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July 28, 2010

Suncadia, Kittitas reach an agreement

  • New or extended letters of credit are needed so the county won't be left holding the bag if Suncadia fails to build infrastructure and other improvements.
    • By MARY SWIFT
    The Daily Record

    ELLENSBURG — Suncadia resort, which was declared in default of its development agreement with Kittitas County for failure to complete work on some projects on schedule, has reached a settlement agreement with the county.

    The agreement requires Suncadia to have two letters of credit totaling $6 million that expire on Oct. 5 extended to run until May 31 or to replace them with new letters of credit that expire no earlier than May 31 of next year.


     
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