Categories:
Budgets and Finances,
Lease Items
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.