HomeMy WebLinkAboutReso 75-23 87-88 Amendment 3 TLCRESOLUTION NO. 75-23
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING AMENDMENT #3 TO THE MASTER LEASE AGREEMENT FOR
LEASE SITE 87-88/87W-88W, BETWEEN THE CITY OF MORRO BAY AND TLC FAMILY
ENTERPRISES, LOCATED AT 833 EMBARCADERO
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro Bay (City) is the lessor of certain properties on the Morro Bay
Waterfront described as City Tidelands leases and properties; and
WHEREAS, TLC Family Enterprises, a California corporation (Tenant) is the current master
leaseholder at Lease Site 87-88/87W-88W pursuant to that certain Master Lease as previously
amended twice (the "Amended Lease'); and
WHEREAS, the Amended Master Lease approved a new 50-year lease agreement with
Tenant in exchange for Tenant's complete redevelopment of Lease Sites 87-88/87W-88W with an
amended project completion date of May 14, 2023; and
WHEREAS, City and Tenant agree to amend the project completion date of May 14, 2023,
due to these unforeseen circumstances, along with charging a cost recovery fee of $1,680 for
reimbursement of staff time in providing the amendment; and
WHEREAS, City and Tenant agree to amend the project completion date no later than 120
days after PG&E completes electrical service. Completion shall mean when the Project is entitled to be
issued a final Certificate of Occupancy, and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro Bay, California,
as follows:
1. The attached Amendment #3 to the amended Master Lease Agreement with TLC Family
Enterprises for Lease Site 87-88/87W-88W is hereby approved.
2. The Mayor is hereby authorized to execute that Amendment #3.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a continued
regular meeting thereof held on the 13'^ day of December 2023 on the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
RECUSE:
Wixom, Barton, Edwards, Ford, Landrum
None
None
None
None
ATTEST:
DarTa Swahigon, City Clerk
R�� 6 �Q �\,
Carla Wixom, Mayor