HomeMy WebLinkAboutCutchogue Landfill Property Lease RESOLUTION 2022-343
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ADOPTED DOC ID: 18012
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2022-343 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
APRIL 12, 2022:
RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs
Supervisor Scott A. Russell to execute an amendment to the memorandum of lease with Summit
Ridge Energy for the Cutchogue Landfill Property located at 6155 Cox Lane, Cutchogue,New
York extending the option period and adjusting the lease rate therein, subject to the approval by
the Town Attorney.
Denis Noncarrow
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: Sarah E.Nappa, Councilwoman
SECONDER:Jill Doherty, Councilwoman
AYES: Nappa, Doroski, Mealy,Doherty,Evans, Russell
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FIRST AMENDMENT TO GROUND LEASE
THIS FIRST AMENDMENT TO GROUND LEASE ("Amendment") is made and
entered into as of this S ,2022,by Town of Southold,a Delaware limited partnership
("Landlord"), and SPY Solar Origination 2, LLC, a Delaware limited liability company
(together with its successors and assigns, the "Tenant"); Landlord and Tenant, collectively, are
hereinafter referred to as the"Parties".
WITNESSETH:
WHEREAS, Landlord and Tenant are parties to that certain Ground Lease effective as of
January 19, 2021 (the "Lease"); and
WHEREAS,the Parties desire to amend the Lease as set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, on behalf of themselves, their heirs, successors and assigns, hereto
agree as follows:
1. OPERATIONS PERIOD RENT. Section 8(b) of the Lease shall be amended and
restated as follows:
8(b). Operations.Period. During the Operations Period, including any extensions thereof,
subject to any rent Abatement for Taxes/PILOT (as may be exercised by Tenant in
accordance with Section 9 (c)), Tenant shall pay to Landlord the sum of US $235,000 per
year,payable on the first day of the applicable quarter. The Rent shall increase at a rate of
1.5% per annum during the Operations Period, including any extensions thereof.
Notwithstanding the foregoing, Tenant shall pay the first two years' Rent in a lump sum
payment of$473,525 within 14 business days of the Operations Period Commencement
Date. Thereafter, Rent shall be paid im accordance with the provision of this Section 8(b).
2. LEASE UNCI-IANGED. Except as amended hereby, the Lease and all terms and
conditions thereof shall continue and remain in full force and effect.
3. COUNTERPARTS. This Amendment may be executed in multiple counterparts,
each of which together shall be deemed an original, but all of which together shall constitute one
and the same instrument.
4. SUCCESSORS AND ASSIGNS, This Amendment shall be binding upon, and
inure to the benefit of the Parties, and their respective heirs, successors, and assigns.
5. CAPITALIZED TERMS. Capitalized terms used in this Amendment shall have
the same meanings assigned to them in the Lease.
Page 1
6. RATIFICATION. Except as hereby amended, the Lease is hereby ratified in all
respects.
[Signature pages follow]
Page 2
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IN WITNESS WHEREOF, the undersigned, Landlord and Tenant, have duly executed
this Amended, effective as of the day and year first above written.
LANDLORD:
TOWN OF SOUTHOLD
By:
Name:
Its: I nvp, : w,
TENANT:
SIZE SOLAR ORIGINATION 2,LLC
By:
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Kerri Neary, Authorized Person
[End of Signature
RSCEIVED
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Office of the Town Attorney
Town of Southold
Town Hall Annex, 54375 Route 25
P.O. Box 1179
Southold, New York 11971-0959
Telephone : 631-765-1939
Facsimile: 631-765-6639
MEMORANDUM
To: Denis Noncarrow, Town Clerk
From: Missy Mirabelli
Secretary to the Town Attorney
Date: August 8, 2022
Subject: 1St Amendment to Ground Lease—Summit Ridge (SRE Solar
Origination 2, LLC)
With respect to the above-referenced matter, I am enclosing the fully executed
Agreement.
If you have any questions regarding the enclosed, please do not hesitate to call me.
Thank you.
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Enclosures