HomeMy WebLinkAboutReso 44-22 30W-33W Bay Front Assignment & Deed of TrustRESOLUTION NO. 44-22
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
ASSIGNING LEASE SITE 30W-33W TO WBAM, LLC AND CONDITIONALLY
AUTHORIZING THE MAYOR TO EXECUTE DOCUMENTS NECESSARY FOR THE
ASSIGNMENT AND ASSUMPTION, AND FOR A NEW LOAN FOR THE LEASE
PURCHASE AND ACCEPTING A DEED OF TRUST RELATED THERETO
AT LEASE SITE 30W-33W, LOCATED AT 201 MAIN STREET, 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 2014, Bruce and Sue Foster and Dean and Carly Marchant
have been the lessees of Lease Site 30W 33W, located at 201 Main Street and are tenants
in good standing; and
WHEREAS, the Fosters and Marchants are selling the leasehold interest and
improvements to WBAM LLC, a limited liability company owned and operated by Craig
and Kathleen Shaffer; and
WHEREAS, the Fosters, Marchants and WBAM LLC have satisfactorily submitted
the necessary documents for the assignment and assumption; and
WHEREAS, WBAM LLC, is requesting approval of a deed of trust with Rodeo
Lending in the amount of $2.55M to secure the financing to purchase the Lease Site using
the lease agreement and improvements as security.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The City Council approves assignment and assumption of the
leasehold interest to WBAM, LLC.
2. The Mayor is hereby authorized to execute said assignment and
assumption, as approved by the City Attorney.
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3. The Mayor is hereby directed to execute, as necessary, any and all
documents, as approved by the City Attorney, necessary to
consummate the deed of trust desired by WBAM, LLC
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on the 24th day of May, 2022 on the following vote:
AYES. Headding, Addis, Barton, Ford, Heller
NOES. None
ABSENT: None
John H ,addih Mayon,
ATTEST:
a Swanson, City Clerk