HomeMy WebLinkAboutStuart W. Omohundro - Trustee of the Omohundro Trust - 1988-11-21 ,'} •�4', 1'. .� / 1. r 11 t !ti ., . ��' �,) t +, (11 t� (r I? ila
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REQUEST FOR CI � Y COUNCIL. �+LT10
FOR AC�h M Iu.TION �
FrDp�Jlsl' �
November 6, IU91
Gate rc •,� +11
APP�C1'.'ED DAY 0 >c L
t i Submitted to: honorable Mayor and City Council f� / 191.
r+' }k'1 +` ih 1111ehacl T. Uberuaga, City Administrator ( a -.ai
Submitted by: I I r
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} ;• Robert J. Franz, Deputy City Administrator -.�---- I • ",
prepared by:
h1od'ification of Omohundro Note and Trust Dee f�' `
Subject: `///ALff ' s
Consistent with Council t1olicy7 [x] Yes [ ] Now Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Sourco, Alternative Actions,At
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+ STATEMENT Or. ISSUESr
The hedevelopment Agency of the City of Huntington Beach purchase- a property on
November 2t3, 1988 on 5tt� Street, known as AP #024-152-OB and contracted a Note and
Trust Deed at that time
In the Amount of$997,5Q0.00 at an interest rote of 11.0
•;'SY'',:S
The property purchased securing this Note Is the former location for the Surf?hentrc,
now a par lot eonsist:n of seven (7) downtown lots between Pacific Coast highway �, •��t�rJ t� R Ls,d'
j p g g
and Walnut on the NW side of 5th street.
r Omohw;dro a .o Note,
The holder of the Note and Trust Deed, Mr. , has agre et. . extend the ryr7 �;
.,-� ,, �► due November 300 1991, for a further 3 years to November 309 1994.
RECOMMENDATION: il'+ r< , ::t , , •�.
' Authorize the extension of the due date on the note for an additional 3 years to November
,L 309 1994..' t31 .i ♦ J
ANALYSIS: ° r
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'' 'i{�� ' +•,� r, , ' , .` Mr. Stuart W. Ombhundro, as Trustee of c Note apd Trust Peed in the original amount of
i`S : }t01 :.Plti
$99L',500.00, is willing :o grant an extension to the Redevelopment Agency of the City of
Huntington Beach of this note which, through Incremental reductions as provided for in
`}y�r"t thpe Note, has a remaining balance o:$397,500.00 and is due on or before November 30,
1991•
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ALTERNATE ACTION:
• , �� ram'"-ice�ti. ✓!tr�i` {,
i ,•rc," 'j,i ,, i J� i f _ Pay tho entire Note at this time, as per terms of the mote. s1}J
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ATTACHMENTSt
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Requesting lettbr from Omohund►o, plat map, Trust Deed, Note and Amendment to
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, Straight Note.
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