HomeMy WebLinkAboutReso 08-25 Lease Agreement_Eric Newton 86-86W_801 EmbarcaderoRESOLUTION NO. 08-25
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING A 40-YEAR MASTER LEASE AGREEMENT FOR
LEASE SITE 86186W BETWEEN THE CITY OF MORRO BAY AND
CALIFORNIA COASTAL INVESTMENTS, LLC
LOCATED AT 801 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, California Coastal Investments, LLC ("Tenants") have been the
lessee of Lease Site 86/86W since 2020, and are tenants in good standing; and
WHEREAS, on December 19, 2023, Tenants were approved for a major
redevelopment of the lease site which included demolition of the existing building,
development of new 7-unit hotel, restaurant, coffee shop, and expanded brewery space;
additional public access enhancements and modifications to the approved new
Harborwalk public access; demo and reconfigure the dock, and creation of a Public Plaza;
and
WHEREAS, the tenant will self -finance the $5.2 million for redevelopment. Upon
completion of improvements, the tenant will refinance the mortgage subject to CITY
attorney review and approval; and
WHEREAS, Tenants obtained all necessary approvals from the Planning
Commission and City Council for their proposed redevelopment project and are ready to
obtain their building permit to completed the improvements; and
WHEREAS, in accordance with the City's Master Lease Policy, the City and
Tenants have agreed to a new 40-year lease agreement for Lease Site 86/86W located
at 801 Embarcadero.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The attached new Master Lease Agreement for Lease Site 86/86W 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 251' day of February 2025 on the following vote:
AYES:
Wixom, Eckles, Edwards, Landrum, Luffee
NOES:
None
ABSENT:
None
ABSTAIN:
None
RECUSE:
None
CarlaWixom, Mayor
A�JEST:
O—
Dana Swanson, City Clerk