HomeMy WebLinkAboutReso RPD 12-1995 RESOLUTION NO. RPD- 12-95
RECREATIONAND PARK DISTRICT
CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ASSIGNMENT OF LEASE AND CONSENT OF
LANDLORD AND AN AGREEMENT BETWEEN LESSORS AND
BANK FOR INN DEVELOPMENT INCORPORATED RELATED
TO THE OYSTER POINT MARINA INN GROUND LEASE
WHEREAS, by Resolution No. RPD-8-89, the Board of Directors
of the South San Francisco Recreation and Park District
previously entered into a ground lease with Inn Development
Incorporated and the San Mateo County Harbor District related to
the ground underlying the Oyster Point Inn;
WHEREAS, Inn Development Incorporated has recently sought to
-~refinance the loans related to its development;
WHEREAS, as part of that refinancing, Inn Development
Incorporated is required to obtain the consent of the lessors,
including the City of South San Francisco;
WHEREAS, all terms of the preexisting lease will continue to
be enforceable with the only change being the approval of the
assignment of the lease to Commercial Bank of Fremont as the new
project lender; and
WHEREAS, the San Mateo County Harbor District has approved
the assignment to the Commercial Bank of Fremont;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the Recreation and Park District of the City of South San
Francisco, that:
1. The City Manager is authorized to execute the assignment
of lease and consent.~of landlord;
2. The City Manager is further authorized to execute the
Agreement Between Lessors and Bank for Inn Development
Incorporated.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the Board of Directors of the
Recreation and Park District of the City of South San Francisco
at a special meeting held on the
by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
8th day of March , 1995,
Councilmembers Jack Drago, Joseph A. Fernekes, John R. Penna,
Roberta Cerri Teglia and Mayor Robert Yee
None
None
None
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