HomeMy WebLinkAbout10, Old Greenwood Water Development Agreement Transfer
ACTION ITEM Assignment & AssumptionWater Development Agreement Assignment & AssumptionWater Development Agreement January 16, 2019#10
Old Greenwood Water Development Agreement raw waterAgreement (“Agreement”) with the Old Greenwood LLC for access to On November 3, 2003 the District entered into a Water Development
•District (CFD) in October of 2003The District established the Old Greenwood Community Facilities •coursesCrossing communities in 2001. Both communities included golf East West Partners
began developing the Old Greenwood and Gray’s •BACKGROUND / HISTORY Old Greenwood Water Development Agreement
Old Greenwood Water Development Agreement The Agreement allows for Successors and Assignments•sold to Tahoe Club Company in 2004community including all Club buildings and golf courses
which were Old Greenwood was the developer who built the Old Greenwood •Crossing and Old Greenwood, under the AgreementTahoe Mountain Club has been operating its two golf courses, Gray’s
•Operating expense reimbursements•District rights to construct up to four wells on Developer’s property•Terms for a water delivery system•The Agreement establishes•BACKGROUND / HISTORY
Old Greenwood Water Development Agreement
Old Greenwood Water Development Agreement BACKGROUND / HISTORY Old Greenwood Water Map•Old Greenwood Water Development Agreement
NEW INFORMATION costsThe current rate structure covers operating and future maintenance •analysis based on the original agreementDistrict staff performed a detailed rate and capital
maintenance •Requested assignment of the Agreement•Pending club sale in Q4 2018•Clement, in September 2018The District was contacted by Tahoe Mountain Club CEO, Glen •Old Greenwood
Water Development AgreementOld Greenwood Water Development Agreement
NEW INFORMATION•Assignment and Assumption Agreement•Original Agreement•Alternative Counsel reviewed the request including the•Old Greenwood Water Development AgreementOld Greenwood Water
Development Agreement
NEW INFORMATION Old Greenwood Water Development AgreementOld Greenwood Water Development Agreement operating agreement with the new ownerBoard Action is necessary to ensure the continuity
of the This •PJ’s Restaurant•Gray’s Crossing and Old Greenwood golf courses and golf shops•the fitness center, the Retreat, and Kids CampThe Pavilion, which houses the Bearfoot Bar
& Grill, Bear Necessities, •Club assets include•Local developer, Paradigm8, secured the Tahoe Mountain Club assets •
FISCAL IMPACT Old Greenwood Water Development AgreementOld Greenwood Water Development Agreement District water service payments to the furthermore, provide for the continued acquisition,
complete the Transfer of the agreement to the Tahoe Mountain Club LLC, will •
RECOMMENDATION Old Greenwood Water Development AgreementOld Greenwood Water Development Agreement District and the Old Greenwood LLC to the Tahoe Club Company LLCNovember 3, 2003 Water
Development Agreement by and between the of the an assignment Authorize the General Manager to execute •