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Summary of Resort Identity of Property: Sunbanks Resort 57662 N. Highway 155 Electric City, WA 99123 Property Description: The subject is currently improved with a lodge, gatehouse, RV and tent sites, dry cabins (power and water), villas (power, water and sewer), model cabins (power, water and sewer), beach and an 18-hole miniature golf course. There is also a floating dock with 50 boat slips and a boat launch on the edge of the lake. A large stage is located near the water and is utilized for two blues festivals held in May and September every year. Plans are to add more amenities in the coming year including a sport court and outdoor pool. Overview: The subject consists of a 119-site RV sites (16 have full hook ups), 99 tent sites, 20 dry cabins, five two-story cabins, four park models and 21 villas. The improvements are accessed via gravel and paved roads. The resort in situated on Banks Lake and also has a marina. Clubhouse: The clubhouse contains the office for the resort, convenience store, dining hall, gift shop, bar/cantina with outdoor seating, espresso bar and living quarters for the caretaker. In the basement are showers and restrooms for guests with one for men and one for women. Lake View Villas: These are one, two, three and five bedroom guesthouses with views of the lake. Each unit has decks off kitchens and family rooms, decks off master bedrooms, central heating and cooling, washer/dryer, dishwasher, fireplaces, satellite televisions and telephones. The one bedroom villas have one bathroom, two bedroom villas have one and one half bathrooms and five bedroom villas have two bathrooms. Lago Del Sol Villas: These wood frame stucco-type siding villas were constructed in 2000. The units are all two-story with a common patio with bbq and a common wall surrounding the small compound. Each unit features a kitchen, full bath and sleeper sofa. The main floors are tiled with carpet on the second level. Each unit has HVAC, power, water and sewer. The units were originally designed to be one-level buildings and were changed midway through construction. There are plans to add a range to the kitchens. Dry Cabins: The subject has ten dry cabins built on pier blocks and ten with footings. The buildings were shipped and assembled from kits and are all very similar. Each cabin sleeps six and includes 286 SF (including loft) with air conditioning and heat, a small microwave and fridge and small front porch with a bbq. Park Models: The subject added two park models to the campsite near the gatehouse in early summer 2011and have added two more. The modular units include one bedroom plus a loft with two full beds, one full bathroom, a kitchenette and small living room. The units are on the shoreline allowing campers to moor their boats along the campsite. However, both units are portable and not considered part of the real property. The income from these units is included in the valuation thought the value attributed to these units is segregated from the overall value and reported as FF&E. RV and Tent Sites: The RV and tent sites are located throughout the developed site but are mostly clustered around the shoreline. The sites are a mix of grass and gravel sites, and most of the areas are treed providing some degree of privacy. According to the on- site manager, there are currently 218 camp and RV sites. However, some of these are only used during the peak of the peak season, such as holiday weekends. Outdoor Stage: There is an outdoor stage used for a blues festival and other events located on the western shoreline. Miniature Golf: There is an 18-hole miniature golf course. Marina and Boat Ramp: The marina is in good condition and was recently replaced with 50 boat slips for overnight moorage. There are also boat rentals. Beach: There is a sand beach close to the stage. Other Amenities: There are plans to an outdoor pool and sport court in 2018. Future Expansion: The lease allows for future expansion of up to 10-15 villas overlooking the lake between 2016 and 2025. There are other potential buildings cited in the lease but are not included for consideration, since the timeline is pre-2016. Golf Course: 18 hole golf course owned by The Port Authority across the bay (1 mile) Neighborhood Overview Neighborhood Description: Electric City is the one of the smallest towns in Grant County and is adjacent to Elmer City, Coulee City and Coulee Dam. The 2017 population of Electric City is 1,020 and up slightly from 1,010 estimated in 2016. The area was developed as part of the Coulee Dam WPA project. Electric City is located on Banks Lake and has good access to Grand Coulee Dam and Lake Roosevelt. The area is predominantly single family residential and agricultural. Retail uses include a grocery store, pharmacy, restaurants, coffee shops and commercial services and are mostly located along Highway 155 and 174 and on Main Street in Coulee City. However, most retail is to the south in Moses Lake. Access & Infrastructure: Primary access to Electric City is Highway 155 that is a two lane state highway that connects to Highway 2 (a major east-west highway) to the south and Highway 174 (a minor east-west highway) to the north. Access is average for a remote area. Grand Coulee Dam: Grand Coulee Dam is a concrete gravity dam on the Columbia River built to produce hydroelectric power and provide irrigation water. Grand Coulee is the largest power station in the United States in terms of potential production and number five in actual production. The project is also a major source of irrigation. Water is pumped from Lake Roosevelt to a feeder canal Banks Lake. Currently, the Columbia Basin Project irrigates 670,000 acres with a potential for 1.1 million acres. Over 60 different crops are grown within the project and distributed throughout the United States. The dam has become a tourist attraction. The visitor center contains historical photos, geological samples, turbine and dam models, and a theater. On summer evenings, the laser light show at Grand Coulee Dam is projected onto the dam's wall. Banks Lake: Banks Lake is a 27-mile long reservoir. At the north end of Banks Lake are Grand Coulee and Electric City. Steamboat Rock State Park is in the north-central portion. The town of Coulee City is at the south end of the lake. It is also a tourist destination offering boating, finishing, picnicking, camping, hunting and swimming. .
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