HomeMy WebLinkAboutMINUTES - 04222014 - C.10RECOMMENDATION(S):
APPROVE and AUTHORIZE the Director of Airports, or designee, to execute, on behalf of the County, a Consent to
Leasehold Encumbrance and Estoppel between the County, as Landlord, Byron Aviation Services Limited, as Tenant,
and Scott Valley Bank, as Tenant’s Lender, for leased premises, commonly known as 7500 Falcon Way, at the Byron
Airport.
FISCAL IMPACT:
The Airport Enterprise Fund will continue to receive lease and other revenues provided for in the Lease. The County
General Fund will continue to receive property, sales and possessory interest tax revenues from the Lease.
BACKGROUND:
In August 1995, the County entered into a lease with Byron Aviation Services Limited (Tenant) for the construction
of twenty-two, fifty-foot by fifty-foot hangars at the Byron Airport. The Lease permits the Tenant to borrow money
for the improvements and to secure the
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 04/22/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Beth Lee (844)
359-8687
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: April 22, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Stacey M. Boyd, Deputy
cc:
C. 10
To:Board of Supervisors
From:Keith Freitas, Airports Director
Date:April 22, 2014
Contra
Costa
County
Subject:Approve & Authorize County’s Consent to Leasehold Encumbrance and Estoppel for Byron Aviation Services
Limited for Property at 7500 Falcon Way, Byron
BACKGROUND: (CONT'D)
loan with a leasehold mortgage, provided only leasehold mortgage is outstanding at any time.
In March 2004, the County, with the Board’s consent, entered into a Estoppel Certificate and Consent, through
which the County consented to a loan from Scott Valley Bank (the Bank) to the Tenant, secured by a leasehold
mortgage. The loan was structured with a 20-year amortization schedule and a ten-year term. The Bank and the
Tenant now desire to modify and extend the original 2004 loan and have requested the County’s consent. This
action only modifies the existing loan. Upon completion of the refinancing, only one leasehold mortgage will be in
effect.
CONSEQUENCE OF NEGATIVE ACTION:
If the County fails to grant its consent, the Bank may not be willing to complete the refinancing, jeopardizing the
Tenant’s ability to meet its obligations under the lease.
CHILDREN'S IMPACT STATEMENT:
N/A
ATTACHMENTS
Estoppel and Consent