Report to Carson Reclamation Authority
Monday, October 03, 2022
Consent
SUBJECT:
Title
AMENDMENT TO OPTION AGREEMENT BETWEEN THE CARSON RECLAMATION AUTHORITY AND CARSON GOOSE OWNER, LLC
Body
I. SUMMARY
The proposed Amendment would change the term of the Option Agreement (Agreement) to extend the term of the Agreement for a period of six (6) months (as it is currently set to expire in December 2022). As part of the consideration for the extension to the term under the Option Agreement, the Developer has agreed to pay the entire premium for the CRA's renewal of Property Insurance Policy, which is due this month, as described further below.
II. RECOMMENDATION
Recommendation
1. APPROVE the Amendment Option Agreement and Joint Escrow Instructions (Amendment) between the Carson Reclamation Authority and Carson Goose Owner, LLC; and
2. AUTHORIZE the Chair of the Board to execute the Amendment and all related documents.
Body
III. ALTERNATIVES
TAKE another action the Board deems appropriate.
IV. BACKGROUND
The proposed Amendment is between the Carson Reclamation Authority ("CRA") and Carson Goose Owner, LLC, a Delaware limited liability company ("Developer").
The CRA and Faring Capital, LLC ("Faring") previously entered into an Option Agreement ("Agreement") on December 17, 2020. As was allowed under the terms of the Agreement, Faring assigned all its rights and obligations under the Agreement to the Developer, and Developer assumed those rights and obligations pursuant to an Assignment of Option Agreement and Joint Escrow Instructions, dated January 15, 2021, between Faring and Developer (the "Assignment").
Developer has received all Required Approvals, and the Project Determination Date occurred on June 8, 2022.
However, the Closing Date under the Agreement as set forth in Section 6.2 is expected to be delayed, due to no fault of Developer or Faring; other factors have caused such delay, including, the newly proposed settlement of the ongoing ...
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