HomeMy WebLinkAboutReso 87-19 Amendment #2 Lease ste 82-85-82W-85W 725 EmbarcaderoRESOLUTION NO. 87=19
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING AMENDMENT #2 TO THE MASTER LEASE AGREEMENT
FOR LEASE SITE 82-85/82W-85W BETWEEN THE CITY OF MORRO BAY
AND 725 EMBARCADERO, LLC, LOCATED AT 725 EMBARCADERO
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro Bay is the lessor of certain properties on the Morro
Bay Waterfront described as City Tidelands leases and properties; and
WHEREAS, 725 Embarcadero, LLC (Doug Redican) has been the lessee of
Lease Site 82-85/82W-85W since 1988, and is a tenant in good standing; and
WHEREAS, 725 Embarcadero, LLC was granted approval of a new Master
Lease Agreement on September 25, 2018 for the proposed lease site redevelopment
project consisting of conversion of the upstairs building space to hotel rooms, public
access and other improvements; and
WHEREAS, a provision in the new Master Lease Agreement was inadvertently
omitted requiring 725 Embarcadero, LLC to financially participate in the future project
known as the Centennial Parkway Concept Plan, should the City of Morro Bay build the
project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The attached Amendment #2 to the Master Lease Agreement for Lease
Site 82-85/82W-85W is hereby approved.
2. The Mayor is hereby authorized to execute said Master Lease
Agreement.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 22"d day of October 2019 on the following vote:
AYES: Headding, Addis,
NOES: None
ABSENT: None
ATTEST:
DMA SWANSON, City Clerk
Davis, Heller, McPherson
AMENDMENT #2 TO THE LEASE AGREEMENT FOR
LEASE SITE 82=85/82W-85W,
LOCATED AT 725 EMBARCADERO
This Amendment (Amendment #2") is made and entered into as of this day of ,
2019, by and among the City of Morro Bay, a municipal corporation of the State of California,
whereinafter called "City," and 725 Embarcadero, LLC, a California limited liability company,
hereinafter called "Tenant." (Collectively, City and Tenant are sometimes referred to herein as
the "Parties.")
WHEREAS, this Amendment #2 is to that certain Lease, which was signed on behalf of the
Parties and is effective as of September 26, 2018 (the "Master Lease");
WHEREAS, Parties executed a new Master Lease based
the Planning Commission and City Council for conversion
to ten transient occupancy hotel units, and including otr
proposed;
on the Concept Plan approval from
of the second story restaurant space
ier public access improvements as -
WHEREAS, Parties negotiated in good faith and Tenant agreed to financially participate in the
future project known as the Centennial Parkway Concept Plan, which was to be included as a
term in the Master Lease; and
WHEREAS, the Centennial Parkway financial participation term was inadvertently left out of the
Master Lease, and the Parties now wish to correct that omission.
NOW THEREFORE, Parties agree, as follows:
1. Section 13.05 is added to the Master Lease as follows:
Section 13.05 TENANT to Financial) Pupate in Centennial Parkway Concept Plan
Project
TENANT agrees to contribute $20,000, in amutually-agreeable manner, to assist CITY
with funding installation of the Centennial Parkway Concept Plan Project, at such time
CITY begins construction of that project and within 30 days after a written request from
CITY for such contribution.
2. Except as expressly stated herein, all provisions of the Master Lease shall remain in
full force and effect.
3. The effective date of this Amendment 4T2 is the date first written above.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment #2 as of the date
written above.
CITY OF MORRO BAY
By:
John Headding, Mayor
APPROVED AS TO FORM:
Chris F. Neumeyer, City Attorney
ATTEST:
Dana Swanson, City Clerk
725 Embarcadero LLC
a Limited Liability Company
By:
Doug Redican, Manager