HomeMy WebLinkAboutReso 05-17 Estero Landing Lease AmendmentRESOI'uTION NO. Q5-17
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING AMENDMENT #1 TO THE LEASE AGREEMENT FOR
COUNCILTHE CITY
City of Morra 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, Estero Landing, Inc. is the lessee of Lease Site 53-5��53ViC 56W,
a site completely redeveloped by Tenant in 2007-2009, and is a tenant in good
standing; and
WHEREAS, since redevelopment Tenant has completed significant lease site
real property improvements with approximate documented costs of $306,000; and
WHEREAS, in accordance with the City's Master _Lease Policy and in
consideration of said improvements, Tenant and City agree to extend the lease term
for an additional ten years.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Marro Bay, California, as follows:
1. The Amendment #1 for Lease Site 53-56i531IV-56V1/ is hereby
approved. _
2. The Mayor is hereby directed to execute said Lease Agreement.
at a regular
vote:
AYES:
NOES:
ABSENT:
PASSED AND ADOPTED by the City Council of the City of Morro Bay
meeting thereof held on the 28th day of February, 2017 on the following
Irons, Davis, Headding, Makowetski, McPherson
None
None
Ja a L. Irons, Mayo
ATTEST:
ana Swanson, City Clerk
AMENDMENT #1
TO LEASE AGREEMENT FOR LEASE SITE 5 3 -5 6/5 3 W-5 6W
This amendment is made and entered into as of this day of/.Of' jJ, 2017 by and
between the City of Morro Bay, a municipal corporation of the State of California (hereinafter "CITY")
and Estero Landing Incorporated (hereinafter "TENANT") to amend that certain lease agreement for
Lease Site 53 -56/53W -56W (hereinafter "Lease") between CITY and TENANT executed June 24,
2008.
Whereas, the Lease currently terminates on June 3 0, 2048; and
Whereas, TENANT executed a complete redevelopm
completed in 2009; and
ent of the Lease Site pursuant to CUP# UPO-020,
Whereas, since 2009 TENANT invested approximately $306,000 in additional lease site real property
improvements to the water portion of the lease site, including installation of new docks, a new gangway,
new pilings, and significant structural repair, maintenance and upgrades to the site's wharf and dock
pl ings.
NOW THEREFORE, in consideration of said re
mutually agree to amend the Lease as follows:
Section 1.01 Term
al property improvements, CITY and TENANT do
The term of this lease is extended for a period of ten years for real property improvements
completed to the water portion of the lease site, including documentation of expenses for said
improvements, and shall terminate without notice on June 3 0, 2058, unless sooner terminated as
provided in Lease.
All remaining terms of the Lease remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date written
above.
CITY OF MORRO BAY
A Municipal Corporation
By:
Jamie
tt
rons, Mayor
Dana Swanson, City Clerk
APPROVED AS TO FARM:
Josef W. Pannone, City Attorney
TENANT
Estero Landing, Inc.
A- California Corporation
Ken Scott, President