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
n/a
Parks and Recreation
FUNDING SOURCE:
n/a
Airport
/
Originator
Library
TIMELINE:
Immediate
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Ryno Works, Inc. (Ryan Miller), owner of Hangar 202, is in the process of refinancing through Umpqua Bank which has requested consideration for issuance of a landowner’s consent to assignment
for completion of this refinancing process. A landlord’s consent to assignment of lease allows a lender, Umpqua Bank in this case, to step into the position of the lessee should the
lessee default or be in danger of defaulting upon the lease agreement for this hangar. In the scenario of a default, the lender then becomes the lessee until the defect is cured, and
the lender fulfills the terms of the lease agreement. The enclosed consent form has been reviewed by the City Attorney and Umpqua Bank.
RECOMMENDED ACTION:
Approve the enclosed consent form and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION