ITEM TITLE:
#26-08 - Authorizing Execution of Estoppel and Agreement with Silver Bay Seafoods-Valdez, LLC
SUBMITTED BY: Nicole Chase, Senior Planner
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Approve resolution #26-08 authorizing execution of Silver Bay Seafoods-Valdez, LLC Estoppel and Agreement
SUMMARY STATEMENT:
Silver Bay Seafoods-Valdez, LLC has requested that the City execute an Estoppel Agreement to facilitate Silver Bay obtaining financing from AgWest Farm Credit, PCA. These documents provide the lender with certain assurances, interests, and rights regarding the leases between the City of Valdez and Silver Bay Seafoods-Valdez, LLC, and the improvements Silver Bay has constructed on the leased premises, which will serve as security to the lender. The leases are shown in Exhibit B of the attached Estoppel Agreement (Tract L Harbor Subdivision, Tract C Harbor Subdivision, Tract F Harbor Subdivision, Tract T Harbor Subdivision, and a Portion of USS 495 Dock).
VMC 4.08.180 requires City Council approval for execution of Estoppel Agreements for the leased properties between the City of Valdez and Silver Bay Seafoods-Valdez, LLC shown in Exhibit B of the attached Estoppel Agreement.