HomeMy WebLinkAboutReso 42-17 Transfer of Interest and Authorize Loan for Lease Site 144-144W MBOCRESOLUTION NO. 42-17
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING TRANSFER OF 51.02% MEMBERSHIP INTEREST OF MORRO BAY
OYSTER COMPANY LLC, FROM DWIGHT K. MALONEY TO MORRO BAY OYSTER
COMPANY, LLC, AND CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE
DOCUMENTS NECESSARY FOR A NEW LOAN FOR THE LEASE AGREEMENT AT
LEASE SITE 144/144W WITH MORRO BAY OYSTER COMPANY
LOCATED AT 1287 EMBARCADERO ROAD, MORRO BAY AND ACCEPTING A
DEED OF TRUST RELATED THERETO
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 2015, Morro Bay Oyster Company, LLC, (MBOC) has been
the lessee of Lease Site 144/144W, located at 1287 Embarcadero; and
WHEREAS, Dwight K. Maloney is selling fifty-one and two hundredths percent
(51.029/o) membership interest in MBOC and MBOC desires to redeem that interest from
the seller; and
WHEREAS, MBOC is refinancing existing approved loans on the lease site (the
"Financing"); and
WHEREAS, MBOC's refinancing lender, Umpqua Bank, is requesting approval of
a deed of trust to secure the Financing using the lease as security; and
WHEREAS, MBOC, has satisfactorily submitted the necessary documents for
transfer of membership interest and is a tenant in good standing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The City Council approves the subject transfer between Dwight K.
Maloney and MBOC.
2. The Mayor is hereby authorized to execute said transfer, as approved
by the City Attorney.
3. The Mayor is hereby directed to execute, as necessary, any and all
documents, as approved by the City Attorney, necessary to
consummate the refinancing desired by MBOC.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 11th day of July 2017 on the following vote:
AYES: Irons, Davis, Headding, Makowetski, McPherson
NOES: None
ABSENT: None
ABSTAIN: None
I
.,1' • •
F
ATTEST:
�G(M�- �W C✓�-5 ons
Dana Swanson, City Clerk