HomeMy WebLinkAbout*Other - BOCCRIES LAW FIRM, P.S.
CHRISTOPHER F. RIES email: chrisr(Di rieslawfirm.com
ZACHARY W. ACRES email: zach.acres@rieslawfirm.com
February 10, 2023
Via email to: commissioners&rantcountywa.gov
APA R%JVED
Grant County Board of Commissioners
..
Post Office Box 37 FEBr.2023
Ephrata, Washington 98823
of
Re: Port District .No..3 of Grant County (the "Port of Mattawa")
Request to Set Debt Service Cap for Registered Warrants
Dear Commissioners,. -
The Port of Mattawa is currently experiencing a cash flow shortfall while it awaits receipt of the 2023 tax
levy and while it awaits receipt of proceeds from the sale of a parcel of real property.
The Port of Mattawa has apen.ding purchase contract with Circle K Stores, Inc. for sale of a parcel of the
Port's property to Circle K Stores, Inc. for a purchase price of $627,323.00. That transaction is currently
in its due diligence period which is set to expire on March 8, 2023. Closing is then to occur thirty (30)
days after expiration of the due diligence period. The proceeds of this sale will be used to significantly
reduce the Port of Mattawa's debt service which is largely to blame for the current cash-flow shortfall.
The Port of Mattawa projects that its highest negative balan.6e will be $500,000. The Port of Mattawa
further projects this negative balance will be short-lived and will be reduced and eliminated by a
combination of 2023 tax receipts' and receipt of the proceeds from the closing with Circle K Stores, Inc.
The Port of Mattawa respectfully requests the Board of County Commissioners authorize and establish a
debt service cap for the Port of Mattawa's registered warrants.
If there is any further information I may provide, do not hesitate to contact me.
Very truly yours,
RIES LAW FIRM, P.
Christopher F. Ries
CFR:cdg
cc: Grant County Port District No. 3
Phone: (509) 765-4437 * Fax: (509) 765-4491
Mailing address: Post Office Box 2119, Moses Lake, Washington 98837
Physical address: 1340 E, Hunter Place, Moses Lake, Washington
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Phone: (509) 765-4437 * Fax: (509) 765-4491
Mailing address: Post Office Box 2119, Moses Lake, Washington 98837
Physical address: 1340 E, Hunter Place, Moses Lake, Washington
GRANT COUNTY
AUDITOR'S OFFICE
P.O. BOX 37
EPHRATA, WA 98823
February 27, 2023
Grant County Commissioners,
The Finance Committee met today we are recommending that the Commissioners
approve a 500,000 register warrant cap for the Port of Mattawa. Interest rate of 5%
to be paid off no later than November 30, 20230
Thank you for your time and consideration in the matter,
Treasurer, Chair of
C
The finance inance committee
unair of tue j5oarct of
County Commissioners
Abstained Motion
AVditor, Se#etary of
Finance Committee
14
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