Small Town News

Port District ponders option

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Developers hoping to build hundreds of homes in a newly annexed area of Electric City asked the port district last week to extend their option to buy the property.

John Snider, representing Banks Lake Residential, LLC, asked Port District 7 commissioners to extend its option along the lines of its present option, at a meeting Thursday evening.

Snider cited the downed economy as the reason his development company is having a difficult time getting financing for his project near the golf course.

Banks Lake Residential has held an option on port land for nearly three years, and had hoped to begin construction of a vacation home project involving up to 600 homes on port land and additional acreage also under option.

Port Chairman Orville Schar-bach noted that the land has been tied up for three years and "all the port has to show for it is $8,000 in attorney fees."

Snider stated that his development company has spent $270,000 so far on the housing project and another $70,000 on the golf course.

The golf course option has run out.

"We'll have to shake dice on the golf course," Snider stated, meaning he hopes no one else will step up and offer to buy the course. The golf course plays a central spot in the overall project.

Electric City Mayor Jerry Sands encouraged commissioners to work out a new option deal along the same lines as the one Snider has already held. That deal essentially tied up the land without developers having to put any more money in it. The option states that with each six-month extension the developer will add $50,000 to the selling price if and when the property changes hands.

Port District attorney Chris Ries has advised commissioners that Banks Lake Residential no longer has a valid option on the property Snider has disagreed with that assertion, but setting that aside, he just wants to reactivate the option as it was originally written.

Also speaking in support of the development was Dennis Przy-chodzin, former president of the golf course board of directors, and former superintendent of schools here.

Przychodzin noted there wasn't anyone else standing in line to purchase the land. He thinks the project will move forward when the economy changes.

The port property was part of a massive annexation into the city of Electric City just a few months ago.

Snider said Banks Lake Residential was moving forward with discussions of getting water and sewer service to the property. He said he was checking out grants to cover the cost.

Snider also said that he hoped the economy gets turned around and that there could be "vertical construction" as early as 2012, suggesting that any option would have to run to that time.

Scharbach asked Snider if he was comfortable with moving on under terms of the former option.

He said, "not really," but he wanted to move ahead anyway.

Scharbach said the board of commissioners would likely wait until its third member, Stan Conklin, returns from Arizona.

Snider stated that his development company planned to move ahead with a moorage slip project for 200 boats at the present boat launch site near the golf course. That was also an integral part of the original concept of the scope of the project.



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© 2010 The Star Grand Coulee, Washington. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.

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