SR-12-12-1978-6JCA RLK:SSS:mc
Council Mtg. 12 -' 78
TO: Mayor and City Council
FROM: City Attorney
nta Monica, California
V[ C 1 .? MIR
SUBJECT: CONSENT TO ASSIGNMENT OF LEASEHOLD INTEREST OF RIA
AND ITS ASSIGNEE, ROYAL INN OF SANTA MONICA TO THE
DAVID H. MURDOCK DEVELOPMENT COMPANY. '
r
Introduction,;',
This report transmits a resolution by which the !{
City Council will approve the assignment of the Lessee's
interest in the ground lease for the Royal Inn of Santa Monica
to the David H. Murdock Development Company.
Background
The City has been in negotiation with the Royal Inns
of America over the assignment of this lease which involves a
large sum of money. This action is agreeable to both parties.
Alternative Solutions
The Council may consent to the assignment or choose
not to do so, in which event a new, qualified purchaser must
be located.
Recommendations
It is respectfully recommended that the City Council
adopt this resolution.
Prepared by: Richard L. Knickerbocker, City Attorney
Stephen Shane Stark, Assistant City Attorney
Richard A. Aronof£, Director of Administrative Services