HomeMy Public PortalAboutAB 22-301 Marina Assignment of LeaseMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 22-301
Meeting Date December 1, 2022
AGENDA ITEM INFORMATION
SUBJECT:
Request Approval of a Collateral Assignment of Lease and Landlord Consent for Mile High Marina
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
/
Clerk
Originator
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
Parks and Recreation
FUNDING SOURCE:
Airport
Library
TIMELINE:
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Mile High Marina entered a Lease with the City of McCall on May 12, 2005, which Lease was extended on December 14, 2017 to expire December 2027. Mile High wishes to obtain financing
through a loan with Idaho First Bank to make improvements. The loan requires Mile High to collaterally assign to Idaho First Bank, for security purposes, the Lease. This assignment
includes the Landlord’s (The City) Consent. The city attorney has reviewed the documents. If the Marina were to default on the loan, Idaho First would become the responsible party to
make the lease payments and fulfill any other lease obligations to the City.
Documents attached:
Collateral Assignment of Lease and Landlord Consent
Marina Lease Agreement with the City 2018-2027
Leasehold Deed of Trust
RECOMMENDED ACTION:
Approve the Collateral Assignment of Lease and Landlord Consent for Mile High Marina and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION