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Shelter Bay Company pays a bulk annual lease payment to the Swinomish Indian Tribal Community (SITC) for the leased property within Shelter Bay. Shelter Bay collects rent from the homeowners for the lots that they lease (which is managed through a sublease agreement). The annual lease payment is adjusted every 10 years, based on the Master Lease agreement with the SITC. Current market values are used for the adjustment. The last adjustment was in 2023 and the rent will not be adjusted again until 2033. (Board) No, per the Master Lease, Shelter Bay Community is responsible for infrastructure and repairs. Shelter Bay Company pays a bulk annual lease payment to the Swinomish Indian Tribal Community (SITC) for the leased property within Shelter Bay. Shelter Bay collects rent from the homeowners for the lots that they lease (which is managed through a sublease agreement). The annual lease payment is adjusted every 10 years, based on the Master Lease agreement with the SITC. Current market values are used for the adjustment. The last adjustment was in 2023 and the rent will not be adjusted again until 2033. The Master Lease is the agreement between Shelter Bay Company and the Swinomish Indian Tribal Community (SITC). The sublease is the agreement signed by the homeowner and grants that homeowner the right to lease the property. The sublease remains with the lot and is transferred upon the sale of the home. Both the Master Lease and the subleases expire in 2044. (Board Pres.) 1. Now at the stage of involving the BIA who must approve any new lease. They will consult with their attorneys now about our complex lease structure and get back to the Negotiating Group. The Supplemental rent is included in the budget and billed monthly. This is voted on by the Community. (Board) At some point, if the negotiations have stalled and we don’t see a way forward, we will need to start discussing the transition to the end of the lease.
Budgets and Finances
Lease Items
2. At this point the Tribe’s and the Communities Lease Negotiating Committees have agreed upon a “framework”.