The Shelter Bay Lease Negotiating Team (LNT) and the Swinomish Indian Tribal Community (SITC) are continuing to meet regularly to discuss the terms of a new Master Lease agreement. Both sides have involved attorneys and appraisers who are providing invaluable insight and impact analysis of proposed terms. The SITC Director of Land Management is also part of the group.
The Shelter Bay team is led by Julian Rondello, MAI, CRE, an appraiser from Cushman and Wakefield who has experience negotiating ground lease agreements and is providing real estate expertise to the negotiations.
As provided in a previous update, the current negotiations are centered around the terms of a new lease for the rental rate of return, which in simple terms means the rent that will be paid by SBC over the term of the lease. There’s only so much detail that can be shared at this point as negotiations are confidential, but the Board is confident that the right people are engaged, and the process is receiving the necessary due diligence.
Please note that you will be receiving a survey, and you are encouraged to complete it online so that the responses can be collected and tabulated effectively. (There will also be a paper option available for those who prefer that.)
Please note that you will be receiving a survey, and you are encouraged to complete it online so that the responses can be collected and tabulated effectively. (There will also be a paper option available for those who prefer that.)
