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REPORT · <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> <br />March 11, 2002 <br /> <br />Subject <br />Adoption of a resolution ratifying City Council approval of the First Amendment to the <br />Ground Lease with Shores Childcare, LLC. <br /> <br />Recommendation <br />That the City Council adopt the resolution ratifying its approval of the First Amendment to <br />the Ground Lease with Shores Childcare, LLC. <br /> <br />Background <br />On February 25, 2002, the City Council adopted, by minute action, the First Amendment to <br />the Ground Lease with Shores Childcare, LLC. Among other things, this amendment <br />eliminated the provision on subordinate loans secured by the Leasehold Improvements, <br />eliminated the due on sale clause and reduced the monthly rate at which the City and <br />Shores Childcare, LLC would share in excess revenues. <br /> <br />Subsequent to the City Council's approval of the First Amendment, it was determined that <br />the Ground Lease was approved by Council resolution. For the sake of legislative <br />consistency, the City Attorney's Office has determined that similar to the Ground Lease <br />itself, the First Amendment should be ratified by resolution. The attached resolution <br />accomplishes this ratification. <br /> <br />Fiscal Impact <br />None. <br /> <br />Stan T. Yamam/Cto Ed Everett <br /> City Manager <br />City Atto r~,~/ <br /> <br />Attachment <br />Resolution. <br /> <br /> <br />