HomeMy WebLinkAboutReso 03-19 122-123 THMT Inc Extension 1205 EmbarcaderoRESOLUTION NO.03=19
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
CONDITIONALLY AUTHORZING THE MAYOR TO EXECUTE DOCUMENTS
NECESSARY FOR A NEW LOAN FOR THE LEASE AGREEMENT AT LEASE SITE
122-123/122W-123W AND EXTENSION OF 122W423W WITH THMT, INC LOCATED
AT 1205 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, THMT, Inc (Troy and Heather Leage) since 2009 has been the
lessee of Lease Site 122-123/122W-123W, and Extension of 122W-123W, located at
1205 Embarcadero Road, Morro Bay ("Lease Agreement") and is a tenant in good
standing; and
WHEREAS, THMT, Inc is preparing to complete improvements to the site as -
required in the Lease Agreement consisting of new docks/slips, significant structural
repairs and improvements ("improvements"), and has contributed its fair share costs of
the HarborWalk; and
WHEREAS, THMT, Ines lender, Pacific Premier Bank, is requesting approval of
a deed of trust to secure the Financing in the amount of $450,000 using the lease as
security in order to complete the required improvements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The Mayor is hereby authorized to execute, as necessary, any and all
documentsI as approved by the City Attorney and Harbor Director,
necessary to consummate the loan and deed of trust desired by
THMT, Inc., for completion of the improvements.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 8th day of January 2019 on the following vote:
AYES:
NOES:
ABSENT:
ATTEST:
Headding, Addis, Davis, Heller, McPherson
None
None
ana Swanson, City Clerk