Title
Adoption of Resolution Confirming a Ground Lessor's Consent and Estoppel Certificate and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of the Ground Lessor's Consent and Estoppel Certificate with Encinal Marina, Ltd., Doing Business As Grand Marina. (Community Development 219)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Adoption of Resolution Confirming a Ground Lessor's Consent and Estoppel Certificate and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of the Ground Lessor's Consent and Estoppel Certificate with Encinal Marina, Ltd., Doing Business As Grand Marina
BACKGROUND
Encinal Marina, Ltd. dba Grand Marina, located at 2099 Grand Street, Alameda, California is seeking a loan from the Bank of Marin for which it intends to pledge as security its leasehold interests in certain tidelands parcels.
In 1979 Encinal Industries, Inc. now known as Encinal Investments Inc. ("Encinal Industries"), signed a lease with the City for certain tidelands parcels. That lease was superseded by an Amended and Restated Lease dated January 6, 1984 (the "A&R Lease"). A second lease between the City and Encinal Industries was signed in 1983 (the "Tidelands Lease"). Both leases included extension options which have been exercised.
By an Assignment of Leasehold, recorded on 3/14/86, Encinal Industries assigned to Encinal Marina its leasehold interest in 4 of the 11 parcels under the A&R Lease. Then, by a Second Assignment of Leasehold also recorded on 3/14/86, Encinal Industries assigned to Encinal Marina its leasehold interest in 2 additional parcels under the A&R lease. That Assignment of Leasehold also assigned Encinal Industries' interests under the Tidelands Lease to Encinal Marina.
Rent under both lease is paid annually, with Encinal Marina and Encinal Investments each paying separately for their respective interests under the A&R lea...
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