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HomeMy WebLinkAbout9718 - International Bay Clubs Refinancing TransactionRESOLUTION NO. 9718 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH RESCINDING RESOLUTION NO. 9643, WHICH WILL REVOKE THE AUTHORIZATION FOR INTER- NATIONAL BAY CLUBS, INC. TO ENTER INTO A REFINANCING TRANSACTION WITH OPPENHEIMER INDUSTRIES, INC. IF SAID REFINANCING IS NOT COMPLETED BY DECEMBER 31, 1980. WHEREAS, the City Council on September 10, 1979, adopted Resolution No. 9643 approving assignment of an interest in the Balboa Bay Club leasehold estate by sale to the Balboa Bay Limited Partnership, a Missouri Limited Partnership, Oppenheimer Industries, Inc., a Missouri Corporation as General Partner, and by leaseback to International Bay Clubs, Inc., with repurchase agreement; and WHEREAS, the negotiations between the principals involved in said authorized refinancing are not completed; and WHEREAS, it is inappropriate to leave Council autho- rization for a transaction when said transaction may not be consummated until some later time; and WHEREAS, the City Council desires to allow the parties until December 31, 1980, to complete the refinancing transaction; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach allows the parties to complete said refinancing until December 31, 1980, and if said refinancing is not completed by that date, Resolution No. 9643 which granted authorization for International Bay Clubs, Inc., a California Corporation, to enter into a refinancing transaction with Balboa Bay Limited Partnership, a Missouri Limited Partnership, Oppenheimer Industries, Inc., a Missouri Corporation as General i Partner will be automatically rescinded. ADOPTED this 21 day of January , 1980. Mayo' ref ATTEST: ity Clerk IPIED AS T IGINAL CRY CLM OR THE CITY OR NEWRCq _qCN JAN z a r�qso HRC /ap 1/11/80