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HomeMy WebLinkAboutCDP_002CORVrAL RiSMENTIAL DEvELOPV, COUNCIL POLICY P-1 CM OF NEIWRZ .5EJ6CH A :cation Reed by Fee: S PLANNING DEPARTNENT CURRERT PLANNING DIVISION 3300 Newport Boulevard Newport Beach, CA 92663 (714) 640-2218 or 640-2219 Applicant (Print) wale DeveloomentCorporation Phone(714) 863-0322 - !tailing Address 17752 ditchell Street Irvine, CA 92714 - Property Owner James 12, Ellis Phone 714 673-0345 !sailing Address 406 East Bay Avenue, Balboa, CA 92661 Address of Property Involved 406 East Bay Ave. , Balboa, CA 92661 Legal description of Property Involved (if too long, attach separate sheet) see attached description Description of the Proposed Project 10 Townhone Units/Average 1004 S . feet Cape Cod Look xoodsiding, extensive an scaping _ Number of Units 10 Units !t!!!ltfffltf!!tt!!lRfrlttffftlllflllrRrfflrlrfrlrrffrrlRtMrffrrfrrfrwrr11rf11r111rrlr1lrrrt Please attach a statement indicating the proposed selling price of the units, the anticipated cost of developing the proposed project and any other information that could affect the feasibility of providing low/moderate income units in conjunction with the proposed project. !!!!•1R!!tt!!!t!f!!t!!fflltflfft►RR11flf!!!!liftr■fflrflrfifffllttf•flttrllrfr11tf1tf111fl1f {I) (We) k1ale pgvelopment Corporation/James D . Ellis--- depose and say that (I as0 (we are) the owner(s) of the property(ies volve i t>ib application. (I) (we) further certify, under penalty of perjury, th for o' g�statements and answers herein contained and the information herewith s tte e respects true and correct to the best of (my) (our) knowledge and belief. Signatures) NOTES An agent may sign for the owner if written authorization from the record owner is filed with the applicant. Date Filed DO NOT COMPLETE APPLICATION BELOW THIS LINE Fee Pd. Receipt No. phasing Director Action Date & j 7 p p e a I P.C. Hearit�q q- -d J P.C. Action C_ l l 'e c( Date C.C. Hearing Appeal C.C. Action Date - . 6i TOTE. SG:nwa 12/14/B2 PRELIMHARy APPLICATION FOR WDENTIAL DEMOLITICN/CDNVF..MSION9 ..► CITY. OF %IEMRT BEACH PLANNING DEPARZKERr No. CURRENT PLAMING DIVISION Application Fec'd by 3300 Newport Boulevard Newport Beach. CA 92663 (714) 640-2218 or 640-2219 Applicant (Print) —male Phone (714 ) 663-0322 Mailing Address 17752 Mitchell Street Irvine CA 92714 property Owner James D. Ellis Phone (714) 67 -0345 _ Mailing Address 406 East Bay Avenue 11 alboa Address of Proporty Involved 406 East a ve ue Legal Description of Property Involved (if too long, attach separate sheet) see attached description Number of Residential Units Currently Onsite Seven (7) Maximum Number of Residential Units Onsite in the Previous Twelve Months Seven (7) _ Number of Residential Structures Onsite Three (3 ) Description of the Proposed New Development A 10-Unit bedroom and one bedroom and loft oodsidin roiect w If the structure is being dezolished as a public nuisance as defined by the State Health and Safety Code or City Ordinance, describe those factors causing the existing residential unit to constitute a nuisance. (Attach additional sheets if necessary)NO -- OWNER'S AFFIDAVIT (I) (we) depose and say that (i am) (wo arm) the owners) of tho prop4rt as} nvol this application. (I) (we) further certify, under penalty of perjury, t e g g statements and answers herein contained and the information herewith s tt are respects trva and correct to the best of (MY) (our) knowledge and belief. Signatures) NOTES An agent may sign for the owner if written authorization from the record owner is filed with the applicant_ Do NOT CORPLETE APPLICATION BELOW THIS LINE Date Filed Planning Director Action SGtnN4 13/1ij82 APPLICATION FOR RFSI: MMIAL DE '- .`x]LZ:IC4/C''VEFLS3GN CI:Y OP tiixnn BEMM . Page 1 of PLX!ZNXN'G DEPAR 70NT CURRE:T PLANNING DIVISION 3300 Newport Boulevard Newport Beach, CA 92663 (714) 640-2218 or 640-2219 %0. Application Fees $ Rec'd by Applicant (Print)W.-.le(Print)W.a.le Develonment Cnr20rati= Phone (714 ) 86 3-0122 Mailing Address 17752 Mitcholl Streets Irvine, CA 92714 Property Owner Jamen n Ellis Mailing Address 406 East Bay Ave., #1, Balboa CA. 92661 r1juno (714 ) 673-0345 Address of Property Involved 406 East Bay Ave., Balboa,CA 92661 Legal Description of property Involved (if too long, attach separate sheet) see attached description Number of Residential Units Currently onsite Seven (7) H"4z tam der of Residential Units onsite in the Previous Twelve Months Seven ( 7 ) Number of Residential structures onsite Three 3 Description of the Proposed Development A 10-Unit Townhome Project with 2 hPdroom and one bedroom an o 0o s1 ing Cape O o0 Number of Residential Units Proposed 10 (Ten) If proposal is for non-residential use, why is a residential use no longer feasible on this site? (Attach additional sheets if necessary) NIA List of any legal actions involving property owner and/or developer and tenants within previous twelve months (Attach additional sheets if necessary) Court Name Court Address Case Number Case Name Tenant(s) involved Description of caso List of current tenants (Attach additional sheets if necessary) see attached Date Tenancy Began Tenant Name Phone Residence Address Phone Business Address Mailing Address Date Tenancy SaSa-'1 Tenant Name Phone Residence Address Phone Business Address !tailing Address Data Tenancy Began Tenant Name Phone Residence Address Phone Business Address Mailing Address ,} Page 2 of 2 Former tenants residing in the project in the previous twelve months (Attach additional sheets if necessary) See attached Tenant Name Dates of Tenancy Current Residence Phone Business Address Phone !tailing Address Tenant N~ Dates of Tenancy Current Residence rhon'e Business Address Phone Mailing Address Tenant Name Dates of ':erancy Current Residence phone Business Address- Phone Mailing Address OWNER'S AFFIDAVIT (I) (No) W depose and say that (I am) (we are) the owner(s) of the property(i s) inv ved application. (I) (ate) further certify, under penalty of perjury, at the ore atements and answers herein contained and the information herewith s _a in cts true and correct to the best of (my) (our) knowledge and belief. signature(s) ` NOTE: An agent may sign for the owner if written authorization from the record owner is filed with the applicant. DO NOT CaMPLETE APPLICATION BELOW THIS LINE Date Filed Fee Pd. Planning Director Action Date Appeal P.C. Hearing Date C.C. Hearing Date P.C. Action Appeal, C.C. Action Receipt No. SC= rasa 12/14/82 SPINNAKER BAY Proforma Income Statement Gross Sales Revenue $2,000,000 Development Expenses Construction Costs offsite Costs $141,850 Direct Onsite Costs 419,550 Indirect Onsite Costs 148,660 Total Construction Costs 710,000 Land Costs 800,000 Financing Costs 100,000 Total Development Costs $1,610,000 NET PROFIT S 390,000 WALE DE41LOPMENT CORP TION 17752 MITCHELL STREET. IRVINE. CA 92714 / (714l 8633-0322 CONSTRUCTION BUDGET ESTIMATE PROJECT NAME S innaker Bay TRACT 12053 LOCAL New -port Beach NO. OF UNITS Ten ( 10) cap,n u «� OQfi1hAT ORIGOM BUDGET DATE 8 - 3 1 - 8 3 REVISED BUDGET DATE .- CONTRACT � � ACTwu AMOLOO COST • PAGE 1 OF 2 rti�.a,s ��►•e A?PttO' t0 Elr WALE DEVELOPMENT CORPORATION 17752 MITCHELL STREET. IRVINE, CA 927141(714) 863-4322 CONSTRUCTION BUDGET CONTROL INDIRECT ONSITE COST PROJECT NAME �jnnakelr Bay OPIGiNAL BUDGET DATE TRACT 12053 REVISED BUDGET DATE LOCATION New2grt Reach NO. OF UNITS Ten 1101 COST 11ME �Y ACTtiAI to" ORICftAl /y04Jul C 0 +� bow kXW CUSt COW+r0 I ADC► iTECtLQ$4 Off s 36,000 6,000 3 ait wliCtt :l STRtICttFaAt t7tMtu 4,000 3 F:tmoDuCIKN $ltAfts%1140. 2,000 4 PtA%CHC.. L BMEMNG"My ►Wt 24,000 6 APMAISAA Fit 1,500 7 W6pf CTX)N f F F B CfTY,000NTY FEES L "041 M5 000 191 Rf sof N T ut51'E Ctm col* F It 10 Wsi►+t SS t a N SF 5 100 11 11iStIRA�1Cj �,�.Q 12 SAI:LV MOACI St 9t%T#%Dfh? 13 SMART OtPOQ tABcw 1; CAIMM TAUS UNONa Bf%ifFIS Ig Ft10 0ffsU P(NIAI L fURVIU2f 00 16 61RD 06610 TEttPHONf i 17 Otto 04f1Ct SUPP:*S 600 t8 Fitttl 0611(l DRI i"N6 ►SATf4 0 i 19 SAFtT) A fFRS1 AIDw1T Sl"'tFES 300 MCLW"y (GA ARDS? F Rt4alCJti`FS L tt*FC1tiC. 1.500 22 f (,+kaWl pit pt'4141 I I 23 SAN�!AR1 tl�+IFTS 24 :[.e y,c.%N 500 25 ttw PLI-AER 1,500 26 1X% a +1E10 9*PPt1ES 21 TtU POR"t ►ti%y[R 600 1B su>,AlssfNIEMAW %I 29 AUTO PAYYENTSUEP'RECIAT10N V AWO GAS L (At y S• • PAGE 2 OF T WALE DEVELOPMENT CORPORATION CONSTRUCTION BUDGET COST - INDIRECT ONSITE CM Lod iT(r LOAN OttR►NAL Conker l c O A(;tum C1: "o AMOUNT ILL. -al A TNt COST 31 AUTO RtP"S L MAMINANCE 3: Ek1 MIR 1,500 33 FAAINTf NANCE a WAR R 500 34 v► aR TRUCK P(M4 0 35 SM17 51tiff8fR RfF.'TA! 150 36 1ANDA1tSY 11,500 37 T(UPORARY STORAGE 38 CUSTO +(R SI W%IIU 2,000 39 BROC►T(Rf 6 ►+OUEOANfR YANUAL 1 000 40 96NiNG ` 11500 41 SALES OF F la WSALAV 6 F URNtSJ44N(.5 RANTS tz WOMI EXCORATING & LWNlf %; N% f 10,000 43 A011 R 61NG A O(SiGN 51000 tt THE REPORT 1 500 45 11 GAS COST 4,000 tfi f tr 48 1 49 SA 51 53 I 5t 55 S6 57 i 59 I 60 I 61 I 63 f 143,050 SUB TOTAL CONTu.C.(NCy 143,050 I MAL 1� rMTWIS If pot �►. APPQC"oED 3Y WALE DEVELOPMENT CORPORATION 17752 MITCHELL STREET. MANE. CA 927141(714) 863-0322 - CONSTRUCTION BUDGET CONTROL OFFSITE COST PROJECT NAME Spi nnaker PAY ORIGINAL BUDGET DATE-$.-31-83 - TRACT 12053 REVISED BUDGET DATE LOCATION Newport Beach NO. OF UNITS Ten (10) _ ca No At M AMOUNT Kom ANOUKT co cost 1 LAND PLANkMKi RESEARCH 5 , o o U 2 FfRMRS A INSPEMON FEES i 00 31 EWGIkE "4, j%VlIROk ENTAL a*AM �_---- 4 ENGINURING. CMl S ETuTRItE "4. SOIL TESTING 7 OTHER CONSULTAfM Q O---- 9 BONDS I - -- - - 10 CLEARW i ROUGH GRADING- 11 MASONRYiRETA ONG WALLS 12 StKlR "%M•CONktCT*N t 4, 000 13 SIORM %%IRS; CATCH KASMS - 3,.Q Q Q_. --- --- 4 14 WMER SYSTEM IS, no 15 WATER & METER ROUGH GRADPOG 16 UTITTY THE kGaNG17 tMLJTY RELOCATION .A30 0.. -.. I E UnLM RX&MIIT ELECTRIC. THEPHONE - 19 RP sms MROY w NTS - 20 PARKjNG AREMiOkStTE PAYING arl i 21 STREETSIGNSIBARRERS I 72 DONCRETE PEPAIRSWPLACEMUNTS 2,000-- 23 $Mfl PiANTING 1 , 0 0 0 24 SLOK 6 I Rowif CONTROL 25 S1RfE1 LIGHTS i MOGY fit 2.50 26 CURSS►GUTTER 27 TRACT PERIKE'TER FENC NG I 8 O Q -- 2e SUPERVISION-- 29 P[" SOTwR — __. _-- _3.a 0O0 30 SANITARY TO&M i TEUP. FACQlT1ES - _ 400. 31 F09SH GRADING : tAkDSCAK IRI��I(3AT*N ! 5 0.0 0 0 — --_ _ • - 32 33 34 36 37 — - --- -- — - - - SLSYOM _-141, 850-_- CONANGENCY 1oTAl .141, 850 FAG( 1 1X 2 .,.; WALE DEVELOPMENT CORPORATION 17752 MITCHELL STREET. IMANE. CA 92714 / (714) 853-0322 CONSTRUCTION BUDGET CONTROL ONSITE COST PROJECT NAME TRACT 12053 LOCATION Newport Beach NO. OF UNITS Ten (10 ) cosl �r�c mbi .LOAN ORIGINAL BUDGET DATE 8 - 31-- 8 3 REVISED BUDGET DATE 0Q$Q ui CoNnuCT ACttut MLIX" AUCKAT COST 1 STRUCTURAL STEEL PAR"OG STRUCTURE 2 CONCRM FOUNDAnONISLA iposT TENSboK 3 VVALPLS 1 DRIVES; CONCRETE FLAT WORK 51000 4 PLUMB04G 50,000 5 SEWER CONNECTIoN � Housi unuTy TRENCHING (LATERALS) 1,000 6 ELfCTR1CA WIRING 9ACQ CKnCTDRS 25,000 7 tUIMRROUGH 75,000 6 CAAPENTRY.ROUGH 9 WO+NG GI DOORS! WINDOWS 9,000 10 FIREPLACES MCAST•+WND BUST 4,000 11 FWLACES-FACES 1,500 12 HEAnW IM CONDITIONING 10,000 13 S► FETIIETAL. GUTTERS / DRAIN SPOUTS 6,800 14 CARK04TRY-WOSH 12,500 - — i IS a«04G - 10,000 16 CAW T V MIRING 1,000 17 WATER PROOFWGIABOVE GROUND AND 600 i SATERRI04AN 13 UGHr*E IGM COFCTE FE C1 )RS 6,500 19 MASONRY STRUCTURAL f 20 MASOWY FCNCNG 5,000 21 PLASTI R { 1 22 valLAWN. HOUSE 4,200 23 DRYWALL 22,000 24 G.AAAa DOORS 31000 is GARAGE DOOR 0Khfv 300 i 26 CABRAM 16,000 27 CRAWC Ttf i KITCHEN f BATH 10,000 i 28 PLASTICS/ FOR►aCAl MARBLE I CORUN 11000 I � 29 PAWING 9,500 30 DECKS t SALCONES' SYSTEM 3,000 WALE DEVELOPMENT CORPORATION CONSTRUCTION BUDGET CONTROL - ONSITE COST ACTUAL t o Cosl cop tog Cn as ITEIr ►m"i Kew 31 ROOR04GWOOD-TXE-CARM 13 0 0 0 32 SHOMR DOORS(nM ENCLOSURES 33 %JATHf R STRIPPING THRESFIHOLDS 34 ORNAWWJL IRON i STARRWAYS 35 Yogm 36 kMROW D WARDROBE DOORS 4,500 f 37 ErTfR10R YARD WHTTNG 2,500 3a CLEAN Up C0ksiRLCnW HOUSE 4,000 39 SPRINKLER SYSTEMS (FIRE) 40 N'000 FENCING Al MAX gouS 500 42 STRIPS d BLUKRS 4$ Fountain 3,500 44 POOL DECK SHUFFLE BOARD CONCRETE 4S SAUNA 46 TENNISi%V UY8ALL COURMCOURT EIGHIS 47. TRASH GJUESIENCUQ5L"S 11000 48 REC FACWTIESIEOW ROOM 49 BARBE w I FTRE p" 3 000 PLAYGRCIUNO EOUNpWN1ip001 FURNITURE F51 FIRE EXTING"ERS 1 000 r:::::: 52 HARVWARE 33NISH 2 500 a] LIGHTING niT(1Rf5 t EIiIlBS 94 SATIOG►It5 3 000 55 LIOANOUS, CWNG 1,500 56 ApP vmXSM= & FAN 15,000 l 57 { S8 59 60 61 62 63 64 SM TOTAL 419 5 5 0 CONTINGENCY T01AL e1' Wale Development Corporation Tenant I1ame John Jas[olka Date of Tenancy harl4n Ney 17A1 _ residence Address 406 East Day Ave. 02,haloha Phone 673-6409 -� business Address PhoneT i H },inq Address 406 East flay Aye.,12 Balboa, California 92hbl Tenant !tame Elenor handler _. Date of Tenancy Began July 1, 1978 Residence Address 40c East Bay _1,3,Balboa Phone 675-2694 Pastnoub Addrebb Phone Mailing Addreub 4C6 East Da Avenue 43 R4111oe California 926 I :enwit Name Hugh Thc=s _ _ Date of Tenancy_d&Lch 1979______.^w Residence Address 414 Esat Day Ave. Halhon Phone E73:LQQ, Businush Address Phone ra:linq Address 414 East Pay AVO,, balboa allro:nia Tenant Name C.L. Carrico — Daty of Tenati y befinn October JW7 Residence Address 315-Cypresa.. 8alLoa _ Phono _ L73-0137 business Addrerah 434. Cam us Dr. Newport Bch. Phone 549-06fi6 Ma:ling Address 310 Cypress Avr., Balboa 17752 I%Iitcrcll Stfeel. Irene, Cabforrva 92714. (714) 863.0322 i yy rk.10 t� I1 • 4 .� I, 4 I � � �.+rr� mil`- � � � �+l��r. '^r.r�+�„ =usage$' w , SPINNAKER BAY • k,•.i1• 11Lr�• •i Y'.IPA i,�..�• ri 1i S.f•� ��•�1 0!Z4 O�tFT. 3t3 i1020 64 FT ( v 110or %(,Fr 2 s+t' 2%�5c 9�4 I 100 1w. for. .ORANGE4COAST TITL o. R�NY P.O BOX 11825 El939 W. FOOTHILL BLVD. ❑ 1?'It1 `D' STREET SANTA ANA. CA 92711 UPLAND, CA 917M ;AN BERNARDINO. CA 92405 (714) SS8-2936 (714) 981.5708 (714) $95-6583 ❑ ORANGE COAST TITLE COMPANY OF RIVERSIDE 3773 UNIVERSITY AVE. • P.0. BOX 1325 RIVERSIDE. CA 92501 • (7141 781-6500 ZENITH 7.6500 AUGUST 29, 1993 PRELIMINARY REPORT • WALE DEVELOPMENT 17732 MITCHELL • IRVINE, CALIFORNIA Attention: ED WALE Dalrtl •+ of 3ULY 14, Ill 83 at ; Sit A %I Your No. SPINNAKER BAY Our No. 81439.5 In rr,p„ow IF, tltr .Ihmr Irfrtrill vd appllrallu-n for .I Ik,l,t ) of I,IIr in%ulanrr, the Insurer lit Fri, t report. that It 6 pteparerl to k%ur, a. of III, flair hrrc,.f, a l:.rlifornla I Intl 'Isllr 1.4(.4 iatlon 5tarf,lert) Uosrragr Futrn Ituflt , t,I Title Imurant.e drubbing tht 41 .I1111 anti the rit4ir Ur Ihlrrl'.I Illrtrril hrfruliflrr %rI rurlll In 1r hr,lulr A. ,n%upi g ag..tnll 1, fna► be sustalr.rd h? frawn of aril drip, 1, hrrt or rfi, tofil,rinrr ottl %hewn of rrfrrrr,l Its a+ an Flit rphvn Irf Sr•hedulr It or no ri luderl from [I1Yirapr posttant to thr prinlrll sthrflulri, (.un1111lonq milli silltulllNini of ..641 pollf-) for"I 0 Thi► rrpurt Land 4rtl yul,ltlrrurr.l. or ali-rrullltrnt• I},rretul i% i%%LJf,I 01Ir11 for Ihr purpow nl farJ441ing the iifivan(r of it policy of Illlr ur•uranf IF 41111 n., 1141-t}II) I, a••urttrtl hrtrl ) If 11 I% dr.lrr,f thAl h4lohl) hr a.+ulrlrtl prott tf, the iwuance of All Palk) of title inwrinrr, a flrndrr -it Cornrnitntent +h 041 he rr,lur,itrd TITL[ OFFIC=R RICHARD WALDAU WIL . SCHEDULE A . The cmvc of intcrcm in :hc land dcscribcd or rderred to in this whcdulc co►ercd by thi% rcjwrft it: A FEE as to Parcels 1 2 and 3 T+tic 1,1 ;atd estate +ir tntcrot at the d.rte hercul is �cilyd to 3VAES D. ELLiS, a widower, as his sole and separate property i r' ;� ?�: rr!_rrcd t,r In Ih:, rtj� rt r, III tht St.rt: Of ('J!tf„tnra (•uur�t; ,•f Orange ,t ••.� ,• .:C ,. ti��i .l d, fs711114,i Parcel h Lots 149 l3, 16, 17 and It in Block 2 of Balboa bayside Tract In the City of Newport Beach, as per map recorded In Book 4 Page 79 of Mlscet neous Maps In the office of the Recorder of said County. Parcel 23 That portion of Bay View Avenue adJoining Lot 17 In block 2 of Balboa Bayside Tract In the City of Newport Beach, as per map recorded In Book 4, Page 79 of Miscellaneous Maps In to office of the Recorder of wild County, which was vacated by order of the Board of Trustees of ttm City of Newport Beach, described as follows: Beginning at the Southwest corner of Bald Lot 17, said point being also the Northeast corner of [day View Avenue and Bay Avenue, and riming thence North 3 degrees OS' 30" West along the Westerly line of said Lot 17, 43.16 feet; thence South 16 degrees 361 Nest 3l.93 feet; thence North 1N degrees S#' 30" East 19A7 feet to the point of beginning. Parcel 3: That portion of Bar Avenue ad)olnbg Lot 17 " 13 In Block 2 of Balboa Bayside Tract In the City of Newport Berth, as per map 1 III=dld InBook 4, Page 79 o us M ps th 1n e office of the Recorder of rid Can , which was vacated order of the of Trustees of the City of Newport Beach, described as followss Beginning at the lrnersscticn of the Northerly lire of Bay Avenue as shown on the map of said tract with the Northerly prolongation of the westerly lbw of Cy►prem Street as shorn on the map of Balboa Tract as per map reroorded In book K. Page 11 of Miscellaneous Maps, which point Is also the *Southeasterly corner of said Lot 17; lrunnirg thence North 34 degrees 32' East along the Southeasterly Ilse of said lot 179 IS feet to the most Easterly corner of sand lot 171 hence South 33 degrees 291 East along the Northerly lkw of Bay Avemie, being also the Southwesterly line of Bald Lot 18, 203 feet; thence South P degrees 341 30" West 2= feet to the point of begimin& 111 LEGAL DESCRIPTION 21 In the City of Newport Beach, County of Orange, State of California, all of Lots 3 14, 15, 16, 17 and 18 in Block 2 of Balboa Bayside Tract per male thereof recorded 4 In Book 4, Page 78 of Miscellaneous Maps, In the Office of the Recorder of Orange 5 County, and that portion of Bay View Avenue, also known as Cypress Street, vacated 6 by order of the Board of Trustees of the City of Newport Beach rated July 5, 1926, 7 recorded August 10, 1926 In the Office of the Recorder of Orange County, and that 8 portion of Bay Avenue, also known as East Bay Avenue, vacated by order of the 9 Board of Trustees of Newport Beach data! August 4, 1919, recorded Au6►ust 10, 10 1926 in the Office of the Recorder of Orar+I;e County, described as follows: 11 Beginning at the Northwesterly corner of said Lot 14; thence South 17004'26" W 12 155.61 feet along the Easterly right-of-way line of Cypress Street, 30.00 feet wide, 13 to the point of intersection of the Easterly line of Cypress Street and the Northerly 14 line of East Bay Avenue, 40.00 feet wide, thence North 84°54'30" East, 93.20 feet 15 along the Northerly line of East Bay Avenue to an angle point in said line; thence 16 South 55*16104" East, 8.03 feet along the Northeasterly line of East Bay Avenue to the 17 Southeasterly corner of said Lot 18; thence North 34°15114" East 82.76 feet along the 18 Southeasterly line of said Lot 18 to the Northeasterly corner of said Lot 18, said 19 point also being in the Southwesterly line of a 10.00 foot wide alley shown on said 20 map of Balboa Bayside Tract -,thence North 52945'40" East, 126.25 feet along the 21 Southwesterly line of said alley to the TRUE POINT OF BEGINNING. 22 23 24 25 26 27 28 0 • 3 VICINITY MAP -"AClc--IC 4cE'gN R•1 •r. AA rv..wr F rr iJ S. BRA &Ar M 14 W NR II .►.+r .ra w .. rr r.r %ww rr• ••00" r we BAL BOA 15L AND r.� 01 r C• t c` qby 4t `� Q R- 1 DISTRICTING MAP NEWPORT BEACH -- CALIFORNIA »: yr.a,urwa rtl�pwtuL ' �xMe �ts+otrru� r-i t+iiLt /YRi afOtaluL �_, L+MI tpiirt�4.► �1 Ou►it. rgiRrru► t'1 64e40+4 COrr1ACu► �l K�*L M-. rM &MihM* Como sea -M COMwiM O!t/Kis _ MKL/{YM9 w- N qM Usc 6*% ir 0o. 3cs r) AuD T�pimror MW 11, 120357 um TRACT NUMBER ASSIGNMENT TO: County of Oran4e Authorisolo" Office all the County Surveyor wJ Receipt No. _ Engineering Buiidin& 400 Civic Center Drive west Santa Ana, California TRACT tiUMBER l .-� the record owner of the herein descri> ed land depose and stele: that the subdivider nomad hereon has consent to file a tentative reap thereon. R est is made that a tentative tract nuar Ler be assigned to said land. Doted: aObatei DESCRIPTION: 9 2 In tlje City of Newport Reach, County of Omngv, State of California, all of lots 14,151116, 17 and 18 in Bloc): 2 of Balboa Bayside Tract per Wrap thereof recorded in IUX)k 4, Page 78 of litiscellanems ?taps, in the office of the Recorder of Orange County, and a 1mrtion of Ray View Avenue, also kno�,n as Cypress Street, vacated by order of the Board of Tnustees of the City of Newport Beach stated July S. 1926, recorded in the Office of the Recorder of (range County, and a portion of Bay Avenue, also known as Fa-9t Ilay Avenue, vacated by order of the Board crf Trustees of 1ic�rpart Betxch dated Auenst 4. 1915. recorded in the Office of the Recorder of nran�!e County. Proposed SvbdividK: Sale Develgwrnt Corporation c • oa "&"a 752 Mitchell Street L.0011 11 ss Irvine, CA. 92714 1 V Subdivider's Engineer: Don r;reek 4 Acsoc:iates i•ANY OR WAR11 ill So. Orange Street, Orange, Aboxass or 9"0104900 ZK. Subdivision will I» In �e++rlsw►ii x>1wIwsY} (City of Nmmon Beach This Is a unit of tentatlw Tract No. NIA f eti"r l-I 'gay ti,Y 4A'42" 16 _ I& I Ave, try' ._ m . _)ZT�rr �s A •► - V► N z�-A ;To p ¢ e. ,3�y Ave, •N���NM/M��r#� Rocaiot of issuance in is hereby ocltnovls4ed end the elwe wative tact tWober Is essl/nad to *0 errrnr of the land iesciffiW herein ealv: FteAte" stateseents hereon shell to couso for canaelletiut. Date& BY:911'rics Oi r f,a=-s 1 _, 7 CPNNAR DAY ITE ft_AH Gr CA ti4Y NC% 'E-�;TI%tJG"f UFte:7 / 1...iG''f . / µ� `• 4'�' 1 d" N �/�1'.Lr-Zg' A u,.t.'f • i �Ety 1 C'C 1J (rts ('�'•Gt:'i i 1 'moo" Guu 14 1 L• i •' S S� O s !o 0.7 o 1s� ONk ellrc( [,,A KAG,e ►z• Two CI-TDW d • r � CAI i� ��✓"-'� , IG" �Yi� •�-� TT,t V L A. B' rtreaR TFtb BY, S.PV-M, yS-P3 ill S. ST. e• i MEW WWale Development Corporation The following is our suggested unit sales price for our Spinnaker Day Townhome Project. Plan # of Units Sq. Pt. Price/Sq.Ft. Sales Total Unit Sales A 4 924 211 195,000 780,000 8 4 1020 196 200,000 800,000 C 1 1105 186 205,000 205,000 D 1 1158 186 215,000 215,000 TOTAL SALES 2,000,000 17752 Mdcholt Street, trine, Cabtornia 92714, (714) 863.0322 L.Aw O//ICCS KINDEL & ANDERSON A.+ t ..ot.ro• 41.,w t r.t. + MMCsrr r.CUAa.6 AO.tftaftft La/[,00100 0fa! f w (y t r f, • r N I [ Q 0 • MM. a rro.a / rr.l,aaf . ro.Ot ...c.,..ti.a.• «�.. t.... fs! sRvf. ItO wtfl •tlf((t •.•t. rat[N• wcta coo.ewl•. 4000 a.AC AAT"U14 O0U6[VAR0 LOB AgOCLCS. CAu/Orlrlal �OQrFS4M M^. • MK• Waal". S .A. .aKa....aaf� +.straryaatr.fr CAST TOWCIR sLtIT[ IOCIO II111 460•8128 r+rc.af K. .►.r ...r wwt4 • Goo" •••a6 . �..n.ta• ..t..rr • ...a.[a K+•.t. 0 Box 8090 �t+t. a .acar> war 1 p •+...rne -NoV' .yrr./ CA46C •Ganges .O aa..a aa.aw• i • ui..atMoo" 04CWPQI1T 29ACM, CAL1/QIf MIA 9i66O /IAVAMOA r..ar.. •..t.cr .ra a.aw.. r[L[! �r•r.�r a... 6 ae.•cr _ rc..r...at 171Ai ���-4AOQ .....Na. wwi r art i ►«w VC6CCO'4[R I11A) IM-rA/• •[/[■ 'O /ILC MO. f•[a.aa [ rarw. sr..-1w. Rrt"'. .a *..A* --to t ..4ar .Hf . wa[r """" """'"` '•"'" January 11, 1984 13063-002 «-ti. r..rl.• .•wri. 9a c a r rtr.. � rnt.• .a.... c 1•aatr Iat o4 �1 ..r.. t+.tnor I wM. MAi wN"Cia ta.aa+r+aa•f rc "...t[ra w@WA 0500t. [ ..r of,.ci i,.....Ayer w.r.t• f .,.ir ..r�.i / -ftcm t.r• • "No SaM a 3ww a.M aO.tta L Mr. Robert D. Gabriele Assistant City Attorney City of Newport Beach 3300 Newport Boulevard 1984 ,0 Newport Beach, CA 92663 l� Mr. Robert Lenard ✓ Advance Planning Administrator City of Newport Beach '�!' _rTAIti,, 3300 Newport Boulevard Newport Beach, CA 92663 RE: Tract 12035 Gentlemen: I am enclosing for your review a revised form of Affordable Housing Agreement between the City of Newport Beach and Spinnaker Say. I am also enclosing an extra copy of the Agreement marked to show the changes since the most recent draft. I believe these changes incorporate all of the comments of Mr. Lenard in his Memo dated January 3, 1984 and in the copy of the prior draft of the Agreement which Mr. Lenard reviewed. Please review the enclosures and phone me with any questions or comments either of you may have. If the Agreement is in accpetable form/ please process same so that the final subdivision map may be approved by the City Council on January 23, 1984. Please advise me if a copy of the Agreement signed by Mr. Wale will be needed for the City Council meeting. 0 KINDEL & ANDERSON Messrs. Robert D. Gabriele and Robert Lenard City of Newport Beach January 11, 1984 Page Two Thank you for your anticipated cooperation. Very truly yours, AaC', David D. Parr of Kindel & Anderson DDP:ps Enclosures cc: Mr. Edward H. Wale (w/encls.) l,�i a r ',l4-�•►w, Mf,I Qj►` '� 11 w•f1 ,lf,•/�^h •�1w9.✓.F•.,•t/M 3r} � •.! :..w :! _� r �. It •IY� r �:• .r ...r= L { G; R'•. "�4•' '5�� J' y ' •^NI .. 'la�i.. c , s+. - ..: ••,r.-.5"'n w. t ,I. I Y, rt`y(� A, 1 h�;y �� rr'+.�'r.- _ r r• a of Sr'g ,+I � A� �,j••R" •r N fy� � �;w-' .jyy.t r�•w R f „i,.�.•� t•r P ,..••'t"'�Rc ~ � k 4. ..!rIL, .. �t,p. �4t,� y „, y. � �4+e 5 .S ':_ ���>C i+•'' t�a"�.`r'}• �' ,� ii4-•�y ' rr _ lY,w I 'L4T' r t J, r a�1'� v. 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'''•.O»..i.. ..e_�iL7:0�i:'.'dl.Li ti.��W/Yi."•:i'i.. r1dYr�,i''Sl '.!,:.jY,,,;..,..L••li'�• /.., �.Y�.ri'�T S!!1?4'Y.+�• Aii0R0ABLE MOUSING FEASIBILITY ANALYSIS of Sri OMER BAY 10 Condominium Units NEVPORT BEACH, CALIFORNIA Residential 0evelopment By: BALE DEVELOPMENT CORPORATION Submitted Tom CITY Of NEYPORT BEACH 09/07/83 Submitted By: TARANiTELLO i COMPANY 19 I STATEMENT Of ASSUMPTIONS Spinnekor Say (1) Project Charecterietice Plan A Plan B Plan C Pl an D Total DescrIption 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom No. of SiYe Units 924 sq.rt. ; 1,020 sq.ft. 4 1,105 sq.ft. 1 1,158 sq.ft, 1 10 Land Ownershiy: At the start of project construction it is assuaad that the land is owned outright by the owner. Land Casts Provided by Vale Development Corporation -- :lo0,000. Construction Periods A seven -month construction period exists between beginning construction and completion of units. Construction Costs, follows, offsite Costs Direct Onsits costs Indirect Onsits Costs Total Cost Provided by Vale Development Corporation, as S 1a1,830 41V, SSO 146,660 6 710,060 (Rd.) f 7100000 The construction costs are assuaged to be incurred evenly over the entire construction period. (6) iinancin Prise Rates The rate charged against the outstanding loan balAnce is 2.S percent over prime; prime is assumed to be 11.o percent. A loan fee was assumed to be 3.0 percent or the construction costs. (7) Re a sent of Loans Based on 100% of gross sales. (8) Absoristions An absorption of two units per month will be achieved during the first four months, while the remaining two units will be absorbed at a rate of one per month. It has been assumed that the lower priced units would be absorbed first. The Sales will begin in the seventh month after commencement of construction. 2 STATMAT OF ASSUWTI MS, Continued. Spinnaker may (9) PTICIng or condoeinims: Pricing of the condominium units was provided by Tale Development Corporation, as followas Plan A t 195,000 Plan e f 200,000 Plan C S 2050000 Plan 0 S W,000 (10) Affordable QnIt rricin : The affordable units would replace the Plan A units in all scenerious considered. Unit Pricing was derived based upon Income information cited In a letter Iron Robert P. Lenard, Advance Planning Administrator, to Mr. Edward H. Male, President of Vela Devel. opment Corporation. Because the designated affordable units will be one -bedroom condomi- niums, the income level for two -person households was considered rele. vant for potential occupancy. eased upon industry standard, a maximum of 33 percent of the household's gross income can be allocated towards housing debt. Typical financing terms for residential units has been assumed to be 10 percent down; 13.5 percent rate; with 30 year amortiza- tion. Both low income and moderate income levels were analyzed, The resulting Affordable Unit Pricing used In calculations are as follows Low -Income units i 56,000 Moderate -Income units f 07,000 WAMMT or RESIDENTIAL MMXET ACTIVITY (As of August 236 1913) AVIAALE SALES PRICE AVIAACE OATS OM MARKET ACTIVE LISTINGS Since look Csls ofr Co•D eaaY Since Lest Since Left $Into tilt L)st1n4 sack Yrar.to.0et■ Co•D Ti�aY LSsting Book Ystt� to-0�1• AveTege Llsttn�g ►ripe Arettgt Otrs on MATYtt Dy Silt Teo or ►ess Letoa•s t 1u,A00 All ReslOentlel s 233,400 ti 1t2,1oo 1 1Te,9oo 123 11t 12+ r 791,900 3 250,600 141 136 ly? t 206,100 f 3eo,A00 lot 103 my Are& s •iA s S20,so0 236 MBA 221 t 724,500 W District t0 3to,�go (Deltas renAlsuls) 13T ti 3e0.400 103 All Rsslasntiel 3 2S5,400 1211.800 { 250,600 141 ))A saurce$ Multiple Listing sock . values 34 (August 2d, 1913)1 Merpott Harboricosts !less Boers of Resttors. IL MART Or C MRFAT LIPINCS (As of August 2), 1913) MaD not. No. Address iedraaee / laths souare rest Lilting srtce fee / Lease 011tilCt ro. 1 1 )12 comet Street 111.Sff Fee 2 21/ 47AO Street 2 / 1 314 -- ! 125,000 Lease 255 i2nd Street 2 / 2 -* 3 132,000 Lease 4 309 Colton 2 / 2 -- i 135,000 Lease 319 Lugonle 2 / 1 314 .• S 1)3,000 Lease A 124 25th street 2 / 1 •- S 17f,000 S 195,000 Few fee 7 405 400 street 2 / 1 1 -• -- S 205,000 res 134 47th Street 2 / 1pastisct %o. f 2S02 Crestview Otive 7 / l 1,410 S 235,000 Lease 2 / 2 -- S 219.000 Fee to 113 On1e 2 / 1 1,000 S 719,000 fee It 204 coal 2 / 1 1/? -. S 345,000 Ise 12 225 Carol Olatflet he. 10 33 415 V. Balboa Boulevard 2 / 1 1,000 S 173,000 S 263,000 fee fee 14 2107 Grsnsde Avenue 2 / 1 2 2 .. •• S 270,000 Fee is 7054 C. Ocean Avenue / S 319,000 fee 14 2113 Seville Avenue 2 / 1 3/4 •- f 331,000 fee 17 1177 L. Oees" Avenue 2 / 2 2 / 1 1/2 -• •- S 349,000 fat is 2021 01146er 3MLART Of RtC"T SAL IS (As of August 23, 191)) Map Not. Mo. "dress Reerae+s / Who Lilting AflCO Sale !rice Date of tale e et row 1 1 1/17 1. Bat Avenue i / t 1 310,000 f 219,000 6 26S,000 1 250,000 01/27/11 01/04/II 2 ii2 rill Tells 10 plioa Bwleverd 2 / 1 2 / 2 S 431,000 S 380,000 WOW) 4 iS10 L. ocean Avenue 2 / 2 S 200,000 el/A in Iscrea SouTser Multiple Lilting Book - YOluae )4 (Auguat ", itB))1 Mevport " "Mr/Cost• Mesa lair# of iealtats. 1� POI #MA CASH rLov OttnAtlor OMt WDtlNtit-1nC0Ot tK37 1Ct4l Dwelopsrls ttetum 0 Castnctlan rlrwxa Derelop *Astarmirq Cross Dwelow's twpttlbAAd DMIOpet's month Dmlararrt Activity Lad Casts Costs Caste Dray ftmi Valaree Sales Cash rlw radtr 144tr Profit I 1 homl tawkrz wt• Cantrutiv+ f O0,= S 101,= 121,315 f M,ttS S t22,015 .0. 1 L-2.41S S .0. 1 WO,00<1l i trzi,rm f .a i< .0- 2 .0. 101,SLD 1,M2 107,Ow 102,002 .a 225.m .0. -96 OO.am .a 46 3 .0. 101aX0 2,5" 1041" 101,034 .a 329,736 .0. A "'Em .06 -0. .0. lO1,N34 3,710 1015,210 105,210 .a 4M."d .0. -a OOD,cm .a .0. S .D- 101,S0D 4,E43 106,"3 106,M .0_ 541,339 .0. -a O00,aL .D. .0. 6 M41^ Msrw"m _0_ 101.%c 6,0l0 t07,3f0 lai'm .a 6"'M .0- _a I00,mo .a A. 7 .0. 101,5M 7,3C0 101,8Dd 10e,000 2C .= 473,729 212,D00 -a KO,Dw .a A. • bash Dslirer7 or wats -a. _0. 5,352 3,352 3,352 390,OtA 91.0r1 M,000 & 1[ 'Ow _a .0. -a -a. 1,027 1,023 l,D" t:t,101 .a IOO,OOD 307,O4 02,106 3113,04 -C- to .o. -a .a .a -a 46 .a ADD,Dm 400,Dm V2,1% am,= .0. 11 .a .a .0. .o. .a .0. 46 205,000 705,000 .0. 92,106 u2,Oas 12 .a .0. .0. .a .0. -a .G 213.000 2131000 .0. -a 213,000 M" ; Imam t D&IM ".dw 1 ma 10i m 106 IAl M ; EM IMM Lmd" Milk Saucy: tarantsllo i calmly, rWW" C06H f�9 S! Wt 09 Las -a W1 Total Developer's Arturn of Ca'ntruotlon 11nerce DeveIMM".t Outatwong Cress DneloPeOs CaOMMAd Dt"IM r'i Wrath DeveltoWt ACtIvIty Lme Cults Costs trots ores i.9.r dlsiv Sales Cash now [4,ttI I44ty trvfit f 1 kM%t LmVtaw = Comtrutlon s 100,000 s 101,M0 s 21,315 s M,815 f 122,115 .0. s MOO s •0. s (10010u)) s K1014M = .0. s .Q 2 .0. IOJ,SM 1,Ia2 102,"2 102,I0 -0. 2Z,691 .0. _D. s00,cm .0. D. 3 G. IVI,xO 2,3if 106,039 UA,a39 .0. 329,776 AL G. LOD,MID Q. .0. 4 _0. JO1,xO 3,710 105,210 U5,210 -c- 434,9" .0. .0. sm,ow .a. 3 _o. 101,xm 4,093 um,393 lDi,317 -r. 541,3)9 _0. .0- ano,an .0. .4. a *gin mw%KL'q .o. 101,700 6,O90 107,M LC',M .& 4t1,9s9 .a. -O. Ko,000 -0. .o- 7 _0. 101,7W 7,XD ws,10o lm,100 231,= l04,749 251,000 AL. K10,mr A .4 a Np;IP Delivery of units .a .0. 5.721 5,701 3,70J M,= 1222,430 M.Ow .0. sm,00o _0. .0. f .¢ .a.. I'm 1,377 I'm 123,Lt77 D. 40D,am 774,1" 703,JR77 776,193 .0. a D. .0. .0. .0. .0. _0. .a am,= am,= I",jC7 400,0m .0. 11 .0. .0. .0. .0. .& & .D. 2Colmo 3051000 A LAW ull" 12 B. .0. .G .0. .0. .•. .0. 215,000 213,DM .& .0. 233,000 VMS MAM LMrM �X17 s M L1f7 7ia Im i 71ia. A ILMUM M IMLI i Os IML >AIL I MAUS 6oum. Tarar+tall* A Co owy. PNYD bu CA94 rule 239WRIMI M Los -OEM tun latsl D.• ium's Not+an or Canetrustlan rinan[e Developaant Dutsterdlrq Crass Developer's CarteltBAae Developer's wants De.slaoant Activity Lard Casts Costs Costs ME Remy on] aCe Sala Cash /im laittI uulty Horit 11 1 Omor0 tdanlramwcq CanstTwtlon S 6t70,000 s 101,X10 S 21,315 S tr22,61S S t22,613 •0. s 122,611 S -0. S (600,000) s ".= s -0- S -0. 2 .0. 101,XI) I'm 102,aw 102,6a .a• 22 's" .D. -0. AW.Cm -0. .D. 3 -0. 101,'100 2,339 104,a39 106,039 D. 1:f,79 .0. -D- toD,GM -0. .0. 4 .0. 101,900 3,710 tm,210 105,210 _D- 434,9" Q. -a 600,000 G. .0- 5 .a 101.5m 4,693 to6,m 106 M M. 741,3" M. -0. WD'am .C6 .D. 6 (►rin MsratiN .& 101.3m 6,09t) t07,390 107,M -0. 6"'m G. C. 60o,000 .0. .0. 7 -0. lai'ma 7,)00 JM,100 to6,600 174,000 50,729 174,= .D- 11M.000 -o. .0. 6 seats Dsllr.ry or Units G. .0. 6,%7 6,367 6,%7 M,DID 200,2% 390,= 40. 611t1,= M. .D. 9 .0. .a. 2,233 21") 2,2)) 2M,W .0. 40o.00n 197,451 C2.so 197,451 41. 10 .0. _0. .D. _0. -0. _0. .0. 47D,a0D 60o,m0 2flR.l+d 400,00D .& 11 .0. .& .0. -0. .0. .D. .0. 2m,00o 2m,= 2M,50 2,01 12 .0- .0. .0. .0. -0. .D- .0. 21 .CM 2i3.0ID -0. .o. 213,0R1 luTX3 L'Q 1# ism LRT N LSM i R>D,RQ TlT 1 27.7 t Sour-.e: tersntello 6 Cmpeny. PRYOFOO CAS4 flol 5Y1NIIst10, 760 Las-MaK Lmts total Dawlaprr'• IMtu[n of C"trurtlon flnarca Dowlopaer.t (mstandf% cross Dmiomos ContriMed Dmlomlo Month Do"lopw, Act1•itf Lud CDWta Coats Costs D1w boay ft;rcr Sala+ Cosh rlar f41111 [wity ►mflt 1 1 romm LOWAOMrc* Corxtrvctltr+ 1 60D,wo 1 101,50o f 21,315 f M,615 f 122,6i5 ,a 1 122.61S f -a s (6D0,MID) : &M,GM S -a 1 - ? .0. 101,5tD 1.No 102,W 102,L02 .a 2z,:s7 .a .a 6m.01D 4- .a ,a lol,50o 2.5N um,0s5 104,0" .a )Qf,TM .0. -a ow,om .a •o- a .a 101,500 3,710 105,210 105.710 &U.9" .a .a 6m,cm .a •a ! •0. 101,500 6,q3 106,") 106,)9) -a 54117)9 .a .a 6CO,o►fi .a .a i spate fasriatIng -a 1D1,500 6.090 MOM 1071M -aa "*,Fn .a .a 41,01f1 -a •a. 7 .a 101,5w 7,)00 106,aM =G,6DD 112.00D K5,729 112,09D .0. 1011,0m .a .a 0 taro 0011"ry of units .a .a 7,UA 7,2" 7,76a 7f0,000 2t2^ M,om •06 6o0,0m .a .a ! .0. _o_ 2,n9 2,"g 2,"9 20,"2 -a 400,WD 17+,0" "S^ Ua,o a .a D. .a -& Ampo AW,0o0 U5,m 60o,Dm -o _a -0. -a 2!l5,000 203,mo dD."2 M5,000 1I _0. 215,0m 215,000 .a f0,152 Iwo" 1Q[llS 1 7M.� 1�a t LA- M[1TTALM lf.i 1< lnirar larlr+tsllo i Ca•Drrr• rsrseau as rttW loff mar -Ocow cat n local OMIOW's 1Mtum of coretnCtlan ►tno Dswlavw Outstwdlng Oro" omlop"Is contrlbut.7 OMIOMIS mwtr bmtocwt +ktivity land costs Costs cats Orr s.p.T all -co Sala Cash flow catty Iqul!l_ front a i oaoote UrNC=mnm CamtruMicn s am, am s 101,7ao s 21,117 s ra,al! 1 u2,117 .0. s 122,617 ! -a f (800,0ao) 1 ow,url i .Q. f -a _ .a 101.x0 lfla.ow loa,as2 -a 227,677 -a -a Sm.cilo _a .a 3 -0. 101,704 2,7)4 10110„ 101,071 -C- 1 'TM ew,am -o. -a a .G. 101'sw ],710 1D7,210 105,210 -a 434's" -a .a Im'Wo -a .a s _a 101,7co 4,073 1 g.m UK.7m) -a. 541,774 46 sm,DUD & -r- aria+ w:wt)m -a 101,700 6'm tw'"o 107,%Q G. 6"8,929 .a .a eo0,mo .a .a .a 1a1,7ao 7,100 1oa.aco We.= 114,00e 563,729 a am,= .a .0. a bon 1*11011 of units .a .a 6'%7 6,Si7 6,767 2W.000 101,2% M.= _a SM'DJo _a -C. * _a -a 3.4" ),scow 3.a6a 111,7N .0_ am,= ae,276 711,764 aa,2m 10 _a _a A. aa0.0m Aw'= 711,7" aoo,000 .o. 207.000 20'am 106,?" 207.000 • � 12 46 A. -a •a .a .a A. 215,= 215,0m -a. 106,764 1oa.276 Wfa13 100.0m i 7W. s 37• 11ti .fi1.7mt Imam— i $ $,as la,� 11 �.� Imi L1g>7� 13.7 t Swn: lamtalla • C;s�pony. mong" 3m[i[a01 MU UWDMc awn Tate) amtam,I nrtusn of Costnxtlon /tnrrrr 0e.r100-4 Gutetandlnq Gross Developer's Car4fIkt4d Oe.aloW4 Owtn Eff".*psent ietiva!f LArd cats Costs Costs Ora pop" ailsncr Saar► Cash Iloa 94dt, [vatty Ptoflt s 1 Mcas9 tnsr�.aeran[a Constsuctlon S KG,OOD 3 lot.= S 21.315 S f71,615 3 127.115 .a S 172,615 S -0. f l6DG,Uor11 >ti WE.= !-a>- 2 .0. 101,500 I'm 10216a+i 102,mc .0. 2nS,677 .0. -a alm,a7h .0. .0. 3 G. 101,5m 2,9" 106,0" 16s,M" .a 34t9,736 -0. -0. 60G,ow 6 .0. 101,5m 3,710 105,210 105,210 .0. 636,766 .0. -a Ka,am .0. -a S -a Iol,S00 6.0" lod,"3 106,773 -a. 541,337 .0. -0. aw.cm a 6 pr^„is+ wr+�tlrs7 -a 101,5m 6,010 107,530 1071"0 -0. N6,ra -a _a 6m.7f1 .0. •0. 7 .0. 101,S0o 7,3m 106,6m MK67 112,000 "5,727 112,000 .0. KC,Mo 6 won call.", of vdts -a A. 7,2" 7,2" 7,2N 231,000 601,"3 2S1,0m •0. IM*%o -0. •a 7 _a .0. 4,522 0,322 6,S22 a6W,= 6,513 am,ow •4- 1m,000 .0. 10 •a .a 73 73 73 6,m -a Alm,0m 773,112 4m.ift m.612 -0. .a. .a>_ -a. .0. .a 2aS,wo =,om 301,10 205,= A. .a .(6 .a _a 215,000 215,OM .& 201,766 13,412 S 71O Sm 1 i wexll M MELME } W-M Z PAW 5 6K1� }T 1.7 s !mace: tanntslla a Dnw%y• ma fats wlrI 1ss UK n Iota] DMIOPWf's *moan of Cwwtnxtlon rim 00"topwt outsta Iry Gros DaysloPWs COVUItutat Dmlaprr's Mnnth D"Iwm, sctt*ltr tand Coata Costa Cats Ors, tray WAm tails+ Cash rlar [a.+tt1 _ [att7 _ Pmfit s 1 faroofd laan/•.mwca Colrtftrtlo*. s eW.= s lat'Ka s 21,)15 s mals s ln,sls .a 1 122,so 1 •0. s ce00,o0D) s sm,ow s -0. s -0- 2 -0. lol,l00 1,7a2 102,ss2 102,ss2 -a Zss,417 .a .a sm,ow _0. A- 2 .0. 101,)m 2,s» Ia,ow 1a,079 .0. 77f,7u _a .0. wo,0o0 G. -0. _D. 101,s00 3,710 105,210 105,210 -a als,t" .a .a. 100.0m _0. -0. s -a 101,500 a,"3 106,"1 10i,)9) .0. 541.7" .a -0. 100,000 .a. .a. i pf¢Jn Mariatlrg -0. 101,7m i,M 107,sf0 107'"o -0. fia'". .0. .0. wo,ow .0. 7 •0. 101'sm 7.X10 JW,Wo WS,@M 174,ME X3,7nf 174,000 A. s00,004 -0. s %W 011lrm Of units 40. •0. s,%1 6,%7 174.0m 41412% 174,000 -a sm,0D0 .0. A. T -0. 4)6 i.W) 4,60 a00,tx1D 1D,T71 s00,0D0 -0. ow,00f1 .0. -0. 10 .0. D. im 23i 2m 21,215 .0. aw,000 778,785 421,20 778,705 .0. 11 .0. -D. .a .0. 46- •0. -o• =,m0 M5,0Do 211,215 20),mo Q. 12 .a G. .C- .0. .C6 C6 21 ,11M wit^213) � oo0 7t0 'lOD �715 f L%W 215 $770 �"a 1.lM.om 1 213 1My7M! 1 2151 0.t s Imam laru tello i cmp". PBCrda11 CASH r-M 23110M MAR II-OLM UNT3 Tatal Davalowl's Aitutn of Corntr4tlon rltincs Dir"Im +^t =stsrdinq cross D+r+lamis Conttlwtao Dnalasw's ssant� Davt)oPNprt Activity lxc Costs Chats Costs troy bi+sr Waco salsa Cash Ilor 14tltr laltt hoot 1 I ftwr0 tmvcawics constnCtim, f Mom 2 _a 3 .a 3 _4 f �!n Mstivtlna .0. 7 _0. • won 0011"ry of units .0. W 11 .4 u .a f 101,300 3 21,313 f M.113 f 122,013 -4. f u2,113 f -a- I (aM,0M) >> Imocm f -4 f .0. WOOD I'm Im'em 1C2,1R1 •i 225,617 .4 .4 1m,OW _a Q. tot'5m 2,s39 104,09 UA'039 -0. 3Zjx .0. .a 100,ow .0. .0. ial,ma 3,710 10312A iM1210 -: 4%,%6 .0. .4 KID,= .Q _4 wl,3m 4,193 106,39) Itt'm .0. 341.339 .D• 46 400,Om .06 .4 101,100 6.090 107,s90 197,M .a "a.m .0. .4 sm,ow -& .0. lat'Ke 7,300 1DI,m0 im,KC 112.= ia5,729 112.= .0. 1m,Om -a. -0. -(6 7,2" 7.2" 7,2" 111.0m sa0,993 I12,m0 .0. I00,= -0. _(6 .4 6,0" 6.0ea 6.0" 4003 oo 147,a79 100.am .a. am,OOo 43. .0. .0. 1,433 1,635 I'm 144,73s .0. am,mQ 231,2K $",734 231,3" .0. .0. .0. -L. .Q A .0. 203,am 2iSAW 3130734 205.am .0. .a .0. .0. -0. .a. .0. 213,= 2i3,aoo 121,734 213.000 W4,734) MCI LE 2y1 JILML734 f ML_ I L!L"-- fm I2� 7f1) 1 ( 3asaoar Tarmtollo A Coparb• 14 SUNKARV At0 COMCLYSIOMS As evidenced by the preceding Protorso Cash flows and as summarized below, the estimated rate of return under the eight scenarlos range between -16.1 percent and 41.0 percent. As expected, the rate of return Improves as the number of affordable units, is reduced and when moderate -income units are incorporated into the project rather than low-income units. ESTIMATED RATE Oi RETURN No. of units Moderate -Income LOW -Income 1 41.0 S 37.0 S 2 27.2 S 19.3 % 3 13.5 x 1.7 E 4 (0.2) a 116.1) % It should be noted that that@ rates of return reflect point estimates based upon a aeries of assumptions detailed earlier In this report. The actual rate of return achieved by the Spinnaker Bay development will depend upon to what degree variances from these assumptions are experienced and in what direction (i.e., positive or negative) they occur. It is the opinion of Tarantella A Company that it variances do occur, they era more Ilkley to occur In a negative direction resulting in a reduction of the rate of return. The more significant factors which could cause such a result are as follows, (1) a more langthly absorption period) (2) an increase In construction costs; and (3) a reduction in achievable sale prices. There are several more downside risks then upside potential. for example, It is for more probable that In the midst of on economic recovery period that interest rates, labor costs and construction materials ore all likely to rise In price; thereby, further reducing potential profit. Yet at the sans time, recently rising Interest is rates have substantially slowed housing sales .(With a predictable increase in absorption period for now construction), and substantially Suppressed real estate appreciation rates to below current estimated cost of living price levels. Any anticipated increase in potential sales prices is extremely unlikely. In simple language, although the project is modestly profltabi• alter providing one moderate -income unit, the "downside" is greater then the upside. Given the risk lsvel associated with this type of development and the eforementlonmd likely direction of any variances, It is our opinion that the only reasonable scenario is the inclusion of one moderate -Income unit. Based upon our experience and knowledge of specific development projects, Tarantella i Company has found that most developers would not undertake such a develop- ment without an expected rate of return of at least SO percent. In summatlon, In a financial world where high-grade corporate bonds are yielding 12 percent or more, with full liquidity and no management require - cents, our most recent experience in the evaluation of development projects for similar clients suggests required rates of return In excess of So percent on invested capital over the term of the project. it Is our conclusion that only one of the previous scenarios approaches this benchmark (one moderate - Income unit), and we strongly recommend that only a one moderate -income unit requirement be Imposed within the Spinnaker Bay development. 0 CITY OF NEWPORT BEACH DEMAND FOR PAYMENT Oat( Demand of: Tarantello & Company Address: 3931 MacArthur Boulevard, SuitQ_102 Newe2rt Beach California 92660 In the amount of 3 3,500 00 ITEM OF EXPENDITURE BUDGET # AMOUNT Professional services rendered re research and preparation of feasibility analysis for Spinnaker Bay 02271600 Aooroved For Payment: TOTAL $3,500.00 W—.-VMw Auajtg1d and Approved: artmenz nea Hance Director .+.w.�a.�.� - , _ ��...,...- r_� - , ..«. ,.-:.+Je-..a�.�-+w. '- wru:J.r�.. �. .,.�'�F..r �s•.re.a{J+.i�1 •r. ��'`�. `e; VED FOR ;,PAY MENT "I Al hector ' �'! �, .'•F:rr r'I yi,�':`,f :'�:'��.i+ri'✓ «;e• 1�S'wss r:. r.%• •' .s1• +'.., f:'. : liiEf,�,.,. =I. n!" r ! .•`.y.. I[a. .. r. �.;�.•. r ..1�. 1, :'i �,�prrri�•:i IS' 7.Ir •�tf •:. Services Rendereds .,Research and preparation of • feasibility analysis for the; .;t•: above -referenced property regarding the inclusion of r•7` r�•i•.r :�; i[� '�1t7t'• ..' I, :,.� '�.., , lr • ! , ab..! . 'r .k L �•e ;• _.affordable units • �f,.' • '/ ! ; �1 r. ••.. n r. a:f •. . ',f •�., `r r� �` • •f J. •mil ,!' + li. 'ati % f'Y` •r.i f ''� *r r-rr ii�.t 1 .•' `' r i, I . I.rrt.r •01.�j� rl t. rs•y , tX1.r�i-!•i �iI ! 1., a `' `! •+� , •,r. !` r,.%rt r:4titi.I,. tfgl'F �11%S (` ; i,,wa4;M• .r'.o•�:f:q rrsT.N1s,�i,r i:, �, 'r: Sl�iTX %r�l,���St(.r._,rr�t}:{1i r fW: +f.';, .!,! ,1r . •.' 1 �. .•!{,!•. 1+�: ' .' r.' ..i•N. 14 wi:^.l �f !i'' r.. r' :L• �r4t � j�., ' t f �y !, 11•r �.! 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I , s�` 'Terms ' Due and payable. .A' finsncewchargs ► >> Ail i .., • �. Y�:Jri +eh f'i • - -per Month lch its ` an 'astinual r r:,,•�?,�j{Y.� . t. r r,f.f 11.'M,k': 31ii:lw .t,•.� eS s f1 7 J '�- ercantsge rate ,of;�l&Z is 'charged on 'all f {,P@st � d'ue accoun�+ts', 14f , ►. pg� •:; s. ,• xt� Z�,,x::�.�Ia� '1 Plssse •eke chsok 'payable to ,TARANTELLO # COMPANY :'anA' aariit tot '1y'Zt;...'.., :.Y•u; t:•t1 r.I•?t .. �ff7lalr. •a s t, .. LS I: r' +•: �t+•••4.^ r{r- f'i! Jr" :. - li 7 •t: •".' :}':..•b' f.'..i•s:.:��''_' ,tip.' .Jf yf? �E w'r`f y .r•'f•.Y•.�'r' {+. �, `• }[YIr •� ��; ! ` u+'t.'K I ' ':r" ;1 �' 393i MacArthur Boulevard}'Suits '102 r yy '•..1 , •. •a' `: f •r:' r'r1 •'f• :4j f f•� �!r f Y•i , • I ••i! "3 • i T.•' • r J t fa': �' J•j Y� •,r/,r „=•r of 4, : Nerport Basch �Californis .92660 ►, �t ° Jar . ►•�• + •I �r"f•;�+ vy,. `� '•�; ••;111• , ,.,.,N9Vp I )i' 11,I „ "•r'•r �S' 1 :; ' •"•,.r r,• . ,T •.i � ., fj•(i�•I ,. J r4 .f '..•,:.w{`•-wr` r:�� �i r:.• '' •' ,}.,,a'"1 ti+�.!!t; v 4 !r 4. 95 :x�;,;a .r :.1te • appreciate this opportunity . to . be of :. service and look fo ,ra d ' . continued ..i..,'rr • ;}: patronage in the future. •.-: :.; ;.�';-;�T r:•Sy, ••'r••• M•,I�; ,, '{•,•'r: � v �� ! s 1" Respectfullyw subelttedo r,- , .: ,.�. ' ,. 1 r i a. .r •.., „, •TARANTELLO A COMPANY r I ' 1'! F.: ,f�, �'•i e , . t . t » '� Sf�••ti'•y f ♦jj i,. t .r ! ., r .�ii 1 �. :�ij 'f" •- ) .�•I :.� - S:1 i� i,.e 1./:f. '1yY'�1',•. r.t •tr , I �,' rj 1 .; �tex�'` i '. ;Timothy S. 411e L r k ti • s .! . .1j •-�:I f1•,rJr Y1 - FI ; , !♦ 'fit �• ', fr.rir t It- - a.J' r' Vic* President " I• J L / �•�t 1}}fI�1�,(a��•rw .r.rpY F. -;. f r ,. .'k.'1.r�!!S'1f:'.yr J. !s'il %aw r •'i i t t'Y 1!r!*!�1 '/± mot,. tiiir•" �. /! ' :lat�nh • •� • �t�0'�1; .,�. ; � , '• ''t. . /'• ' / `,i"r• nr ,v .• • , . ..j . f r r. �•, � � Lrr 1_�j ,. ,�,�e. yr.F, �': �'�"+ L ! S%1, 4 '! " •f . i:I -.^ • , ! j f ✓ yy.,, Y'!'riiiY 1 w+Lt�r,' r y .=' . ` I t s•.r,-� . �••; µ� � s,(g,, / '�' ,' ,: ' *'I i. �; �"'''I'. .'• f Y .'rf Id,1 r '!1q t+ .,ir' it'. i t' .,:. •t,'`7``<.s e►:+ srd ,r ! t'w+!{T 'l, s r:.r. r J!,) x #? `t :.ii '! �•7t) v/S� tom!'. ��r: r.yt�f S j • f.t t'!: t!1 y:" , I., hr f �y"� u.�g. 'i.1�'S�'+/y� x,�': �`�'I 7 rr�`.y�/� r :i�" p'�'�?' r•' u. �rl'1 T�A!t.il'i 'h ls+ � i• I•rii f y i/ 1 ��+ E yr!"t!_r�L•/F�itlfxtS[' - t � Jf1�? P�i7 i�f6 ' v' � 2 � :¢ � �.., r.rh3.• •J /.Zrw"wa � ... r r ..•i tL ti f �r • fti.> [ Wale Development Corporation July 6, 1983 Mr. Robert P. Lenard City of Newport Beach 3300 Newport Blvd. Newport Beach, CA 92663 Dear Bob, Enclosed please find the Spinnaker Bay Site Plan of Existing Structures and also the Legal description of the same. if '49 is an/y� qu tion feel free to call. ere Edw rd H . / Wq�.e Pry ,i EW; ko encl. 17752 Mitchell Street, Irvine. CaftrNa 92714, (714) 863.0022 1 I LEGAL. DESCRIPTION 2 in the City of Newport Beach, County of Orange, State of California, all of Lots t 3 14, 15, 16, 17 and 18 In Block 2 of Balboa Bayside Tract per map tberenf recorded 4 in Book 4, Page 78 of Miscellaneous ,Maps, In the Office of the Recorder of Orange 5 County, and that portion of Bay View Avenue, also known as Cypress Street, vacated 6 by order of the Board of Trustees of the City of Newport Beach dated July 5, 19269 7 recorded August 10, 1926 In the Office of the Recorder of Orange County, and that 8 portion of Bay Avenue,'eslso known as East Day Avenue, vacated by order of the 9 Board of Trustees of Newport Beach dated August 4, 1919, recorded August 10, 10 1926 in the Office of the Recorder of Orange County, described es follov.ss 11 Beginning at the Northwesterly corner of said Lot 14; thence South 17°04'20" W 12 155.61 feet along the Easterly right-of-way line of Cypress Street, 30.0 feet wide, 13 ; to the point of intersection of the Easterly line of Cypress Street and the Northerly I 14 i line of Bast Bay Avenue, 40.00 feet wide, thence North 84054'30" Fast, 93,20 feet 1 15 ' along the Northerly line of Fast Bay Avenuc to an tingle point in said line; thence i 16 k South 55618104" East, 8.03 feet along the Northeasterly line of Last Bay Avenue to the 17 I Southeasterly corner of said Lot 18; thence North 34°15'14" East 82.76 feet along the i 18 Southeasterly line of said Lot 18 to tlic Northeasterly corner of said Lot 18, said 29 ; point also being in the Southwesterly line of a 10.00 foot wide alley shown on said 20 map of Balboa Bayside Tract;thence North 52"45'40" East, 126.25 feet along the 21 Southwesterly line of said alley to the TRUE POINT OF BEGINNING. 2$ 23 24 25 26 27 28 LM � DA:y '.;• ICY ti ti :• 4' 10' S•1:1'L..2�' 1 +.GY • •. 'TVIO eJiVe`( •mac. �l • \ci c4u" �iARJ� z g 1 \ .a A 1 irtc� ri • I TV40 tCatits • , '�i t + ;` Ferftit- ' e• ft�v� R TRet By, S. W M, r-.f•83 00,44 W!", 4 AS50C 111 S. ST. ORANGE ft! G"• 9 Ur :f 0 Planning Commission Meetinnv st 18, 1983 Agenda Item Nos. CITY OF HEWPORT BEACH TOs Planning Coaymission FROM: Planning Department SUBJECT& Use Permit No. 3057 (Public Hearing) 15 and 16 Request to permit the construction of a ten unit residential condominium development and related carport parking spaces in the R-4 District, and the acceptance of an environmental document. AND SUBJECT: Tentative MaR of Tract No. 12035 (Public Hearing) Request to subdivide five existing lots and portions of vacated Cypress Street and vacated Day Avenue into one lot for residential condominium development. LOCATION: Lots 14-18, Block 2, Balboa Bayside Tract, located at 406 East Bay Avenue, on the northeasterly corner of East bay Avenue and Cypress Street, on the Balboa Peninsula. ZONE: R-4 APPLICANT: wale Development Corporation, Irvine OWNER: James D. Ellis, Balboa ENGINEER: Don Creek and Associates, Orange Applications These applications are a request to permit the construction of a ten unit residential condoainium davelopsnnt, and a request to subdivide five existing lots and portions of vacated Cypress Street and vacated Flay Avenue into a single lot for residential condominium development. Residential condominium developments are permitted in any residential district upon securing a use permit. Use permit procedures are sat forth in Section 20.80 of the Municipal Code. Tentative map procedures are set forth in Chapter 19.22 of the Code. Environmental Significance An Initial Study was prepared for this project in compliance with the California Environmental Quality Act and City Council Policy X-3. It has been determined that this project will not have a significant impact on the environment, and a Negative Declaration has been prepared for Planning Commission review. • •TO: Planniooasaiaaion - 3. (1) A portion of the roof line of those units over the garages is within the maximum height limit; however, because of the shortness of the roof line, a portion of the roof dons rot meet the average height lizit of 28 ft. Should the langth of that portion of the roof be extended, the mid -point or average height would be lowered. With the exception of the above noted roof height, the .proponail development meets or exceeds all applicable development standards set forth In the zoning Code. Park Dedication The applicant has indicated that he wishes to meet the requiremotits of the Park Dedication Ordinance through the payment of in -lieu fees. Tho Nark Dedication Ordinance (PDO), Chapter 19.50 of the Municipal Code, requires that as a condition of a final subdivision map, the subdivider shall dedicate land or pay a fee in lieu thereof, or both, at tho option of the City, for park or recreation purposes at the time and in accordance with the provision of the PDO. Based on a ten unit project and existing fees, the al,i,licant will be regpiired to pay approximately $33,281.19. �Zcific Findings and Recommend&tions Section 20.73.025 of the Municipal Code gets forth the necunhnry Findings to approve a residential condominium project. In addition, Section 19.12.070 of the Code sets forth the procedures for recommending to the City Council the approval of a Tentative Map. Staff recommends the approval of these requests and has provided Findings and Conditions of Approval in the attached Exhibit "A" for Planning Commission consideration. PLANK G DEPARTMENT JA HEWIMR, Director A- L sociate Planner CG/kk Attachmsenta t Exhibit "A" Vicinity Map Negative Declaration Tentative Tzact Map Plot Plan, Floor Plan and Elevations '1'ao Planni .Comsz;ission - 2. ... . Con formance"vith'General Plan and Adopt d Local Coastal Pr ram hand Use Plan The Land Use Element of the General Plan and the Adopted Local Coastal Program, Land Use Plan, designate the site for "Multi -Family Residential" uses. The proposed development is consistent with these land use designations. IneesaThe uch as the proposed development is located within the Coastal zone, the applicant must comply with Council Policy P-1 which requires the inclusion of low- or moderate -income housing in the Coastal Zone, where feasible. The applicant has agreed to provide one unit of moderate -income housing, which constitutes lo% of the proposed development. Prior to obtaining building permits, the applicant shall pay all appropriate tees and conform with all applicable requirements as set forth in Council Policy P-1. Subject Property and Surrounding band Use The subject property consists of five lots which will be consolidated into a single parcel. The existing development on the site consists of older residential buildings and related garage areas. The property is surrounded on all sides by other residential uses. Anal sis The following outline sets forth the major characteristics of the proposed development: Let sizes 0.282 acres (12,283.9t sq.ft.) Setbacks: Required Proposed Fronts East Bay Ave. 3' 3+ Sides: Cypress St.(w) 3' 3' Easterly Side 4' 41 Rear; Alley 5' S' Buildable Areas 10,538 sq.ft. 3 x Buildable Area (permitted in R-4 District, excluding parking) 31,614 sq.ft. Proposed Gross Structural Area (Excluding garages) 10,213 sq.ft. Floor Azea Ratios ..96x B.A. Excluding Garages 1.13 x B.A. Including Garages Parkings Required: 1.5 spaces/unit Providedi 2 spaces/unit (I garage, 1 carport) Building Heights Maximum Average Permitted 33' 281 Proposed 310-619 .301 (1? Open Spaces Required 261;x 132' x 6022,126 cu.ft. Provided 59,346 cu.[t. Tot PlannoCommission - 4. .., (9 EXHIBIT 'A" FINDINGS Alta CONDITIONS OF APPROVAL USE PERMIT No. 3057 AND TENTATIVE NAP OF TRACT No. 12035 USE PERMIT No. 3057 FINDINGS: 1. That each of the proposed units has been designed as a condominium with separate and individual Utility connections. 2. The project, as conditioned, will comply with all applicable standard plans and zoning requirements for new buildings applicable to the diR trict in which the proposed project is located at the time of approval. 3. The project lot size conforms to the 'Zoning Code requirements in effect at the time of approval. 4. That the proposed development is consistent with the General Plan and the Adopted Local Coastal Program# Land Use Plan, and is compatible with surrounding land uses, 5. That adequate on -site parking spaces are available for the proposed residential condominium, development. 6. The establishment, :maintenance or:operation"of the use or building applied for will not#=under the circumstances of the particular case, be detrimental to the health, safety, "Paoe,•.cowfort and general welfare of persons residing or'working in the neighborhood of such proposed 'use,'or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. CONDITIONSt I. That development shall be ' in'' 'substantial conformance with the approved plot plan, floor plan, and elevations except as noted beIow. 2. That all applicable Conditions of Tentative Tract No. 12035 be fulfilled. CONDITIONS; (Exhibit "A" Continued - UP No. 3057) 3. That that portion of the roof line which exceeds the height limit shall be revised to conform to the Zoning Code. 4. That prior to the issuance of building porrtita, the applicant shall comply with all oaf the requirements of City Council Policy P-l. TONTATIVE TRACT MAP No. 12035 FIIMI14GS t 1. That the map meets the requirementrs of Title 19 of the Newport beach Municipal Code, all ordinances of the City, all applicable general or opecific plans, and tha Planning Commission in natisfied with the plan of subdivision. 2. That the proposed subdivision presents nr, problems from a planning standpoint. 3. That the site is physically suitahle for the development proposed. 4. That the design of the subdivision or the proposed improvements will not conflict with any easements, acquired by the public at large, for access through or use of property within the proposed subdivision. COUDITIONSt 1. That a final swap be recorded. 2. That all improvements be constructed as required by ordinance and the Public Works Department. 3. That- a standard subdivision agreement and accompanying surety be provided in order to guarantee satisfactory completion of the public improvements if it is desired to record a parcel map or obtain a building permit prior to completion of the public improvements. 4. That each dwelling unit be served with an individual water service and sewer lateral connection to the public water and server systcsas unless otherwise approved by the Public works Department. 'ter. 4 COND` ITIOHS: (Exhibit "A" Continued • TT flap No. 12035) 5. That the on -site parking and the pedestrian circulation system be subject to further review by the Traffic Engineer. 6. That all vehicular access to the property be from the adjacent alley. 7. That a ten -foot radius corner cutoff at the corner of Cypress Street and East Bay Avenue be dedicated to the public. 8. That landscape plans shall be subject to review and approval of the Parks, Beaches and Recreation Department and the Public Works Department. 9. That deteriorated portions of curb, gutter, and sidewalk be reconstructed along the Cypress street and the East Bay Avenue frontages, along with reconstruction of the curb return and relocation and replacement of the existing street lights on East Bay Avenue with standards approved by the Public :forks Department. The curb return should be reconstructed on a fifteen -toot radius with an access ramp included. All work shall be constructed under an encroachment permit issued by the Public Works Department. 10. That the existing eight inch sewer twain and six inch water main located in the adjacent alley be reconstructed, and that the Utilities Department be notified prior to thoeir installation, as the City may be interested in extending the improvements. 11. That the adjacent ten -toot wide alley be reconstructed per City Standard 140-L. 12. That all utilities serve the development from the adjacent alley unless otherwise approved by the Public Works Department. 13. That prior to the recordation of the final map, the applicant shall pay an estimated $33*281,19 in fees pursuant to the requirements of the Park Dedication Ordinance. T ki 'My 4. _`2•� i�- ILA-IC.J �IEGATIYE DECLARATION"_. TA: Secretary for Resources 1400 Tenth Street Sacramento, CA .95814 County Clerk 0 Public Services Division P.O. Cox 838 Santa Ana, CA 92702 FROM: Planning Department City of Newport Reach 3300 Newport Boulevard Newport Beach. CA 92663 NAME OF PROJECT: Cypress street Condominiums PROJECT LOCATION: Cypress Street and East Day Avenue PROJECT DESCRIPTION: Ten unit residential, condominium development and related parking spaces FINDING: Pursuant to the provisions of City Council Policy K-3 pertaining to Procedures and guidelines to implement the California Environmental Quality Act, the Environmental Affairs Committee has evaluated the proposed project and determined that the proposed project will not have a significant effect on the environment. 1 MITIGATION MEASURES: None t INITIAL STUDY PREPARED BY: City of Newport Beach .: INITIAL STUDY AVAILABLE FOR REVIE�I=AT I r - • 330d"wport'--9906aHf --Newport Beach, CA DATE RECEIVED FOR FILING: L Environmental Coordinator Date: August 11, 1983 I r� O C ia• r ANAW Mw 0~ u AP+ man r ...r� F►r.alw � r• l �� c, \ the c" C � C J91 y yV ` •F � w } DISTRICTING MAP ' NEWPORT BEACH -- CALIFORNIA '=' �r�r1M■L ■Inowtu� • trvttrLY ■luo/■lut � �1 MKti /MIRE Kfm%A% Cwr LOW OW.rI■WL ! •—t •UPI, ■ M10INlYt C—t Glue" [Om■t■Cut l/ fill ht fit` M1MLi PIAKV KOGWr/lL n»r MAMPAGIV0106 OM ■14 .■l 00■0 iMf1 14 1 1 iwi4■Itrfrl. 0■L NM IIM ► o r,r�rw w ♦Mr w / • 1�arw Tti.. • 3 or 09 Auk S 71 F } �� NMWI�.Y.I.IY/YMPllflll/�7r'1�11A fWi�.� �Frwy.�yM►�iti+ww.F..iYIIF �p r1M.Uwb�We rw4rw+rry.... SMOM CE OF PUBLIC HEARIM • Notice is hereby given that the Planning Cosmis*ion of the City of Newport Beach will hold a public hearing on the application of Wale Development for USE PEWIT No 3057 and TEIMATIVE MAP TFACr No. 12035 on property located at 406 East Bay Avenue. Pequest to permit the construction related carport_parking spaces in th lots and Qortions of vacated Cypr residential condominium development. of a 10 unit residential condominium develnsymnt and e R-4 District and a request to subdivide fivo existir ess Street and vacated Bay Avenue into nnn of for NOTICE IS HEREBY FURTHER GIVEN that a Negative Declaration has been prepared by ryfrp City of Newport Beach in connection with the application noted above. It is the present intention of the City to accept the Negative Declaration and supporting documents, The City encourages members of the general public to review and comment on this documentation. Copies of the Negative Declaration and supporting docur:ents are available for public review and inspection at the Planning Department, City of Newport Beach, 3300 W4"t Newport Boulevard, Newport Beach, California, 92663, (714) 640-2197. Notice is hereby further given that said public hearing will be held on the lath day of August 1983, at the hour of 700 p.m. in the Council Chambers of the Newport Reach Cite/ Hall, at which time and place any and all persons interested may appear and be heard thereon. Dave Goff, Secretary Planninq Coimnission City of Newport Beach NOTE: The expense of this notice is paid from a filing fee collected from the applicant. MSNUTE5 Fx i- � a y o + s !lotion I I Al1Ayes xixx1xx Augaat 18, 1983 .ems _. _ -I That the Planning Commission may add and/or modify conditions of approval to this use permit upon n determination that the operation which is the object of this use permit, causes injury, or iM d rimental, to the health, safety or welfare of the community. . . . Request to %t lish a restaurant facility with on -sale beer and wino in the C-1 District. AND Request to waive ell he required off-street parking spaces in conjunction w h a request to establish a new restaurant in the C-1 Din ict. LOCATION: Lot 3, fleck 11 Section 4, Dal" island Tract, located a 204 Marine Avenue, on the easterly si of Marine Avenue, between Park Avenue Balboa Avenue, on Balboa Island. 7.ONE r C-1 APPLICANT: Prank's Market, Santa Ana OWNER: Myrtle M. Huycke family Trust, Laguna Beach Staff suggested that these items be continued the September 22, 1983 Planning Commission Meeting as r the request of the applicant. Motion was made to continue Use Permit No. 3056 and Variance No. 1105, which Marron CAARI m. . . . Request to permit the construction of a 10 unit residential condominium development and related carport parking spaces in the R-4 District and the acceptance of an envirormntal document. AND Request to subdivide five existing lots and portions of vacated Cypress Street and vacated Say Avenue into one lot for residential condcainius< developmnt. 23 Iten 113 USE PERMIT NO. 3056 AN D Item 014 VA R I AN Car No. 1105 Continued to Septem- ber 22, 1983 Item 115 USE PERMIT N0, .3057 Item 0 16 TENTATIVE MAP OF TRACT t;o. 12015 L 7 com c August 18, 2983 F 0-c I ��42 F city O ROLL CALL Mat ion All Ayes s r'. LOCATION: Lots 14-18, Block 2, Balboa Bayside Tract. located at 406 East Hay Avenue, on the northeasterly corner of East Hay Avenue and Cypress Street, on the palhoa Peninsula ZONE: R-4 APPLICANT: Halo Development Corp., Irvine OWNER: Jaz+es D. Ellis, Balboa ENGINEER: Don Greek and Associates, Orange Staff suggested that these items be continued to the September 8, 1983 Planning COmmisninn Meeting as per the request of the applicant. Motion was rAde to continue Use Permit No. 3057 and Tentative Map of Tract No. 12035, which MorioN CARRIED. . . a Request to revise a previously approved Tentative map of Tract No. 10814 which permitted the creation of three lots for condominium purposes in conjunction with a 32 unit residential condominium development in the ig Canyon Planned Community. The proposed revision is t create 21 numbered lots for single faaily rest ntial purposed one numbered lot for private recrea nal purposeal and two lettered lots for privates eat purposes. LOCATION: A rtion of Blocks 55, 56, and 93 of the Irvi 's subdivision, located on the northe side of San Joaquin Hills Pvad between amboree Road and MacArthur Boulevard, the Big Canyon Planned Community ZONE a P-C APPLICANT: The Irvine Company, He t Beach OWNER Same as Applicant Staff suggested that this item bin continued the September 8, 1983 Planning Cossaission Meeting a r the request of the applicant. 24 M NUTES Z Continued to S` Septem- ber B. 1983 Item 417 IENTATIVY. MAP OF TRACT NO. 10814 Continued to Septem- ber 8 1983 CITY OF NEWPORT BEACH P.V. BOX 176R NEIVPORT BE, 'H CA 92663 3RR4 PLANK= DEPARTMENT (7R4) 640-2261 August 29, 1983 Mr. Edward H. hale, President Wale Development Corporation 17752 Mitchell Street Irvine, CA 92714 Dear Mr. hales As we discussed at our meeting of Thursday, August le, 1983, additional materials are needed before the City can complete its processing of your application for demolition and reconstruction of residential structures at 406 East Day Avenue. The following information must be submitted for all current tenants or those who have resided in the structures for more than forty-five days in the previous twelve months: 1. Tenant's name 2. Tenant's current residence address 3. Tenant's business address 4. Tenant's home and business phone S. Dates of residence in the unit in question 6. Tenant's income 7. Reason for leaving (former tenants only) S. Existing rental rates • 9. Description of existing units (i.e. number of bedrooms, baths, etc.) In addition it will be necessary to indicate which tenants have lived in which units. If you know for sure that a tenant is low income it will be sufficient for you to just indicate that that tenant is low income. In cases where a tenant is moderate Income it will be necessary to provide the specific income information. For purposes of determining whether or not a tenant is low income or moderate income you can use the following guidelines ramilx Size 1 2 3 4 Lori Income $18,200 $20,800 $23,4a0 $26,000 3300 Newport Boulevard, Newport Beach Mr. Edward H. Male August 29, 1983 Page 2 is Familj Size Moderate Income 1 $28,300 2 $32,350 3 $36,400 4 $40,450 Council Policy P-1 requires the City to provide units similar in nature. For purposes of determining price, the City would use the Genoral brackets of low or moderate income to determine which category the replacement units would fall into. We would not require that the rent structure necessarily be the same as the price of the existing unit, but rather a low incorp- unit would be replaced with another low income unit and moderate income unit with a moderate income unit. Host of this information is requested in the City's Application for Residential Demolition/Conversion which is attached. The number of units and structures proposed for demolition are in that range for which requirements for replacement of low and moderate income units is subject to the City's finding of feasibility. We will thus need an analysis of the feasibility of providing various numbers of low and moderate income units, starting with one unit and continuing up to either tho maximum numbers feasible or the maximum potentially required as replacements for existing low and moderate units, whichever is smaller. The analysis should be based on the following monthly costs for principle, interest, taxes, and insurance, in the case of ownership housing, and all fees and charges associated with the use and occupancy of a housing unit and the land and facilities associated therewith plus a reasonable allowance for utilities including garbage collection, sewer, water, electricity, gas, and other heating cooking and refrigeration fuels, in the case of a rental unit. For purposes of determining the housing expense for a rental unit, you should use an average of the estimated costs for the next 12 months including the items listed above. Household Size Low 1 2 3 4 Income $18,200 $20,800 $23,400 $26,000 Monthly Exp. 455 520 585 650 Hod Income 28,300 32,350 36,400 40,450 Monthly Exp. 707 809 910 11011 The analysis should include all developer costs such as land, interest and permit fees as well as a reasonable profit. In order for the City to make a determination that replacement units are not required under Council Policy P-1, it will be necessary for you to demonstrate that it is not economically feasible to provide those replacesment units. Kr. Edwaxd H. Male • August 29, 1983 . Page 3 • Assuming that most of your existing units qualify as low income, and that it will not be economically feasible for you to provide one for om replacfFMnt units, it will probably be the City's position to require the provision of 10% of the new units to be affordable to a median income family. Using these guidelines your maximum income and housing expense would be as follows; Number of Persons 1 2 3 4 Income $23,600 $26,950 $30,350 $33,700 Housing Expense S590 $674 $759 $842 Once we have this information, we can complete processing your application. If you have any questions, please call me. Sincerely, PI.A R4IHG DEPARTM£NT JAMES D. HEWICKER, Director By-634"e. ROHERT P . LEIIARD Advance Planning Administrator M y '4 F August 31, 1983 Mr. Robert P. Lenarc S Advance Planning Administrator Community Development Department CITY OF NEWPORT BEACH 3300 Newport Boulevard Newport Beacli, Californla 92663 Dear :ir. Lenard: M31 M*-A W'r BN4 SUN tot k.»ow 8*.vn, CA tXW Pursuant to our meeting, we are pleased to submit this prcposca agrOWlient for our professional services in connection with the subject assignment. %licit executca ana returned to us, this document will authorize the preparation of a feaatibillty study evaluating the Inclusion of affordable housing In the Spiruutker Bay development, a 10-unit condominium project. The following outlines the scope of work, the time sche6ulo and fee appropriate to accomplish the stuay objective. 013JECTWE The primary objective of the assignment Is to evaluate the feasibility of requiring a specified number of affordable units within the Spinnaker clay development. More specifically, the analysis will lnclucx- consideration of the following: (1) A determination of both the appropriate price level and averago absorption period. (2) Support for what is a "fair return" to the developer of this project. (3) Consideration of up to four affordable units within the development project. (4) Consideration of the appropriate family size(s) based upon the number of bedrooms provided within the existing structures. (S) Analysis of the affordable unit issue strictly on a "for sa.10 basis. SCHEDULE The basic conclusion ana results of the analysis wUl be presented by 1:00 p.m., September 6, 1983 to Mr. Robert Lenard at the City of Newport Beach. The final written report trill be prepared r nd delivered by September ?, 1983. (Four copies of the report will be furnisheo.) FEE Our fee for the scope of services as outlined above will be $3,500.00, payable upon delivery of the final written report. I .S _ kid. + a ♦ � wI�, .I CITY OF NEWPORT BEACH August 31, 1983 Page two We appreciate the opportunity to submit this agreement. if this ir,eets with your acceptance, please sign and date this document where indicated below; return one executed copy to our office. Kespectfully submitted, TARANTELLO & COMPANY R. Tarantello President Timothy S. Love Vice President Rl'/ TSL:iz/x Enclosures APPROVED AND ACCEPTED: JR• t A2t4 CITY OF WEXPORT BEACH L S Uu e ki MINUTES September 8, 1983 � r r. p City of t Beach C 3 - s That the Planning Coarnission may add anVor modify "Imitions of approval to this use yvrolt and varia upon a determination that the operation which is subject of this requbpt, causes injury, or is mental to the health, safety or welfare of the coem 12. That 8 parking spaces ahall provided on an informal basis on the Shell servic tation site located at the corner of Kest coast it and Riverside Avenue. a . . Requont to permit the construction of a 10 unit Item 47 residential condominium development and related carport parking spaces in the R-4 District, and the acceptAnce USE PERMIT of an environmental document. NO. 3057 AND AND Request to oubdivide five existing lots and portions of Item i8 vacated Cypress Street and vacated Bay Avenue into one lot for residential condominium development. TRACT MAP OF TRACT AND NO. 12035 Request to consider a Coastal Development Permit for AND thn purpose of establishing project compliance for a 10 unit residential development pursuant to the Item 99 Administrative Cuidelines for the implementation of State Lary relative to Low-and-Hoderate-Intone Housing COASTAL within the Coastal Zone. MI6 LOCATION: Lots 14-10, Block 2, Balboa Bayside Tract, located at 406 East Bay Avenue, and portions of vacated Cypress Street and vacated Bay Avenue, on the northeasterly corner of East Bay Avenue and Cypress Street, on the Balboa Peninsula, ZONE: R-4 APPLICANTS wale Development Corp., Irvine OWNER: ,lanes D. Ellis, Balboa Fir. Edward H. Wale, Wale Development Corporation, 17752 ALL Mitchell St., Irvine, appeared before the Commission. AppRpy Mr. wale stated that after reviewing the staff report CONDI- TIONAL. 19 0 MSMAES M 0 • September 8, 1983 • MeWe'r;no 1 he agrees with the Findings for Approval except for two conditions that he would like modified. Mr. Wale further stated that this project was designed to avoid anY possible variances to implement the project. Mr. Wale referred to page 3 in the Staff report relating to the shortness of the root line, and page 5 of the staff report, Condition No. 3, relating to conformity to the Zoning Code. What staff is asking, regardless of the position the applicant is in, is that the roof be extended further so as to meet the average height limit of 28 feet. This roof extension would prevent the problem, but would add roof area which would be detrimental to the project. Mr. Wale mentioned that he could do thin and bypass the requirements, but he believes this would be detrimental to the project in its entirety. Mr. )fewicker, Planning Director, clarifies! Mr. wale's comments by stating that the applicant would have to make his project worse to meet the requirements of the Zoning Code, and by making the mass of the roof bigger. Mr. Newicker further stated that staff has had problems with various provisions of the height ordinance ever since it has been in existence. The Planning Commission has, in the past, made a finding that so long as the solution that is bring proposed, does not provide for any view obstruction, or otherwise make the situation worse, it would be sufficient to leave the design of the roof as proposed. Referring to page 7 of the staff report, Mr. wale stated that relating to Conditions No. 10 and 11, he does not believe he has to improve the whole alley just because he is putting in a ten unit residential project. Mr. Donald Webb, City Engineer, stated that as far as Condition No. 10 is concerned, the extent of that improvement would be across the frontage of the subject property only, and not adjacent to other properties. The existing sewer main in that area is an old main which is approximately 40 to 50 years old, It is one of the mains that needs to be replaced. The water line is also in a similar situation. Concerning Condition No. 11, Mr. Webb indicated that the existing 10 foot wide alley is in a poor state of repair and that at the time where the water and sewer lines are connected, there is not going to be any pavement left in the alley. 20 T O . MWES FULL CALL motion XI A11 Ayes x x x x • • September 8, 1983 Mr. wale commented on another concern of his, the Mello Bill, which he agrees to, but hopes that, besides the alley, this will be the only compromise that he will have to make. Motion was made for Approval of Use Permit go. 3o57, Tentative flap of Tract No. 12035, and Coastal Development Permit No. 2, with the exception that a finding be added to Use Permit No. 3057 regardinl the roof line, Condition No. 3 of Use Permit No. 3057 be removed, and that Condition No. 1 of Use Permit No. 3057 be changed to delete the wording, 'except as noted below', which NOTION CARRIED. USE; PERMIT NO. 3057 PINDINGSt I. That each of the proposed unit" has been designed es a condominium with neparate and individual utility connections. 2. The project will comply with all applicable standard plans and zoning requirements for new buildings applicable to the district in which the proposed project is located at the time of approval. 3. The project lot size conforms to the Zoning Code requirements in effect at the time of approval. 4. That the proposed development is consistent with the General Plan and the Adopted Local coastal Program, Land Use Plan, and is compatible with surrounding land uses. 5. That adequate on -site parking spaces are available for the proposed residential condominium development. 6. That the proposed roof line that does not meet the average height limit, meets the intent of the Zoning Code, and will not obstruct any views. The extension of said roof line to meet the Height Ordinance would be more detrimental to the surrounding property than the proposed design. 7. The establishment, maintenance or operation of the use or building applied for will not, under the circumstances of the particular case, be detrimental to the health, safety, peace, comfort 21 e 'lt r► 3r A w o � 0 • soptember 8, 1983 and general welfare of persons residing or working in the neighborhood of such proposed use, or he detrimental or injurious to property and improvements in the neighborhood or tho elatlaral welfare of the City. CONDITIONS: 1. That development shall be in substantial conformance with the approved plot plan, floor plans, and elevations. 2. That all applicable Conditions of Tentative Tract No. 12035 be fulfilled. TDMATIVE MAP OF TRACT NO. 12035 FINDINCSt I. That the sup meets the requirements of Title 19 of the Newport Beach Municipal Code, all ordinances Of the City, all applicable general or specific plans, and the Planning Cosmtission is satisfied with the plan of subdivision. 2. That the proposed subdivision presents no problems from a planning standpoint. 3. That the site is physically suitable for tho development proposed. 4. That the design of the subdivision or the proposed improvements will not conflict with any easements, acquired by the public at large, for access through or use of property within the proposed subdivision. CONDITIONSs 1. That a final map be recorded. 2. That all improvements be constructed as required by ordinance and the Public works Department. 3. That a standard subdivision agreement and accompanying surety be provided in order to guarantee satisfactory completion of the public improvements if it is desired to record a parcel map or obtain a building permit prior to completion of the public improvemnts. 22 CCM/VV% *1GS . C September 8, 1983 City of Ne% M • 4. That each dwelling unit be served with an individual water service and sewer lateral connection to the public water and sewer syster+a unless otherwise approved by the Public Works Department. S. That the on -site parking and the pedestriarn circulation system be subject to further review by the Traffic Engineer. 6. That all vehicular access to the property be from the adjacent alley. 7. That a ten -foot radius corner cutoff at the corner of Cypress Street and East Bay Avenue be dedicated to the public. A. That landscape plans shall be suhjnct to review and approval of the Parks, Peaches and 11 rcreation Department and the Public works Department. 9. That deteriorated portions of curb, gutter, and sidewalk be reconstructed along the Cypress Street and the East Bay Avenue frontages, along with reconstruction of the curb return and relocation and replacement of the existir.9 street lights on East Hay Avenue with standards approved by the Public works Department. The curb return should be reconstructed on a fifteen -foot radius with an access ramp included. All work shall be constructed under an encroachment permit issued by the Public Works Department. 10. That the existing eight inch sever main and six inch water main located in the adjacent alley be reconstructed, and that the Utilities Department be notified prior to their installation, as the City may be interested in extending the improvements. 11. That the adjacent ten -foot wide alley be reconstructed per City Standard 140-L, 12. That all utilities serve the development from the adjacent alley unless otherwise approved by the Public Works Department. 13. That prior to the recordation of the rinal Map, the applicant shall pay an estimated $33,281.19 in fees pursuant to the requirements of the Park Dedication ordinance. 23 MINUTES 0 e x mr ll Mix =i • • WAM September 8, 1983 W.A■111111 f i Noticm All Ayes I � x 1 x 1 x 14. That prior to recordation of the Final Map, the applicant shall enter into an agreement with the City guaranteeing the provision of l unit affordable to a County median income family for a period of no less than 5 years. Said agf"mwnt shall be recorded. • f R Request to revise a previously approved Tentative Map Item 410 of Tract No. 10814 which permitted the creation of three lots for residential condominium purposes in TENTATIVE conjunction with a 32 unit residential condominium MAP development in the Big Canyon Planned Community, The TRACT proposed revision is to create 21 numbered lots for NO. 10814 single family residential purposes; one numbered Iot for private recreational purposoal and two lettered lots for private street purposes. ION A portion of Blocks 55, 56, and 93 of the Continued Irvine's Subdivision, located on the to October northerly side of San Joaquin Hills Road 61 1983 between Jaaboree Road and MacArthur Boulevard, in the Big Canyon Planned Community. ZONE APPLICANTi TheNIrvine Company, Newport Reach OWNERI Same alkapplicant Mr. Jim Hewicker, Pial ing Director stated that The Irvine Company, applica for Item No. 10, Tentative Map of Tract No. 10814 ( isedj, requested continuance of this item to the Pla ng Commission Meting of September 22, 1983, Commissioner Person suggested having the Regular Planning Commission Meeting for tcber 6, 1983 for continued items only, and any na itemm that would norally be filed for October 6, 19 to be scheduled for October 20, 1983. Notion was now made for the continuance f Tentative Nap of Tract No. 10814 (Ravised) to Oc 6, 1983, which NOTION CARRIED. • 0 . 24 Planning Comission Meeting September 8 •i993 M FROM s SUBJECTS Agenda Item No. 7 e 9 CITY OF NEWPORT BEACH Planning Commission Planning Department Use Permit go. 3057 (Public Hearing) Request to permit the construction of a ten unit residential condominium development and related carport parking spaces in the R-4 District, and the acceptance of an environmental document. and Tentative Map of Tract No. 12035 (Public Hearin gl Request to subdivide five existing lots and portions of vacated Cypress Street and vacated Bay Avenue into one lot for residential condominium development. and Coastal Development Permit No. 2 (Discussion) • Request to consider a Coastal Development Permit for the purpose of establishing project compliance for a 10 unit residential development pursuant to the Administrative Guidelines for the implementation of the State Law relative to Low -and -Moderate -Income dousing within the Coastal zone. LOCATIONi Lots 14-18, Block 2, Balboa Bayside Tract, located at 406 East Bay Avenue, on the northeasterly corner of East Bay Avenue and Cypress Street, on the Balboa Peninsula. TONE: R-4 APPLICANT: stale Development Corporation, Irvine OWNERS James D. Ellis, Balboa ENGINEERS • Don Greek and Associates, Orange Background At its meeting of August 18, 1983, the Planning Cou=ission continued this item to September 8, 1983 at the request o: the applicant and staff. The purpose of this continuance was to insure compliance with SB 626 (Hello) and City Council Policy P-1. Staff has been working with the applicant and a r • TO: Planning CAksion -2. rt ;vt consultant in the preparation of a feasibility study regarding low and moderate income 'replacement units' potentially required by P-1. A staff report and copies of the feasibility study will he distributed to the Planning Comission prior to the September 8, 1983 meeting. PI. MING DEPARTMENT JAMES D. HEWCKER, Director By QAe,*P" .. _. ROEERT P. LENARD Advance Planning Administrator 39 I Planning COMission „eeting Se tester a 1981 1"I SUBJECT: LOCATIONS ZONES APPLICANTS OWNER s EHGINUR S Applications Agenda Item Nos. 7, g, a 9 CITY OF NEWPORT BEACH � � V Planning Commission Planning Department Use Permit No. 3057 (Public Hearin ) Request to permit the construction of a ten unit residential condominium development and related carport parking spaces in the R-4 District, and the acceptance of an environmental document. and Tentative Mae of Tract No. 12035 (Public Hearing)_ Request to subdivide five existing lots and portions of vacated Cypress street and vacated Bay Avenue into one lot for residential condominium development. and Coastal DevelOPment Permit No. 2 (Discussion) Request to consider a Coastal Development Permit for the purpose of establishing project compliance for a 10 unit residential development pursuant to the Administrative Guidelines for the implementation of the State Law relative to Low -and -Moderate -income Housing within the Coastal Zone. Lots 14-18, Block 2, Balboa Bayside Tract, located at 406 East Bay Avenue, on the northeasterly corner of East Bay Avenue and Cypress Street, on the Balboa Peninsula. R-4 Kale Development Corporation, Irvine James D. Ellis, Balboa Don Greek and Associates, Orange These applications are a request to permit the construction of a ten unit residential condominium development, and a request to subdivide five existing lots and portions of vacated Cypress street and vacated Bay Avenue into a single lot for residential condominium development. Residential condominium 14 .1 ,• . TOs Planning coax Xion -2. developments are permitted in any residential district upon securing a use Permit. Use permit procedures are set forth in Section 20.80 of the municipal Code. Tentative neap procedures are set forth in Chapter 19.12 of the Code. Environmental Significance An Initial Study was prepared for this project in compliance with the California Environmental Quality Act and City Council Policy It-3. It has been determined that this project will not have a significant impact on the environment, and a Negative Declaration has been prepared for Planning Commission review. Conformance with General Flan and Adopted Local Coastal Program, Land Use Plan The Land Use Element of the General Plan and the Adopted Local Coastal Program, Land Use Plan, designate the site for "Mufti -Family Residential" uses. The proposed develop-m nt is consistent with these land use designations. Inasmuch as the proposed development is located within the Coastal zone, the applicant must cooply with Council Policy P-1 which requires the inclusion of low- or moderate -income housing in the Coastal Zone, where feasible. The applicant has agreed to provide Me unit of moderate -income housing, which constitutes 10% of the proposed development. Prior to obtaining building permits, the applicant shall pay all appropriate fees and conform with all applicable requirements as set forth in Council Policy P-1. Subject PropertZ and Surrounding Land Use The subject property consists of five lots which will be consolidated into a single parcel. The existing development on the site consists of older residential buildings and related garage areas. The property is surrounded on all sides by other residential uses. Analysis The following outline sets forth the major characteristics of the proposed developments Lot Size: 0.282 acres (12,283.9s sq.ft.) Setbacks: Required Fronts East Bay Ave. 3' Sidess Cypress St.(w) 3' Easterly Side 4+ Rears Alley 5+ Buildable Areas 3 x Buildable Area (permitted in R-4 District, excluding parking) Proposed 3' 3' 4' S' 10,538 sq.ft. 31,614 sq.ft. i ?01 Planning Assion -3. Proposed Gross Structural Area (Excludinq garages) 10,213 sq.ft. Floor Area Ratios .96 x B.A. Excluding Garages 1.13 x B.A. including Garages Parking: Required: 1.5 spaces/unit Provided: 2 spaces/unit (1 garage, 1 carport) Building Height: maximum Average Permitted 331 28, (1) Proposed 31'-6" 30 Open Spaces Required 28' x 132' x 6' - 22,126 cu.ft. Provided 59,346 cu.ft. (1) A portion of the roof line of those units over the garages is within the maximum height limit; however, because of the shortness of the roof line, a portion of the roof does not meet the average height limit of 28 ft. should the length of that portion of the roof be extended, the aid -point or average height would be lowered. ; With the exception of the above noted roof height, the proposed development meets or exceeds all applicable development standards set forth in the Zoning Code. Park Dedication The applicant has indicated that he wishes to meet the requirements of the Park Dedication Ordinance through the payment of in -lieu fees. The Park Dedication Ordinance (PDO), Chapter 19.50 of the Municipal Code, requires that as a condition of a tentative subdivision map, the subdivider shall dedicate land or pay a fee in lieu thereof, or both, at the option of the City, for park or recreation purposes at the time and in accordance with the provision of the PDO. Based on a ten unit project and existing fees, the applicant will be required to pay approximately $33,281.19. Coastal Residential Develo nt Permit Council Policy P-1 sets forth procedures and requirements for the processing of demolitions, conversions and new development constructed within the coastal zone. Staff was initially under the impression that there was no more than two individual dwellinq units on any one lot within the existing subdivision which exempted the project from any replacement housing requirement. Consequently the original staff report dated August 18, 1983 treated the project as "new development" under Council Policy P-l. However, there are in fact four dwelling units on one lot which requires the City to consider the project as a demolition or conversion under Council Policy P-1. The applicant Planning Cession -4. 0 has submitted information indicating that a substantial portion of the existing units are in fact occupied by low or r4derate income families. Since the project involves the demolition of more than three but lass than ten dwelling units in more than one structure, the City is required to provide one for one replacement units unless it is sham that it is not feasible to require these units. In order to determine the feasibility of requiring replacement units, staff has contracted with Tarantello and Company of Newport Beach to provide this analysis using funds provided by the applicant. A copy of thair report is attached for consideration by the commission. The report provides an analysis of return on investment with the project including one moderate income unit, one low inccce unit, two moderate income units, two low income units, three moderate income units, three low income units, four moderate income units, and four low income units. The return on investment varies from 41% with one moderate income unit to minus 16% with the inclusion of four low income units. It is the opinion of the consultant that the project is not economically feasible with the provision of any more than one moderate income unit. It in staf:'s recommendation that one affordable unit (10% of the total) be provided on site. This unit would be affordable to an orange County median income family which roughly corresponds to a City moderate inco" family. This requirement is consistent with the City's overall goal of providing 10% of the annual housing production as affordable units for low and moderate income families. In addition, it is consistent with the requirement that the Planning Commission and City Council placed on the Morgan Development Company project on 32nd Street. S ecific Findings and Recommendations Section 20.73.025 of the Municipal Code sets forth the necessary Tindings to Approve a residential condominium project. In addition, Section 19.12.070 of the Code sets forth the procedures for recommending to the City Council the approval of a Tentative Nap. Council Policy P-1 sets forth procedures for approving demolitions and conversions in the Coastal Zone, Staff recommends the approval of these requests and has provided findings and Conditions of Approval in the attached Exhibit "A" for planning Commission consideration. ' PLANNING DEPARTMENT JAMES D, HEKICKER, Director by ✓ CHRIS GUSTIN Aolft. Associate Planner CG/jg Attachments: Exhibit "A" Vicinity Hap Negative Declaration Tentative Tract Hap distributed 8/18/83 Plot Plan, floor Plan and Elevations distributed 8/18/83 Affordable Housing Possibility Analysis f '• .,.TO% Planning colasion • EXHIBIT W FINDINGS AND CONDITIO11S OF APPF(J AL USE PERMIT No. 3057 AND TENTATIVE MAP OF TRACT No. 12035 USE PERMIT No. 3057 FINDINGS: 1- That each of the proposed units has bean designed as a condominium with separate and individual utility connections. 2. The project, as conditioned, will comply with all applicable standard plans and zoning requirements for now buildings applicable to the district in which the proposed project is located at the time of approval. 3. The project lot size conforms to the Zoninq Code requirements in effect at the time of approval. 4. That the proposed development is consistent with the General Plan and the Adopted L cal Coastal Program, Land Use Plan, and is compatible with surrounding land uses. 5. That adequate on -site parking spaces are available for the proposed residential condominium development. G. The establishment, maintenance or operation of the use or building applied for will not, under the circumstances of the particular case, be detrimental to the health, safety, peace, comfort and general welfare of persons residing or working in the neighborhood of such proposed use, or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. COND� ITI ONS i I. That development shall be in substantial conformance with the approved plot plan, floor Plan, and elevations except as noted below. 2. That all applicable Conditions of Tentative Tract No. 22035 be fulfilled. TO: Planning CoAsion -6, 40 COND� ITIONSt (Exhibit "A" Continued - UP No. 3057) 3. That the, portion of the roof line which exceeds the height limit shall be revised to conform to the Zoning Code. 4. That prior to recordation of the Finol Hap, the applicant shall enter into an agreement with th© City guaranteeing the provision of 1 unit affordable to a County median income fAmily for a period of no leas than 5 years. TE:rrATIVF. TRACT HAP No. 12035 FINDINGS: 1. That the map meets the requirements of Title 19 of the Newport Beach !Municipal Code, all ordinances of the City, all applicable general or specific plans, and the Planning Commission is satisfied with the plan of subdivision. 2. That the proposed subdivision presents no problems from a planning standpoint. 3. That the site is physically suitable for the development proposed. 4. That the design of the subdivision or the proposed improvements will not conflict with any easesrents, acquired by the public at large, for access through or use of property within the proposed subdivision. CdND_ ITION8: 1. That a final nap be recorded. 2. That all improvements be constructed as required by ordinance and the Public Works Department. 3. That a standard subdivision agreement and accompanying surety be provided in order to guarantee satisfactory completion of the public improvements if it is desired to record a parcel map or obtain a building permit prior to completion of the public improvements. 4. That each dwelling unit be served with an individual water service and s*wr lateral connection to the public water and sewn systems unless otherwise approved by the Public Works Department. s r 4TO: planning COAion -7. CONDITIONS: (Exhibit "A' Continued - TT flap tW. 12035) 5. That the on -site parking and the pedestrian circulation system be subject to further review by the Traffic Engineer. 6. That all vehicular access to the property be frost the adjacent alley. 7. That a ten -foot radius corner cutoff at the corner of Cypress Street and East Bay Avenue be dedicated to the public. 8. That landscape plans shall be subject to review and approval of the Parks, Beaches and Recreation Department and the Public Works Department. 9. That deteriorated portions of curb, gutter, and sidewalk be reconstructed along the Cypress street and the East Bay Avenue frontages, along with reconstruction of the curb return and relocation and replacement of the existing street lights on East Bay Avenue with standards approved by the Public Works Department. The curb return should be reconstructed on a fifteen -foot radius with an access ramp included. All work shall be constructed under an encroachment permit issued by the Public Works Department. 10. That the existing eight inch sever slain and six inch wator main located in the adjacent alley be reconstructed, and that the Utilities Department be notified prior to their installation, as the City may be interested in extending the improvements. 11. That the adjacent ten -foot vide alley be reconstructed per City Standard 140-L. 12. That all utilities serve the development from the adjacent alley unless otherwise approved by the Public Works Department. 13. That prior to the recordation of the final map, the applicant shall pay an estimated i33,281.19 in fees pursuant to the requirements of the Park Dedication Ordinance. f POP iIAA • X y ti r. Cy 10, �! � nCol. , d fC . «. s «i.M +w...«M. C4 v 4f / d /� 1 .r 4olvANr s1r IA . w i ULM* ir w ♦ r rw w/law■�rrOrrr0 ar+�• ~yam • - � � c DISTRICTING MAP NEWPORT BEACH -- CALIFORNIA �♦ 4�EMTWr■� K�NprnK♦ rtKTr�,[ •lLN■+.K —' ldLl 11"KV oft"N w C—' 119Mr G""mt•■t �� oVp►ri [ ■ ftam"K C—r "ON$" c0■�■l�[ t —r wwU mmTMN MbNY msowv4p N&OU"mome CMI�w C1[TMCTI ■ w f n koA Tw.• w dtC NM Use qmwur k5o. 3OS> RuD Temmrof mw 4, AND COASTAL DEVe.t.opmrwT PNgMr AIo.L aw 46GATIVE DECLARATION 0 TO: Secretary for Resources 1400 Tenth Street Sacramento, CA 95,314 County Clerk Public Services Division P.O. Box 838 Santa Ana, CA 92702 NAME OF PROJECT: Cypress Street Condominiums FROM: Planning Gepartwnt City of Newport Beach 33GO Newport Boulevard Newport Beach, CA 92663 PROJECT LOCATION: cypress Street and East Day Avenue PROJECT D£SCRIPTION: Ztn wnit residential condominium development and related parking spaces FINDING: Pursuant to the provisions of City Council Policy K-3 pertaining to Procedures and guidelines to implement the California Environmental Quality Act, the Environmental Affairs Committee has evaluated the proposed project and determined that the proposed project will not have a significant effect on the environment. MITIGATION MEASURES: None MENN INITIAL STUDY PREPARED BY: City or Newport Beach INITIAL STUDY AVAILABLE FOR REVIEW AT: 3300 Newport DATE RECEIVED FOR FILING: ulevard, Newport Beach, CA Environmental Coordinator Date: Auqust 11, 1983 i September 7, 1963 3931 %RacArror &,d SAO 102 t► *C<r 9axn CA 9XA0 (714) e33 2&W Mr. Robert P. Lenard Advance Planning Administrator Community Oevelapaent Department CITY Or NEWPORT BEACH 3300 Newport Boulevard Newport Beach, California 92663 RE: SPINNAKER BAY. Deer Mr. Lenardr in accordance with your request and authorization, Terentello A Company has prepared a report evaluating the feasibility of requiring a speciried number Of affordable units within the Spinnaker Bar development. Included in the following report is an analysis of the Spinnaker Bay Project with the inclusion of one to four, low- to moderate -income units. The appropriate price level and average absorption period have have been estimated end the issue of •fair raturn• to the developer has been addressed. We thank you for this opportunity to be of service and look forward to your continued patronage in the future. Respectfully submitted, TARANTELLO & COMPANY R. Tarentello, CRE President / _42:F�CU� Timothy S. Love Vice President ilst/nh art x r'?.! A( , *4ilN AFFORDABLE HOUSING FEASIBILITY ANALYSIS of SPINNAKER DAY 10 Condominium units NEVPORT BEACH, CALIFORNYA Residential 0evelopment By: DALE DEYELOPHENT CORPORATION Submitted Tot CITY Of NEBPORT BEACH 09/07/83 Submitted Bys TARANTELLO A COMPANY i STATEMEJIT Of ASSUMPTIOIiS Spinnaker say (1) Project characteristics 0eacri Lion 51iG Na. atUnit: Plan A Plan B 1 Bedroom 924 sq.ft. Plan C 2 Bedroom 1,020 sq.ft. 4 Plan 0 2 Bedroom 11105 sq.rt. 1 2 Bedroom 1,158 sq.ft. I Total 10 (2) land_ ownership.-. At the start of project construction it is assumed that the land Is owned outright by the owner. (3) hand Cost; Provided by Vale Development Corporation (4) Construction Period: A seven -month construction period Guist$ between beginning construction and coapletlon or units. (5) Construction Costs: Provided by Yale Developaent Corporation, as follows: Ofrsits Costs : 141,650 Direct Onsits Costs 419,$50 Indirect Onsite Costs __148,6_60 Total Cost ! 710,060 (Rd.) f 710,000 The construction costs are assumed to be incurred evenly over the entire constructian period. (6) Flnsftln Prime Rates The rate charged against the outstanding loan balance is 2.5 percent over prime; prime is assumed to be 11.0 percent. A loan fee was assumed to be 3.0 percent of the construction costs. (7) lee • $ant of Loan; Based on 100Y or gross sales. (6) Absorption: An absorption or two units per month will be achieved during the first four months, while the remaining two units will be absorbed at a rate of one per month. It has been assumed that the lower Priced units would be absorbed first. The sales will begin In the seventh month after commencement of construction. • • 2 STATENEMT Of ASSUMPTIONS, continued. Spinnaker May (9) Pricier of Condominiums; Pricing of the condominium units was provided by stale Development Corporation, as follows, Plan A f 195,000 Plan 8 f 200,000 Plan C $ 205,000 Plan 0 s 215,000 (10) Affordable Unit „Pricing: The affordable units would replace the Plan A units in all scenarious considered. Unit Pricing was derived based upon Income information cited in a letter from Robert P. Lenard, Advance Planning Administrator, to Mr. Edward H. Male, President of Male Devel- opment Corporation. Because the designated affordable units will be one -bedroom condomi- niums, the income level for tvo-person households was Considered rele- vant for potential occupancy. Based upon industry standard, a maximum of 33 percent of the household+s gross income can be allocated towards housing debt. Typical financing terms for residential units has been assumed to be 10 percent down; 13.3 percent rate; with 30 year amortiza- tion. Both low income and moderate income levels ware analyzed. The resulting Affordable Unit Pricing used in calculations are as follows, Low -Income Units : Si,000 Moderate -Income units = gy�pQ0 ". 1 SLMrNMT or ■13101111lAL "AAK[i ACtl"1Y (As of August 2), 191)) At1RA0E SALES PRICE AYERACE DAYS ON MARKET ACTlv1 LtSt1MGS Since Last Sine Lest Since Lost Since Last Average Average category Cosa Doc► Listing boob Year-to.Date Coop look Listing boor Year•10.0e1e Lilting Price Days on t+sr►et Ste• ' Tr0 or Less bedrooms 1 1e6,4DO 1 112,000 S 176,900 12) 111 124 1 206,400 101 All Residential f 23),a00 0 211,000 f 250,600 141 136 131 1 310,400 10) 91 • Arco District t0 f St0,600 N/A f 320,400 2)b N/A 221 1 724,500 1)7 (falbos ►ennisuls) All Residential 1 235,400 f 211,600 f 2301f00 141 136 137 1 )e0,400 10) Sources multiple Listing book - Values 34 (August 2A, 1183)1 Newport Harbor/cost• Ness Sosyd of Realters. i • 11LM1ARi Of WRRINI L111111CS (As or August 23. 190)) mop Per. No. Address /tdlcoo 6 / paths Souest feet Listing fr1C. its / labor Q1ssrirt_wo. a 1 317 Canal Street 2 / 1 -- ! 161,519 roe 714 t7nd Street 2 / 1 3/a -- ! 125,000 Leese 255 42nd Street 2 / 2 -• ! 132,00:, least 4 30V Cotton 2 / 2 •• ! 135,000 Lease ! 310 Lu90n14 2 / f 314 .. ! 135,003 terse A t2A 25th Street 2 / 1 .. ! 17t,000 rot 7 a 405 134 40th Street 47th Street 7 / t -• 2 / 1 .- ! 113400o 1 205,000 tot • ►tit plstriet No. t 7502 Cra,t►le. Drive 2 / 1 1.bi0 f 235,000 Loose t0 313 onyx 2 / 2 -- ! 27t,000 fee t1 204 coal 2 / 1 1.000 ! 249,000 rot 12 M Coral ? / 1 1/2 .- ! 345.000 fee District_ke. 10 13 $15 r. bellies Boulevard 2 / 1 1,D00 i 17S.L�0 raw 14 2101 Cransda Avenue 2 / 1 .. f 245.000 rot is 2054 t. Ocean Avenue 2 / ? .- 5 210,000 ree 14 2113 Seville Avenue 2 / 1 3/4 .. ! 319,003 ret 17 1577 t. Oresn Avenue ? / 2 .. ! 339,000 Fes it 2021 Miramar 2 / 1 1/2 -- ! 30,090 ►ae i 3LROMI or 1ltsrnt SALES (Aa of August 21, 1963) *00 set. No. Address Ndra"s / laths Litttoy PACs sales tile. Date o1 Salt 0tstritt ro. i I 3117 0. low Avenue 1 / 1 l 310,800 f 245,000 01/21/83 7 117 Vle Vella 2 / 1 6169,90 ! 250,000 04/04/82 3 10 lsibes Boulaverd 2 12 f 425,90 1 380,000 09/01113 4 15/0 t. atom &votive 2 / 7 f 290,0oa si/A 1n tittle. SO4CC91 11110111,1138 Llating 111414111 . reluws 34 (A„lrst 24, 1913)1 Merpsrt 11416ef/Cos116 Mean Board of 11e4111ers. =COMparmum Market Data • Listing sale hill Slapraw— TM' 011 i �'."r a i� it I a f 'I ��/ / • ' +�. `� �_� I '� ,u;a ! = y � .r �• *� y � •.f 1� ��I ! � 1M1Y IMt�1D�1 W � '�1 + ' � r • f % r rrraw� 317 t r' r.wL.'.". • �1.�i �j r CrK /+��•` lMfYtl� . 57 ,wa Y 1 1 w 1'�•a a 'lt� J� •• _.,,._._.,� __.• ' ` Ll If,i.• V alb.; �.�• ��:�•j���'=- r� ��`+ ''�`•• `»�'YYIjF4�,�.1•� •' �� an. �, �'ii a•. .~1t i Al 0 f r •, i 1,. • • �. • .% t 11� zi A T •1 a II � �f I ` �i1T Subject }' t *NOW OWAA r_ 's •' y �■r �tLt a r.wr tCERA4101 ONE 110wjnAii-1MCOMI UN11 Knth Gf�flolre►t Activity lrnd Crrrtruetla, Casts llrrrrY lOUI Oe.flePW4 ORst&,dlrg Gross 0frflotxr,$ D"f1wor's Cordllb.ted Oatvr*s of OfvelotsrII - Costs Cants 11rsw F^4y tflnef 3+1n Cash /Jur 1VrJt1 [adtt Wit It 1 Ro"', tyrJ —cm C"amrtlon y WU.DW 1 101,scn �1,31s tn,els s lt1.Ns .a s 127,915 ti .a s iltrl,cml — .a 101,soa 1,3e? 107,t[Q IOQ,i9? .4 775a97 , .a .a trrnn } .0. 131,'J.M 2,S)9 lt)t,tt}9 10a,C3i .a 3r'i,7u .a .4 r er,,lr, .a G. .a _a } .0. 101.X0 y,710 lOs,?la lO3,?lO .0. 431,9a6 .4 .a err,,ctU _a .0. -4 wI,xa t,tff 1016.)93 10t,393 _0. 311,I)y .4 .0. tr]U,tfn .a t E1r�tn wr�tlnq .4 103,5w t,U9a 1071}90 1MIM _4 trO,}79 .a .a rta,rrrl .a .4 7 -4 lOJ,7f0 7,30a JOBAM 106,WD 7t7,QM 475,729 2_?" ,00a _a. un UA .4 .a e De11pfry of tnits -0. .4 3,331 3,352 S,}S: }9D.00D !l,OeJ )ya,00a .4 tUU 011l .4 .a 10 1.05 1,02S 1.Cri 92.106 .a 404,0Ud 3Ul,e9a 47i,lot 31J7,I94 _a .a 11 .4 .a -4 _a _4 -a _4 aw,oaa Aoo,am a,Ja am,aoa -a si .a .a .4 -4 .a .a mom ]as oua � .4 91,106 112,e94 _a .a `� .4 --- .4 _a ----- .a .a ?Js,000 ?ls,oaa u3,= JR1AL: R>ff.� 710 sm i} �Jt 1 SN 1Qi 1} 7i4.1pt Ait 1a A7.u.o 1 SOWM3 141" llo t Cafpnr, 0 . C1�, XW OOM CAN 0101 mmmot coc u&tienc tout WIMP, laotlwwt dcticltr land Comtructjm rihwco Total or.Mlownt Ddsts*nllp Grote tkti9110oerl4 Drnitwr•t tuittPJAM etmum ar trw:.;xr•5 - Cats Cats Colts pets„ 14pr1 blwx• IdIn Cash rJw IV 1t�— .._ « ta•:ie h2rJt f 1 Mrttdd tar ":~4C* CvAirLrtlu, >< IM.ttM >< 103.So0 137,615 S -a S (am. Mn lu,,rrrr 5 7 -a 101,500 t.3e17 lo7,Nt7 1o?,ea7 .a ZM,497 -0. -a "Jill 3 .a lol'%o 7,534) la,o79 lo4,n35 .a )",7u .m .a rrri.flu + _a 101,3oD 3,71D 1Sri.710 los,210 .0. 434,s4i _a .a �ce,,i�el _a • 5 -a 101'sw 4,l9) 106,"3 10i,"1 _a 541,339 .a -a f; lryln wt.►tl� .a 101,500 i,090 107,530 107,590 .0. i a'm .a .a 1 .a 101,5fD 7,3U0 1oe,tt3D lol.00a 251,CW 5u'm bl.aon .a 1<ri," o ^ oeil+rrr of Units .a .0. 5,701 5,7W 5.?m M'mo 177,430 "O,= .a 1W.Am .b .0. -a -a 1,371 1,337 1,NJ iJ3.1t31 .a 4M,= 274,193 573,E TJt.l•3 .(� 10 .0. .0. .a .0. .a .a .o. 4ra.avo 40b.Ow 173.lCr 400,om .0. 11 .0. .0. .a -a _a .0. .a 7m.000 9er3,om .a t23,t1R7 p.Jl3 .a .o. .a 715.0m 215,Om .a -a iu,00a 7l0 5it0 i S4,)Al 1 !N �7WyW7 7N ems) �_0. 1 �Ll �1DIT3 }70,Oq 21i fTl n.o t tIUTXS�� I=C91 taentr113 f Ca"rij. m I RWOF*d CASH tUx sL[1t M: "a tbl.ttm[ tests local oewltper s mrsft of c"Inctsan firr ce or"loPerd Mslwltrry cross 0e•elaW'e Cv. M&Aa f CWsilaver'e h,.elwwit ectivltr twd taste Corti calls blwce sele+ COO 11o■ 9411111 14611F Karst f 1 eewtO l(wi/Cawwce Ctrntnttly. S 11W,OW S m. m S 21,31s S 977,115 S W,613 .a S 122.415 1 .4 S CKID,CllD) S 1[b.W, S -a S .4 2 .a 13i.sm !,!!2 tw.A t 1D7,w2 .a zm,tt7 .0. -4 ru,ur, .0. .4 s .a U4.1 D 2,sY1 lame» 1a,019 G. 3n,716 .0. .a @M,0rr1 • .a iCi.SW 3,710 10,210 105,210 .a` ut,O" _a -a sm,rrrt .4 .a s M. 1c1.300 rr,1191 lmc,»s 1M,393 .a 541,3» .a .a sw,trn .a • legtn *A1WIng .a 1c1,7Ct1 i,m 1at,sso 1C1,s90 .a "6.9 9 .a .o. sm,an 7 •a 1=.son 7,3w Im,100 10e,100 174.0w 743,729 173,000 _a am.Ofl, .a .0. i •el:n Orllrerr or trite .a _a 6,547 6,sii i,%? "O,000 3m,m m,Orr1 .a sm.Orb : •a .a 2,237 2,2s] 2,253 22.UP .a AM.Ow 117,451 so 111.451 .a 10 .0. .a .a .a .o- .a .a AM,000 &W,= m," am,= .a 11 •a .a _a -a AL .a .a X5.0w 705,000 .4. =.%s 7.431 .a .a .a 213,00D 215,0m 4. .a 215,OM �Ow i n•- _ ! 7�f4■s1! f,S�9 1 7M ?17 �S1 �m_L fJQ1 1217,451 71.7 2 !stets: Torontello i culwy. u erettr s"WOs WD LW -DC i[ Wn Total Drwla"r'L Ititun of c=*trkttlm FIwrc+ Develop-4 Dutstsrdln0 Cross Drnloprr's CWt1ltL4@d Dr.r1%Wt's sv'tn DrrrlR*+nt Activity Lard Costs grits Costs Orr "I 0slw" salrs Csth r1o. VIA Iy Mitt Roflt 5 1 Arcuro LorvTowA " Constnettm 1 aM.000 3 101,500 f 21,M 1 972,60 1 ln,6I5 .a b 1n,ils 1 -a 1 (00.0m) 1 IMAM 1 -0. 1 .& 2 Q. 101,l/A 1,3v 102,ew im,sn -a rm,Atl _0. .t. NZ),urr .a -a 3 .06 101,XD 2,s" 166,0" W4.077 -a 329,736 sm,00D -% -3. + _0. 101.im 3,710 10.710 101.210 -a +34,9" .a •C- Kg). am .a .4 s .a 1Dl,%G 4,893 llx,„) UK.") .Q 5411M •a -a sm,0oo G. .a L OnIn east■r;1r'p .0. 101,xo 6.090 107,sf0 107,sT0 .0. 64,9" .0• Am,ow •0. -a 7 .a t01,XO 7.30o 10I.10o W0.400 112,am Ms,72! 112,0m •tf aw,.= D. -0- 0 /rein arll.rry of tnits •0. .0- 7,2A4 7,2" 7.3" 7TO.000 2i2,s'f3 M,= .0. sm.ow .0- 0 .O' .a. 2,f7! I'm 2.9" 2q,"2 .0• AW'Dw 134,0" "s,ri7 1M.0" .o 10 _ .a .a .a .0. .a .a aw,ow aao,am 261,9s7 400,DW .a ll -a. .a. .0. .0. _o. -0• 4. 2Dl.= 207,ow AD,"3 20s,ow .0. 12 .0. _0. .a .a -0. -0- Z. 21s,o0o 21s,ow .d• iD,0" 1m.w lt)ilt5 1 �,Om Ana, an al? 1 ss7 !!? f 7a.rt� �7i1� L. � i�� % �1 t�0 l�'= Tarr[+: lartrttllo i CaT. FWD" CAN r106 tam Wlmff tmua M is total tlr+ sq-1'4 wtu* 6f cw*t"tlon riew covel,g Outata+dlnq Gross DevelOW'a Curtrlt.itrd OeveloWds ssxt� Dr.elu�rtt IrllrltT tr1e Costs Colts Colts elm Mlwcv S+Irs Cash /lo. (yam (altr Roth f 1 tarnuo trm7cr.Qicr umtr%cticn 1 auo,omo 1 1a),sw 1 nois 1 m,us s ln.sls .a s 122,615 1 .a s f4m.0m) 1 aoo,ua ? .a IOI.SCo I'm Im,aa7 107,aaa .a ns,497 .a _a aao.&M 3 •(� al,X0 2,339 104,039 I04.09➢ .0. 7Q9,73f -a .a aw,rxal 4 -a 101,sm 3,710 I03,no 105,210 .a 434's" _a .a sm,orn 3 .a 101,sm 4,893 IOC,m 104,393 .a 341,1)9 .a .0. a0Ti3OrD .a .0. 4 U31n awr*at Ing -a lol,Xu 4,090 107.3a0 107'"0 .a 6",gn .a _a sm.fm G. .C. 7 -a 10J,1.71 7,300 106.100 106,800 174,OCo 3a3.?W I74,0Uo .a IW,Uja .0. .0. • 6nin Del:+err of wlt4 .a .a 4,3d7 4,M7 4,3i7 Ia7,000 3ta,1% 207,Mo .4 Ka.o10 .a .a 3,4" 3,44a 311,764 _a aoo,am M,734 T11,764 40.I34 .0. 10 .a .0. .a .a .a .a .a 40Q,00U 400,OID 311,M 400.000 .a 11 •a •a _0- .a .0. .a .a 703,1100 3t3,WO KA,7M 3tt A= _a 12 M. .a .a .a •a .a .a 215,MO 213,om .a IO4,744 108,234 1Q743 No -MID L:17i4 Ll i74,O0t) 10/ 27L L"A-- ! _� ��23i U.S to Ss+co: Tastttella a Curra+7. pw"No M non > MOs I= fls.le M MS Total Ow.slw.t's owt6rn or �N omlop"At 4ctlrlty lard cw4tnctlon Costa FLAW" Costs DMIXrrIt Costa outatwding Cross Oweioprr's C-IttltA44M D"Vim"'s prM kmy slake Sal" Cann flan iUtr ti.lty t'rorli A l bcota LbvVTowwea Construction ! LOO,mo t 101,sm 1< 2f,3ls >♦ M.613 >} 177,6is .0. 1 122,615 1 .0. 1 MO.= s e; Atiri ? .a 1D1'X* 1,36Q 107.t107 107.647 .0. ZM,697 .0. 43. Kri' h .0. .fl 3 .a 1a 1.xa ?,s39 1oi,D3E W4,03'i .0. 329 7x .+a .4 tlUl ,om .a -0- .Q. 1D1,sm 3,710 103,210 lo1,210 .0. 474,E+6 .0. .0. Im'Cau _a .0. s -a 101,xe0 4'"3 toi,393 ug,"1 .0. $41,3E9 .0. .0. em,ow .(1. - _0. L Iron maActlry .0. lDI.x c 6,090 1m'm 1D7,m .0. 640,92E _ - _a KO,Dw .0. 18i.i+7J 7,300 U6.4iim 104.11m 112,00o 645,729 112,tm .4 sm,ow _a .0. • n Oellrarl of Mlt4 .(6 .4 7,264 7,2i4 7,2N 251.000 401'") 251,= .0. 1W,Dw 40. -0. -0. .0. 4,527 4'm 4,s22 400,000 6,$is 4M' D .D. sm,mo .D. .0. 46 •0. 73 73 73 6.ma .a ammo "J'612 47L.so )".417 .a 205.= m o,ow 2Dl,sM 3M.(go _a 17 _0. .0. .D. .o. .o. .0. .0. 215,Dm us,= .0. 2Dl.50 13.412 { md—ft 7N sM J:8 �3t�a 4I smmo low, milt 1.7 ti >fa aus T4rwollo i tawny. 0 • M r'aDt-a" ws+ flow Fan Tt; oun-bet IM TS rant!. D►.elort ActivityLand Conalnctlon F1►rra�a Total Qsralat +t ptrta+dlrp Lroff orwlai+t'• 0.•alwrr'a Cmalladarl wum of [,r.rl%wr.i Cost% Coata Coats Drew #ecai dlru •rlas Cans Flom I4•Ifr-- [a�ltr_ Ptoflt 1 l itsf4r0 lt1aNGtwsu Cuutructl4n f KD,QW ► 10l'Sw f 21,115 f M'Sl! f In'llS .0. : 122,11! S .0. f (OW,000) I rA.C(in A f A. ? .0. 1C1.lW 1,102 1D2,0O2 Im'sa .0. 2n,&" .0. .4- aw,au .". .a .0. lot,soo 2,S» 104,017 UA.0 ! -D` )n,734 .Q .0. aw.f111 A .4 -4 lol'sw 3,710 105.210 LDS, 210 .0. 434,944 .4 .a rw,aw _ .0. • -a 101,SOO a,nl U16' 7I wd'") .Q` 541,17T .a .4 KQ,or» .� i ar)ln It w.1rq .0. leis+ �,090 107.M 107.M .0. 6"'p T .0. .4 ao,win .4 7 _0- 1Ql,SCD 7,]OD lol,lrl4 iD6,ic14 174,Ot7D 707,729 17i,W0 .4 aw.CAIG • br%Ln Dall.srf of units .0. .0. i,Si7 4,%7 6,li7 174,0o7 ili,7lf 17i,CQ0 .0. IrL,[W .0. .p, _D. _4 4,03 i,NJ 4.65) 4W.WD 20,M io0.COD -4 IW,Oro .0. .0. 2M 236 im 21,215 .o. ioD,Qco )n.1u 421,215 Y?o,M .0. _0. .0. .4 .a .G. 2QS.OM 2QS,ow 214,21S Ms'cw -a .0. 4. .06 .0- ` 0. `^C. 215,00D 215.0W 1.715 211.= (1,215) VUI.S �>E l.u7D T[O am # }t•71f 1 O 2U 1-70AM 4 M• 15 LA 1 [,S"'Om (1 21f) low 7f0� 1 2s3) it_? t Sautcot farantallo 1 Cmg". • f+lar " Cola, ► a Icamo: MM UX-Jsma usn m r�th a.rl4~t Act1•!tf Lard Con.trutlon /lnarce total OerelaPW4 outat"Ing Gros. Od"IM406 Orw1j(4v1'4 COMPIUAId Arturn or p"Iwrr-s C-.at.�.6 Costs Cats Otwi Qrary lalsrce Sobs Cash flow 141I1r _ to,lty lT:f1t f 1 Imc" LDWV raNVxt Consttuctlon ! OCD,COD >♦ 101,5M 1 71,31s 1 rn'lls 1 122,015 .a 1 122,015 1 .a (ac0,ow) 1 IMAM 101,so0 I'm 107,a47 10260a2 .a 225,697 W),ri1, 3 -0. 101,s011 2,sm uu,03! 104,0." .1>_ YO,T34 .0. .0. ow'11n .a _6 4 •0. J01,sa1 3,710 105,2W 105,210 A 434,9" .0. .0. 00U,U1i .a .0. • 3 .0. 101,xv 4.4l3 l(X,"3 log,") .a 341,1" .a _0. 0017,ow Ilegln wrLrtl•q -a 101,sal 6'm 1071sso 101,"g .a 144,s49 -a .a 000,0 u 7 Q. lol'xo 7,300 1 oco 105,0LID 117.wo f4s,77t+ 117,000 _a /I10,0w !f 0tgln allrrry of trtts .a .0. 7,2" 7,244 7,744 11?,am 340,19) 117.0m .0. 800,0m -0. -a 6.041 6,0" S,at sm,aaa 147,079 a00,000 .0. 000,0:8 .a .a Ia .a -a 1.4ss 1,43s 1,43s 144,734 .a 400,OCo 251,2" s44,734 231 24A _0. .a .a 305,000 203,a00 343,714 ]D3 om -a- t? 215.000 120,734 713.oID {lb.734) imAtS sKID• 7Tl Tfl J737.736 i. 1 444 OM JILa iSi} s=�=� n 12! 7f41 u.41 s !Hulce: Terntrllo 4 Capany• • r': 0 1• SL MAMY AND CDMCUISlOns 1 As evidenced by the preceding Proforms Cash Flows and as summarltsd below, the estimated rate of return under the eight scenarios range between •16.1 Percent and 41.0 percent. As arpected, the rate of return Improves as the number of affordable units is reduced and when moderate -income units are incorporated into the project rather than low-income units. ESTIMATED RATE Of RETURN No. of Units Moderate -Income Low -Income 1 4t.0 x 37.0 1 2 27.2 x 19.3 R 3 13.5 1 1.7 x 4 (0.2) x (16.1) 1 It should be noted that these rates of return reflect point estimates based upon a series of assumptions detailed earlier in this report. The Actual rate of return achieved by the spinnaker Bay development will depend upon to what degree variances from these assumptions are experienced and in what direction (i.e., positive or negative) they occur. It is the opinion of Tarantella i Company thAt if variances do occur, they are more Ilkley to occur in a negative direction resulting in a reduction of the rate of return. The •ore significant factors which could cause such a result are as follow*: (1) A more lengthly absorption period; (2) an increase in construction costs; and (3) a reduction In achievable sale prices. There are ssvaral Aare downside risks than upside potential. far example, It is for mars probable that in the midst of An economic recovery period that interest rates, labor costs and construction materials arm all likely to rise in price; thereby, further reducing potential profit. Yet at the 6946 ties, recently rising Interest 1s s! rates have substantially slowed housing sales (with, a predictable increase In adsorption period for new construction), and substantially Suppressed real estate appreciation rates to below current estimated cost of living price levels. Any Anticipated increase in potential sales prices is extremely unlikely. In simple language, although the project is modestly profitable after providing one moderate..income unit, the *downsides is greater than the ' upside. Given the risk Level associated with this type of development and the afarementioned likely direction of any variances, It is our opinion that the only reasonable scenario is the inclusion of one moderate -income unit. Based upon our experience And knowledge of specific development projeotS, Tacantallo l Company has founa that most dsvelopers would not undertake Such a develop- ment without an expected rate of return of at least SO percent. In summation, In a financial world where high-grade corporate bonds are yielding 12 percent or More, with full liquidity and no management require - ■ants, our east recent experience In the evaluation of development projects for similar clients suggests required rates of return in excess of SO percent on invested capital over the term of the project. It is our conclusion that only one of the previous scenarios approaches this benchmark (one moderate - income unit), and we strongly recommend that only a one moderate -income unit 1e4ulcemant be imposed within the Spinnaker Bay development. JI 0- • • TO BE RECORDED AND WHEN RECORDED RETURN TO: City clerk City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 AFFORDABLE HOUSING AGREEMENT THIS AGREEMENT is entered into this day of 19B , by and between THE CITY OF NEWPORT BEACH, a Municipal corporation and charter city, (hereinafter "City") and SPINNAKER BAY, a California limited partnership (hereinafter "Developer"), and is made with reference to the following facts: RECITALS A. Developer is the owner of that certain parcel of land described on Exhibit "A" attached hereto and located in the City of Newport Beach (hereinafter "The Property"). B. On October 11, 1983, City approved Tentative Map of Tract No. 12035 to permit development of The Property with a 10-unit residential condominium project (hereinafter "the Project"). C. City has adopted Policy P-1 containing administra- tive guidelines for implementation of the provisions of State law relative to low and moderate income housing located within the Coastal Zone. D. Pursuant to City's Policy P-1, the City Council has determined that it would be feasible to require the inclusion of a dwelling unit affordable to persons or families of moderate income (hereinafter the "Affordable Unit") within the Project. i E. Whereas, City and Developer desire to enter into this Agreement establishing an Affordable Unit within The Project and providing for the procedures for administering the Affordable Unit. NOW, THEREFORE, in consideration of the mutual covenants, promises and conditions stated below, the parties agree as follows: AGREEMENTS 1. Developer, for itself and for its successors - in -interest, agrees to provide, and maintain for a period of 10 years, one affordable housing unit on the site of the Project. The Affordable Unit will be a rental unit, and the maximum rental rate that can be charged occupants of that unit will be a sum equal to that which is affordable to (that is, which does not exceed 30% of gross income of) persons or families earning 100 percent of area median income as that term is defined in Sec- tion 50093 of the Health and Safety Code of the State of California. The annual rental rate shall not exceed thirty per- cent of the occupants' gross annual income. The rental rate may be adjusted to reflect changes in the area median income. 2. The Affordable Unit shall be, for the duration of this Agreement (10 years), occupied by persons or families earning 100 percent of area median income, or less, as that term is defined in Section 50093 of the Health and Safety Code. 3. The Affordable Unit shall be available for occupancy by persons or a family earning 100 percent of area median income, or less, on or before the date which in six (6) calendar months after the first residential unit within the Project is occupied, -2- i 0 and the obligation of the Developer to maintain the Affordable Unit for a 10-year period shall commence as of the date the Affordable Unit is occupied by a qualifying person or family. 4. The Affordable Unit shall contain two bedrooms, and shall contain substantially the same amenities as other units within the Project with the exceptions of upgraded appiiancest, light and other fixtures and trim package. 5. The Developer will be responsible for ensuring that the persons or family who rent the Affordable Unit properly qualify an persons or a family earning 100 percent, or less, of the area median income. In order to ensure that the persons or family are properly qualified in terms of income level and to •.naure that the process by which the occupants of the Affordable Unit are selected is fair and equitable, the Developer shall do the following: a. Advertise the availability of the Affordable Unit on at least two separate occasions in a newspaper of general circulation within the County of orange; b. Allow a reasonable period of time for persons or a family to apply with the Developer for rental of the Affordable Unit, and accept applications for occupancy for a period of not less than 10 days; after the last date on which the availability of the unit is advertised; C. Develop for use a form that requires all information necessary to make a determination of the income earned by the person or family applying, and the Developer shall investigate the facts and representations contained in all applications submitted and/or take other -3- appropriate action to attempt in good faith to confirm that those facts and representations are accurate; d. select the occupant of the Unit through a random system such as a lottery; no preference whatsoever shall be given in the selection to any applicant who is related, either by blood or marriage, to the Developer or to any person employed by the Developer, by the City of Newport Beach, or by any governmental agency. However, nothing herein shall preclude the selection of one of such persons through the random system of selection used, and nothing herein shall preclude the rejection of a person selected through the random system for any of the following objective criteria provided the reason for rejection is provided to the rejected person(s)• poor or inadequate credit rating; unstable or inadequate employment history; inability or unwillingness to provide bank account information; or existence of a criminal record. 6. In the event that the Affordable Unit is rented to a person or family who does not qualify under the terms of this Agreement, the Developer shall., within 90 days from the date on which it learns of the failure of the person or family to qualify, replace the occupants of that unit with persona or a family who do qualify as provided in this Agreement. In the event that Developer is unable, for any reason within his control, to terminate the tenancy of the occupant within 90 days, the Developer shall provide a temporary replacement unit within the City of Newport Beach, affordable to and occupied by a person or family which qualifies under this Agreement. -4- 7. The Developer shall require that the person or family selected to occupy the Affordable Unit enter into a rental agreement which shall contain at least the following terms: a. The renter shall be required, aL least once a year, to provide the Developer with information regarding the income of the person or family sufficient Lo enable the Developer to determine if the person or family l,Lill qualifies for occupancy; and b. A provision that gives the Developer the right, in the event of a material misrepresentation made by a person or family with respect to income, or in the event the person or family no longer qualifies, as provided in Lhis Agreement, to terminate the tenancy upon 30 days, written notice. S. The Developer shall, at least once a year, submit to the Planning Director a schedule of the rental for the Affordable Unit, and the Developer shall also provide the Planning Director with information regarding the income of the occupant of the Affordable Unit that is sufficient to enable the Planning Director to determine whether that person or family qualifies under the terms of this Agreement. 9. The parties agree that any breach of this Agree- ment by the Developer will irreparably injure the City of Newport Beach and that monetary damages, or any other legal remedy, would be inadequate to remedy such a breach. The parties further agree that the City, in the event of a breach of the Agreement by the Developer, is entitled to obtain an Order of the Superior Court requiring the Developer to specifically perform in accordance -5- v with this Agreement, and that the City would be entitled to interim injunctive relief pending the issuance of such an Order. In the event the city is required to enforce the terms and condi- tions of this Agreement, the City shall be entitled to recover reasonable attorney's fees and costs incurred in conjunction with such litigation. 10. Notices required or permitted hereunder skull be sufficiently given if made in writing and delivered either per- sonally or by registered or certified mail, postage prepaid, to the following addresses, or to such other address as may be designated for formal notice: City of Newport Beach City Manager P. 0. Box 1768 Newport Beach, CA 92663-3884 Spinnaker Bay c/o Wale Development Corp. 17752 Mitchell, Suite E Irvine, CA 92714 11. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, and shall be recorded in the County Recorder's office, Orange County, California. 12. No change in or addition to this Agreement or any part hereof shall be valid unless in writing and signed by or on behalf of the parties hereto. 13. If any portion of this Agreement is held by a court or arbitrator of competent jurisdiction to be invalid, void and unenforceable, the remainder of the provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated. -6- • L_J 14. This Agreement constitutes the entire understanding between the parties With respect to the subject matter hereof, superseding all negotiations, prior discussions and preliminary agreements or understandings, written or oral. 15. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California. 16. The parties shall each execute and deliver or cause to be executed and delivered such further instruments and documents and shall take such other action as may be reasonably required to more effectively carry out the intent and purpose of this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. CITY OF NEWPORT BEACH By: /ayy ATT ST: ��r.:• 7.^ City Clerk APPROVED AS TO FORM• ._! Robert H. Burnham City Attorney -7 w z SPINNAKER BAY, a California limited par n ship By: WALE DEVE CgRPOnT N, a Galencril rnia QQration its difr r.awa Pre de -s- 7- i i STATE OF CALIFORNIA COUNTY OF ORANGE ss } On Pv�, 1984, before me, the undersigned, a Notary Public in and or said State, personally appeared Evelyn Hart, as Mayor of the City of Newport Beach, and known to me to be the person who executed the within instrument on behalf of the City of Newport Beach herein named and acknowledged to me that the City of Newport Beach executed the within instrument pursuant to a resolution of its City Council. WITNESS my hand and official seal. „W ., Notary Pubr c G11 sS:�� c:., • l.� L a lx3 aFfc:A1 SM CMTKY L PALEN tD1AP fi aM • CALION414 a rnOW,u ormt u1 ow CA tali ws�•�»� a+s� taa , STATE OF CALIFORNIA } } ss. COUNTY OF ORANGE ) On , 1983, before me, the undersigned, a Notary Public in and or said State, personally appeared ROBERT L. WYNN, as City Manager of the City of Newport Beach, and personally known to me (on the basis of satisfactory evidence) to be the Person who executed the within instrument on behalf of the CITY OF NEWPORT BEACH herein named and acknowledged to me that the City Of Newport Beach executed the within instrument pursuant to a reso- lution of its City Council. WITNESS my hand and official seal. (SEAL] STATE OF CALIFORNIA ) ss. ;XM3U.rwZiy Notary Pub is On this the � day of 19 , before tie, the undersigned, a Notary Public A and or said state, personally appeared EDWARD H. WALE, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who exe- cuted the within instrument as the President, of WALE DEVELOPMENT CORPORATION the corporation that executed the within instrument on behalf of SPINNAKER BAY, the partnership that executed the within instrument, and acknowledged to me that such corporation executed the same as such Partner and that such partnership executed the same. WITNESS my hand and official seal. 0►FICIAL SEAL 5i9na (SEAL] hoi �it►C-cAur� D W O! Coulm Ib cone. win OCT I?, tP Imt 04" SU"f, hWa. G 22714 -9- EXHIBIT "A" DESCRIPTION OF REAL PROPERTY 0 . LAIN OFFICCS KINDEL & ANDERSON L ..="K- ....Li 4 --"X * Je— a ...c\ KNpAa ..t0a. a ..a.+.L.r.. 0C.6o.o /.CI[f40a^ co4•c'%A*4 a wa.A J 6-4A.. .wa�rlal ac- u..a . \... 4...[1a c&G 0a— 4000 UAC ART..1,A ROULEVAa.0 ad.. a n..a.- ..,.a.1 / I.M.- ah " A. .c Ic. } .y41 NU .aK...ec.wha o..0a /... LAST TOWER - SUITE 1000 •ar.I .arr ...11..aw... A O OOn 0OPO 'o"......ca. ,-C./..�- . I...�w I .rie.• ,o..Io...»..1 N[Wsol11 aucl+. cl1uro11N1A 91a60 �\ AII•. t �~ a.aiw �J M.. \ �..M L ".a..17141 4 .....p Mw l •%J-U400 t4 tA.. rs Mft. 1".M..II• .v4Y.•c...•w ....r...I1• 'PCLCCO/ ICM 17141 •let-t1194 614..44 a r.ro. W.I F49 W46M L 4-1r.• Fall. ..I.. 4..K.4 W Lara C .4a•A..14 L..C1 . 04.10 /11.14. We W—A 6—ow w.I/.....w N." IF T"r .4a.. C .•til. a..N4 11-.4 ..allC.". y.r l C..I.a. .•I..L"Wa March 1 198a .M. w "a "meta gft . M•a / K..[. J 1.94r M.t[C• IO}114 /..r• L hw-rA. .1w.. T..11A- w.....t1 A—* LISII. .Ira . w.sa... ...-Ca a rc.... 11..N.....lw 1..� w ..11.. 1..-..a J .a.ln. cat., \ 6.="141 •. ~I...+......... -t Ms. Sandy Genis Advance Planning Department City of Newport Beach 3300 Newport Boulevard Newport Beach, CA RE: Tract 12035 Dear Sandy: ILOO ffs �OIIT1/ rL0.Cie $111991 LOS A7.00LCN. CALI/011NLA $0071-Me 11111 Sao-sif[ 1 Ar1[ Ap0111S♦ ItA'ANDA Felt* elvF42/ Mittel To rIL[ IIO I.]063-002 IIAND DELIVERY I enclose a page entitled Exhibit A, containing the legal description of Tract 12035. Please insert this page in place of the blank Exhibit A page presently attached to the signed Affordable Housing Agreement with Spinnaker Bay, and record that Agreement so that Mr. Wale can pull permits on the project. If our office can assist you in the recording or in any other way, please do not hesitate to phone me. Thank you for your assistance. Very truly yours, i't/ David D. Parr of Kindel & Anderson DDP/slj Enclosure cc Mr. Edward Wale - w/enclosure 0 . LAW OFFICC8 KINDEL & ANDERSON .e r 4..+.0a.Kr -.ua1 A L.G1a . f a ..Mt Ori..a.& a hGOO. • PNrrr[jrp . rc"Cw-a MOnz-.C-ti4. [fi-P,M.toM •.•1a►0 A -t-dY W—S . MN ..A►I.[tft• .wtta t4bt.a.r {QOQ MAC ART►1UR OOULCVARD Air a .w.tglr qn. f rw+l.•or .a.►. w+c..IrU r.ef ►w CAST TOWCR - SUITC I000 rcreal r.[..aV Graf Kh..l. P O Box 8090 [a.A � nr.lw rlcr t.+lrr a la+.. FMM a a~lr+ 01!7 ac.. a ,uay.a.,.a N1.. N .fuq NCWPORT 89ACM. CALWORiIIA 92600 rw\..eal[a .«...r..w1 n141 as1•9400 ft"rarew.ara.ylr 44-44 Ti LtCOr+tif 17141 aN+•/;!A fn..l1. c .0010 r.a 111-1. ti«n ► ~- t• M /MI1. af...p G. fr.r.a„r" 1+h1h • era -i b ..Ir1M f[rhll \ Tr,lM ..y as a 11481 tM " 1q{ aM. l [a.1.r.. ....fr ca.at +•A. r .Nf wa.[.afa. \ MM cca CNa...sy+ January 30, 1984 ar++R I \afa.IN '[rcaa rNr[. ft,d -.6 \ roar.• rr .f / a[ t. L.4.9 'Cod, L.N...fd.\..+[Prl.ia[ 6 Mr. Robert Lenard Advance Planning Administrator City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 RE: Tract 12035 Dear Bob: 1wt411.11a1r. /LOON 56% SOUlrf rLOwtN •tottI LOS AbOCLCI, CALL/ONNIA 9Ogfl•j4" Ia1Li ONO fall caaLt •43011tff AATA11pA 19►ti •i 049i Nt►tR 10 tote NO 13063-002 Pursuant to our discussion, I am enclosing a revised Affordable housing Agreement which has been signed by Ed Wale. The only changes made since the most recent prior draft you reviewed are the two changes you requested: the deletion of the word "median" from subparagraph 5.0 on page 3, and the deletion of subparagraph 7.0 (with the resulting addition of the ,cord "and" to the end of subparagraph 7.a). Please note that the legal description of the property must be added to Exhibit A before the Agreement is recorded. Please contact Mr. Wale at 863-0322 if you need more informtion to add to the legal description. Thank you for your assistance and cooperation. Very truly yours, &lwol&� David D. Parr of Kindel a Anderson, DD P/s 1 j Enclosures RECEIVE:, �L1384•. CITY IMF NEYIPC"' L ACH• jt CALIC. i • CITY OF NEWPORT BEACH ' OFFICE OF THE CITY ATTUKNEY 171416sa.Zaf January 5, 1964 Mr. David D. Parr Kindel. & Anderson 4000 MacArthur Boulevard, East Tower,Suite 1000 Newport Deach, California 92660 Re: ract 1203V-- Wale Project Dear �. f!'J,,,: 1 9(94A AN ,, • t tF..,� / En En=10aed, is a copy of the Planning Department comment!, received shortly after our January 5, 1984 telephone conversation. Please review Mr. Lenard's written comments and suggested chanyga with Mr. Wale. in light of Mr. Lenard's comments, it might -.peed the Process up a bit, if you would communicate any comment, or questions concerning the enclosure, directly to Mr. Lenard, at 640-2217. Thank you for your continuing cooperation and courtezy. Very truly yours, Robert D. Gabriele Aszistant City Attorney RDG/dt cc: Robert Lenard, Advance Planning Administrator Enc) osure MEB/Parr City Hall • 3300 Newport Boulevard, Newport Brach, California 92663 EXHIBIT "A" DESCRIPTION OF REAL PROPERTY Lot 1 of Tract 12035 in the City of Newport Beach, County of Orange, State of California, as per map recorded in Book 521, Pages 5 and 6 of Miscellaneous Maps, Official Records of said County. . �'!�. �'t• f's ys {'.. .•-r-Rs • ri�r. • ��.ti .P y. :. a' - ... M •�}r.1 �. r. l+trw :'�.'l.:Ii�'':•{l1� Wale Development Corporation October 4,1983 Mr. James D. Hewicker 3300 Newport Boulevard, Newport Beach, Ca. 92660 Re: Use Permit No. 3057 Tent. Map No. 12035 406 East Bay Avenue, Balboa Dear Jim: Thanks again for reviewing the proposed changes in such a prompt manner. OCT 6 1983�1- ��• As per our discussion the following were the major concerns reviewed with you, William Ward, and Christopher Gustin. A) The changes only affect the four units over parking and garage layout of this project. B) The trash enclosure has been relocated to the exterior area. C) Aisle was created to provide access to project from alley. D) Separation of buildings over garage was eliminated and space transfered and distributed between (A) Units, total square footage increase is estimated between 800 to 1,000 or 200 to 250 additional square fact per unit. E) Garage Curtain Doors are being considered with the intent of providing vehicle security. Jim, as discussed, the changes being contemplated will not be considered a substantial change and a ng con inued with the understanding ft th is om iance and approved in concept by you nd ,s f f . S lAnfre EdwaW H./Wale Pro do 1 cc M . ichael Volk 7752 MActwo Sheet. InAne, Ca4lcxnia 92714. (714) 863-0322 EH7"1/ths! ��-- 3057 ' •-- AA M. Flit OF �-�- - -�- OCT 5. 198300 CUM -- _.�.._ d4 11 �sLfJ AF MT— Tt ':: n 6cn5ry oir. ! _�L�-,,•tU� -_ _ F[i - 6'�- ���-.G-G-' ��-�' �• ] P+alia f�ti� � . � , �L�•�2. cY.� � � L _C.1- `r''`✓�u,/ �L�'4 4.t.�-•0 ���2:� ".W. pk 0 i� � J r COUNOL AGENDA 1�0 s�