HomeMy WebLinkAboutReso 50-20 89-89W Deed of TrustRESOLUTION NO. 50-20
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE DOCUMENTS
NECESSARY FOR REFINANCING AN EXISTING LOAN AND ACCEPTING A DEED
OF TRUST RELATED THERETO WITH BOATYARD, LLC AT LEASE SITE 89/89W,
LOCATED AT 845 EMBARCADERO ROAD, MORRO BAY
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, since 2005, Boatyard, LLC has been the lessee of Lease Site
89/89W, located at 845 Embarcadero Road and is a tenant in good standing; and
WHEREAS, Boatyard, LLC's is requesting approval of loan documents and a
deed of trust to secure the refinancing of an existing loan for the Lease Site using the
lease agreement and improvements as security; and
WHEREAS, lease site lending can only be used to purchase a lease site, to
refinance existing lending on the lease site and/or for leasehold improvements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, the Mayor is hereby directed to execute, as necessary, any and all
documents, as approved by the City Attorney, necessary to consummate the loan and
deed of trust desired by Boatyard, LLC
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 9th day of June, 2020 on the following vote:
AYES Headding, Addis, Davis, Heller, McPherson
NOES None
ABSENT: None
John er=dding, Mayor
ATTEST:
1ana Swanson, City Clerk