HomeMy WebLinkAboutReso 06-22 01-25-22 87-88 Consent to Encumber-Deed of TrustRESOLUTION NO. 06-22
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE DOCUMENTS
NECESSARY FOR A NEW LOAN AND ACCEPTING A DEED OF TRUST
RELATED THERETO WITH TLC FAMILY ENTERPRISES
FOR LEASE SITE 87-88/87W-88W,
LOCATED AT 833 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 December, 2018 TLC Family Enterprises has been the lessee
of Lease Site 87-88/87W-88W, located at 833 Embarcadero Road and is a tenant in good
standing; and
WHEREAS, TLC Family enterprises is requesting approval of loan documents and
a deed of trust with Community West Bank to secure the financing necessary for the
complete redevelopment of the lease site using the lease agreement and project
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 TLC Family Enterprises.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on the 25th day of January, 2022 on the following vote*
AYES. Heller, Addis, Barton, Ford, Heller
NOES. None
ABSENT: None
ATTEST:
a Swanson, City Clerk
i
John Head
ihg, Mayor