DATE: November 17, 2015
SUBJECT:
Title
SHELTER ISLAND YACHTWAYS, LTD., LOCATED AT 2330 & 2390 SHELTER ISLAND DRIVE, SAN DIEGO, CA
A) RESOLUTION CONSENTING TO ASSIGNMENT OF OWNERSHIP INTERESTS WITHIN SHELTER ISLAND YACHTWAYS, LTD., D.B.A. SHELTER ISLAND BOATYARD
B) ORDINANCE GRANTING AMENDMENT NO. 1 TO LEASE WITH SHELTER ISLAND YACHTWAYS, LTD., D.B.A. SHELTER ISLAND BOATYARD, UPDATING CERTAIN LEASE PROVISIONS
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EXECUTIVE SUMMARY:
Shelter Island Yachtways, LTD., d.b.a. Shelter Island Boatyard, operates a boatyard at 2330 and 2390 Shelter Island Drive, San Diego (Attachment A-Location Map). Shelter Island Boatyard has a 30-year lease with the District covering its boatyard operations1 which expires in September 2044. Shelter Island Boatyard is currently owned by William Roberts (General Partner) and 42 limited partners (Attachment B-Existing and Proposed Organization Structure). Shelter Island Boatyard has requested District consent to an assignment of ownership interests to add Roy Hobbs (40%), Linda Hobbs (20%), and Wayne Morrison (20%) as limited partners. By adding the aforementioned individuals to the limited partnership, the ownership interests of William Roberts and the remaining 42 partners would be reduced. Consistent with District practice, the District has prepared a lease amendment to update certain lease provisions to bring it to the current standard, including sustainable leasing language (Attachment C-Existing and Proposed Lease Summary). Staff has analyzed the proposed transaction and recommends the Board grant consent and authorize the lease amendment.
RECOMMENDATION:
Recommendation
A) Adopt a resolution consenting to assignment of ownership interests within Shelter Island Yachtways, LTD., d.b.a. Shelter Island Boatyard; and
B) Adopt an ordinance granting Amendment No. 1 to lease with Shelter Island Yachtways, LTD., d.b.a. Shelter Island Boatyard, updating certain lease provisions.
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FISCAL IMPACT:
The...
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