HomeMy WebLinkAboutReso 40-19 new loan LS 82-85 725 EmbarcaderoRESOLUTION NO. 40-19
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE
DOCUMENTS NECESSARY FOR A NEW LOAN AND ACCEPTING A DEED OF
TRUST RELATED THERETO FOR LEASE SITE 82-85/82W-85W
WITH 725 EMBARCADERO, LLC, LOCATED AT
725 EMBARCADERO ROAD, MORRO BAY
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, 725 Embarcadero, LLC (Doug Redican, hereafter "Tenant") has
been the lessee of Lease Site 82-85/82W-85W since 1988 and is a tenant in good
standing; and
WHEREAS, Tenant is completing a partial redevelopment of the site as -required
in the Lease Agreement consisting of conversion of the existing upstairs restaurant
space to ten transient occupancy hotel units, including public benefits and other
associated improvements; and
WHEREAS, Tenant wishes to encumber the leasehold interest with a $4,000,000
loan from Sesloc Federal Credit Union to fund completion of the improvements; and
WHEREAS, the City cannot unreasonably withhold approval of such financing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, the Mayor is hereby authorized to execute, as necessary, any and all
documents, as approved by the City Attorney and Harbor Director, necessary to
consummate the loan and deed of trust desired by Tenant.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on the 28th day of May, 2019 on the following vote:
AYES:
NOES:
ABSENT
ATTEST:
one
Headding, Addis,
None
N
ana Swanson, City Clerk
Davis, Heller. McPherson