HomeMy WebLinkAbout97-02 - Approving the Assignment by Center Tower Associates (Center Tower Parking Garage)RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE
ASSIGNMENT BY CENTER TOWER ASSOCIATES, A
CALIFORNIA PARTNERSHIP, TO CENTER TOWER
ASSOCIATES, A LIMITED LIABILITY COMPANY, OF
INTERESTS TO THE CENTER TOWER PARKING GARAGE,
COSTA MESA,
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, in 1984, the City of Costa Mesa issued a series of tax exempt
Demand Certificates of Participation in the original aggregate principal amount of
$14,000,000.00, which funds were used to finance the development of a public
parking garage for use by the Orange County Performing Arts Center and Center
Tower office building; and
WHEREAS, in connection with such issuance, Center Tower Associates, a
California Partnership, leased the parking structure from the City pursuant to a
Lease Agreement dated December 1, 1984; concurrently, the City subleased the
parking structure back to Center Tower Associates, a California Partnership,
pursuant to a Sublease Agreement dated December 1, 1984; and
WHEREAS, Center Tower Associates, a California Partnership, is the fee
owner of the Center Tower office building and parking structure pursuant to the
Lease Agreement and Sublease Agreement; and
WHEREAS Center Tower Associates, a California Partnership, will be merged
into Center Tower Associates, a California Limited Liability Corporation, on
December 31, 1996, which merger transaction includes the assignment of interests
in the Lease Agreement and Sublease Agreement to Center Tower Associates, a
California Limited Liability Company; and
WHEREAS, the Lease Agreement and Sublease Agreement require that any
assignment of interests therein be consented to by the City of Costa Mesa;
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby
consent to and ratify the assignment of interests in the Lease Agreement and
Sublease Agreement, both dated December 1, 1984, from Center Tower
Associates, a California Partnership, to Center Tower Associates, a California
Limited Liability Company.
PASSED AND ADOPTED this 6" day of January, 1997.
— (-�fk,- I ( �
Mayor of t e City of Costa Mesa
L Pao «r1
ATTEST:
PROVED AS TO FORM
Deputy City rk of the City of Costa Mesa CITY ATTORNEY
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA)
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. q17- a- was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on the 6th day of January, 1997.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 7th day of January, 1997.
T.
Deputy Cityerk and ex -officio Clerk of
the City Coun ' of the City of Costa Mesa