HomeMy WebLinkAbout2011-08-23; City Council; Resolution 2011-197Exhibit 1
1 RESOLUTION NO. 2011-197
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, REFUNDING EXCESS
3 GROUND LEASE PAYMENTS TO TOBRIA TERRACE,
4 LLC.
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WHEREAS, in July 1994 the City Council approved a ground lease between the
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city and the El Camino Villas Associates of which Bridge Housing Corporation is the
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managing partner and La Terraza Associates, LP is the lessee; and8
9 WHEREAS, Bridge Housing Corporation refinanced the ground lease through
10 Tobria Terrace, LLC during April 201 land in May of 2011 remitted $1,903,311 to the
11 city for lease payments in arrears and the accrued interest thereon; and
12 WHEREAS, the outstanding balance was $1,847,906; and
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
WHEREAS, the payment received was $55,405 greater than the amount owed.
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Carlsbad, California, as follows:
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1. That the above recitations are true and correct.
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, „ 2. That a refund of $55,405 payable to Tobria Terrace, LLC is hereby approved.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 23rd day of August 2011, by the following vote to wit:
AYES: Council Members Hall, Kulchin, Blackburn, Douglas, Packard.
NOES: None.
ABSENT: None.
MATY HALL, Mayor
ATTEST:
LORRAINE M. WOOD, City Clerk
(SEAL)