Loading...
HomeMy WebLinkAboutCDP_012CCA=AL Rr` :DiT TIT L DiVE :t .. COUNCIL POL'CY P-1 Ci= OF NEWPORT 9EACH _ 'o ? -� Application Reed by Fee: S 10a0 PLAICIING DEPARTIMNT CURRENT PLX%N. ING DIVISION 3300 Newport Boulevard Newport Beach. CA 92663 (714) 640-2218 or 640-2219 Applicant (Print) eCASSz LL. F. FL4A76EA Mailing Address S 0 :7014, ST; Al. ,R_._. 1 Z 6 6 3 Phone -i 77 7 Property owner 7 OI L e 0a Re. Phone 9 % - 777 7 !sailing Address sj0 3Qf% - Sr V- & 4 P7,66 7 Address of Property Involved 7 0 J t--10 6 Ac • R., Legal description of Property Involved (if too long, attach separate sheet) Description of the Proposed Project Ai&4 q Gt•✓O�J�Jw/�Vfi�' _ Humber of Units T �*#!\!f!!\\fff\fllff#RlR Rff ff ffRllfffY\fYtff ff RRRf Rifffff#f ffffff \\A*Rf Yf lYYiYY\#f!#*RRf\fRff 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. ff!!f\\RRlifff!\\flfflf\Yf!\R!f#ffffffflfffffYf\\fliR\\\f Afff\ff \lff ••flffflf fflfff\\fflfR#f (1) ENQ") 1JJCu . F depose and say that (I am) (we are) the owners) of the property(ies) involved in this application. (I) (We) further certify, under penalty of perjury, that the foregoing statements and answers herein contained and the information herewith submitted are in all respects true and correct to the best of (my) (our) knowledge and belief. Signatures) (,�j/✓� NOTSz An agent may sign for the owner if written authorization from the record owner is " filed with the applicant. DO NOT COHPLET£ APPLICATION BELOW! THIS LINE ..o b Date Piled )p- i4 . $% Fee Pa. to00 Receipt No. Planning Director Action Date P.C. Hearing .,2 Date C.C. Hearing Appeal P.C. Action Appeal C.C. Action Date MELLO " 1/86 0 NOTICE OF PUBLIC HEARING lot, s Notice is hereby given that the Planning Covission of the City of ?lawport Beach will hold a public hearing on the application of Russell E. Fluter for UK• Permit No. 3300 Resubdivision No, 857 and a Residential Coastal Development Permit No. 12 on located at 701 Lido Park Drive. roert Request to ESrnit the construction of a four unit residential condominium develo:mnnt and related garages on property located in a P-C District where a Plannedfommunity DOVOIOPment Plan has not b,:en adopted. The proe2mal also includes a re vest to rnnuf+rllvide an axlrstin areal of land into a single parcel for residential condominium purir)nnfii and a Residential Coastal Develo ant Permitfor tha ur ne of establishin ro act covllance purn_uant_ to the Administrative idelInes for the im lMie,ntation of the state law rnlative to low and moderate Income housin Within the Coesrttal Zorn. rioTICF: IS 11F;RP13Y FURTHER GIVEN that a Negative Declaration has been i)rnj,arrd by the City of Newport Beach in connection wit?% the application noted above. Tho tkn4ative Doclara Lion states that, the subject development will not result in •i si(lniflr;nnt. offert nn the environment. It is the present intention of the City to accept the 1`leeeJat1ve Declaration and supporting documents. This is not to be construed as either approval or denial by the City of the nubject application. The City nncouragen nembern of the genernt public to rnvtnw Anil comment on this dorlimentation. Copion o! thw negative Declaration and 11+3ppnrting dociimentn are available for public reviow and insperticn it they PlYnninn �1�nlr�e•,r.r,, r{�.,� ,,r �,,%um,,�rr Beach, 3300 Newport Rrn�levard, Newport BeA-h. r7alifornia, 92Fi5R-rimy, (714) 644-32�n. Notir_e is hereby further eltvon that Maid puhlle: hearinct will he hole) r,n the loth clay of Dncnmbar, 1907, At the hour of 700 p.m. in the Council Chambers; of ton ?I,-wport lie.anh r'tty (tall, 3300 Newport Houlovnrd, Newport peach, California, at which thin and places any and all persons interested ruby appear and be heard thereon. If you challenge this project In r,-ourt, YOU may he limited to raising only thoRi, issues you or someone olno raised at the public hearing described in this notice or in written corrnnpondence deliver►ld to the City at, or prior to, the public hearing. For information call (714) 644-3200. Janice Debay, Secretary, Planning Comminsion, City of Newport Beach, NOTE: The expense of thin notice In paid from a filing fee collected from the applicant. • Planninq CrAmisf.ion !!eeti C'=1,ar 10, 1997 k7enda Item ?io. 4 CITY OF PIMPORT RFACH Planning Commission FRCAI Planning Department SOBJECT Uae Permit No. 3300 (Public lfearin l Request to permit the construction of n floor unit residential condominium development and rolntoel garages on property located in a P-C District where n Planned Community flevelopr+cnt Plan has not been adnptal, and the acceptance of an environmental document. AHD Henuhdlyinion ?In. 857 (Public Hearing) Requnn* 4,n rexuhdivido an exl�stinq parcel of land into a parcol for renidenHal condominium purpon,.r. AHD Coastal Residential 0evelnr4,w.nt Hermit No. 12 (Discussion) Request to approve a Co stal Residential Development Permit for the purpose of eatahlishinq project compli- ance pursuant to the administrative guidelines for the implomentatior. of the 11talte Law rolative to low and moderate income housing within the Coautnl Tone. LOCA'TIONs A portion of Suction 28, Township 6 South, Rar.ge 10 want, S.Fi.is. 6 M., locate() at 701 Lido Park Drive, on the northeasterly nine of Lido Park Drive, on the Lido Peninsula. APPLICA.'M Russell E. Flutor, Newport Beach OWIER: 701 Lidn Park Partnership, Newport Beach Applications Theme applications involve requeAtn for the approval ofs 1. A Una permit to allow the construction of a four unit condominium and related garages on property located in a P-C District where a Planned Community Development Plan has not yet been ndoptedl TO Wing Ccmmission -2. 0 2. The resubdivision of an existing parcel of land into a single parcel of land for residential condominium purposes] and 3. A Coastal Residential Development Permit. rn accordance with Section 20.51.040(b) of the Newport Beach Municipal Code, development of sectorn within a P-C District may Im permitted, subject to the approval of a use permit in each castle. Use permit procedures are set forth in Chapter 20.80 of the Municipal Code. Section 19.10.030 of the Newport Beach Municipal Code Provides that a parcel map (resubdivision) shall be required for all subdivisions creating four or fewer residential condominium units. Resubdivision procedures are outlined in Section 19.12.040 of the Municipal Code. A Coastal Residential Development Permit is required for the purpose of establishing project compliance with the requirements of State law relative to low and moderate income housing in the coastal Zone. Administrative guidelines for the implementation of said law are contained in City Council Policy P-1. Environmental Significance After an Initial Study, it has been determined that this project will not have any significant environmental impact. A Negative Declaration has been prepared, and is attached for Commission review. Conformance with the General Plan and Local Coastal Yr22ram The Land Una Element of the General Plan and the Local Coastal Program, Land Use Plan designate the site for a mixture of "Multiple Family -Residential" and "Recreational and Marine Commercial" uses. The proposed condominium project is an acceptable we within these designations. In accordance with the provisions of the California Coastal Act, the subject project also requires the approval of a Coastal Permit. Public Access Policy No. 4 of the Local Coastal Program stntes that: Public accene in coastal areas shall be maximized consistent with the protection of natural resources, public safety, and private property rights. Further Public Access Policies No. 5 and 6 provide the following: 5. Lateral access shall be provided in new development by means of dedication of easem nts for public access along the beach and bay shoreline except where adequate access already exists or where the provision of access is inconsistent with public safety or the protection of fragile coastal re- nources... Tar PlAng Co.,, ission -3. 0 6. Vertical access from the nearest public roadway to the shoreline shall be provided in new development by moans of dedication of easements except where adequate accaRq exists nearby or where provision of access is inconsintent with public safety or the protection of fragile coastal re- sources... Although the subject property is in close proximity to the public boardwalk adjacent to the Rhino Channel, similar nearby opportunities do not exist with regard to the 4PoRt Lido Channel adjacent to the subject property. It is, therefore, staff's opinion that adequate access does not exist nearby and, inasmuch as there are no fragile resources on the site, lateral acce%R adjacent to the bay and vertical access from Lido Park Drive should he provided. It is recrasngnded that a 10 foot wide lateral access easement and a 6 foot vide vertical access easement be required. The 10 first wide lateral access easement could require minor changes in the proposed project inasmuch as patios would extend to Within 6 feet of the property line under current plans. Subject Property and Surrounding LandUse The subject property in currently vacant. To the north and mouth is multi -family residential development; to the east in the West Lido Channels and to the vast, across Lido Park Drive, is Delaney's Restau- rant and a mobile home park. Analysis The applicant proposes to develop a four unit residential condominium project on the subject property. Major project characteristics are stmarized below. The project site is located in the 26/35 Foot Height Limitation Zone. There are no specific residential development standards specified for the Planned Coassunity District in which the proposed development is located. Requirements of the R-3 District are presented only for comparison purposes in the following project rrunssary. Lot Size: (100 ft. x 150 ft.) Setbacks R-3 District Front (Lido Park Dr.) 20 ft.(l) Rear (Kest Lido Channel) 10 ft.(1) Sides 4 ft, 15,000 aq.ft. Proposed 5 ft. to wing walls 7 ft. to building 10 ft. to balcony 16 ft. to building 4 ft. (1) Setback applied unless otherwise specified on a Districting Hap. Buildable Area: 11,040 sq.ft. N.A. Gross Structural Area 33,120 sq.ft. 19,344t sq.ft. (3 x buildable area) TOs ening Commission -4. Open S ace R-3 District in required setbacks 100,960 cu.ft. Other required Total Open Space Parking: building lteight 14,352 cu.ft. 115,312 cu.ft. 6 spaces Permittedr 26 foot average; 31 foot maximum Proposed: 26 foot average; 31 foot maximum • Proposed N.A. N.A. 131,800t ru.ft. (minimum) 8 garage spaces (2 per unit) As can be seen above, the proposed project generally conforms to the requirements of the R-3 District, although it is locatn4 In a P-C District whnro no particular standards have been adopted. Front Yard Setback (Lido Park Drive Side) With the exception of six wing walls which will maintain a 5 foot front yard setback, the proposed development will maintain a 7 foot front yard setback. No setback is required under the exinting zoning. The proposed setback compares favorably with setbacks maintained on adjacent niter, specifically, property to the south, where the exist- ing garages are built up to the property line, and to the north, where wood fences and planters from 3 feet to 6 ft. 6 in.t high exist at the front property line with construction up to 6 ft. 2 in.t high main- taining a 17 inch setback and construction up to 7 ft. 1 in.t high maintaining a 30 inch setback. The residential structures to the north maintain a 6 ft. 5 in.s setback at the balconies and a 9 ft. 1 in.t setback at the face of the building. It is staff's opinion that the proposed front yard setback will be adequate and In in keeping with adjacent development. Rear Yard Setback (west Lido Channel side) The proposed condominiums will maintain a 10 foot setback at the balconies adjacent to went Lido Channel with a 16 foot setback to the face of the building. No setback is required in this area. However, the development to the south maintains an 11 ft. 4 In.* setback from the front of the 161 inch wide bulkhead at the balcony and a 15 ft.4 in.* setback from the front of the bulkhead at the building. Development to the north maintains a 10 ft. 2 in. t setback from the front of the bulkhead. Thus, the proposed setback from the Hest Lido Channel is comparable to that maintained on nearby properties. Coastal Residential Development Permit inasmuch as the proposed development is located within the Coastal Zone and contains more than two dwelling units, the applicant must TO: PlAnq Commission -5. 0 comply with Council Policy P-1 which requires the inclusion of low or roderate income housing in the Coastal Zane, where feasible. As indicated in the attached feasibility analysis performed by Tarnntello and Company, it would not be feasible to develop a low or moderate Income housing unit either on -Rite or off -site in conjunction with the development of the proposed project. Staff, therefore, rorommends that no affordable units he required. specific Findings and Recommendations Section 20.80.060 of the Newport peach Municipal Code provides that in order to grant any use permit, the Planning Commission shall find that 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, morals, 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. In addition, Section 19.12.020 (D) provides that the Commission shall make specific findings in order to approve a resubdivision. Staff recommends the approval of these requests and nu(plentn that the Planning Commission tnko nuch action, subject to the findings and conditions not forth in Exhibit "A" attached. PLANNING DEPARTMENT JAMFS A. IIFWICKER, Director By — Sandra L. Genie Senior Planner SLG:II UP45 Attachments: Exhibit "A" Vicinity Map Negative Declaration Excerpt of the Local Coastal Program Development Policies Affordable Housing Feasibility Analysis Plot Plan, Floor Plans, and Elevations Tentative Parcel Map TO 0ning C,-ission -6, 0 EXHIBIT "A" FINDINGS AND CONDITIOHs OF APPROVAL FOR USE PP.RMIT NO. 3300, RESUBDIVIS1011 NO. 857 AND COASTAL RESIDENTIAL DEVELOPMENT MALT 110. 12 Use Permit No. 3300 FINDINGSi 1. That each of the proposed units has been designed as a condominium with separate and individual utility connections. 2. The project is consistent with the adopted goals and policies of the General Plan and the Local Coastal Program, Laryi Use Plan. 3. That an adequate number of on -site parking spaces will he provided for the residential condominium development. A. The project will comply with all applicable standards, plans and zoning requirements for new buildings applicable to the district In which the proposed project is located at the time of ap- proval. 5. That a Negative Declaration has been prepared and that the proposed project, as conditioned# will not have any significant environmental impact. 6. The approval of Use Permit No. 3300 will not, under the circumstances of this case be detri- mental to the health, safety, peace, morals, comfort and general welfare of persons residing and working in the neighborhood or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. 1. That development shall be in substantial confor- mance with the approved plot plan, floor plans and elevations, except as noted in the following conditions. 2. That development of the site shall be subject to a grading permit to be approved by both the Building and Planning Departments. TO: Pliling Commission -7. . 3. That a grading plan shall include a complete plan for temporary and permanent drainage facilities, to minimize any potential impacts from silt, debris, and other water pollutants. 4. That adequate proviAinnn be taken to insure that no excessive debris or foreign material he perrit- ted to enter the hay during construction. 5. That a siltation, dust, and debris control plan shall be submitted and be subject to approval by the Building Dep.rtment and a copy shall bq for- warded to the California Regional Water quality Control Board, Santa Ana Region. This shall be a complete plan for temporary facilities to minimize any potential impacts from silt, debris, and other water pollutants. b. That the siltation, dust, and debris rontrol plan shall include a description of haul r�+ut.nn, access pointn to the, site, wateringn, nod nweeping program dentt)ni*0 to minimize inpa(:t of haul operations. 7. That the lighting system shall be dnpi(tned and maintained in such a manner an to conceal the light source and to ninimize light spillage and glare to the adjacent residential uses. The plans shall be prepared and signed by a Licensed Elec- trical Engineer with a letter from the Engineer stating that, in his opinion, this requirement has been met. 9. That a 10 foot wide lateral access easement shall be provided adjacent to the West Lido Channel and a h foot wide vertical access easement shall be provided to link Lido Park Drive and the West Lido Channel. Final location of said easements shall be approved by the Planninc Department and Public Works Department. 9. That all conditions of approval of Resubdivision No. 857 shall be fulfilled. 10. That two garage spaces shall be provided for each dwelling unit at all times. 11. That this use permit shall expire unless exercised within 24 months from the date of approval as specified in Section 20.80.090 A of the Newport Beach Municipal Code. TO ening Commission -8. • Resubdivision No. 657 FINDINGS: 1. That the map meets the requirements of Title lg of the Newport Beach Municipal Code, all ordinances of the City, all applicable general or specific plans and the Planning Coeamission In ratisfind with the plan of subdivision. 2. That the proposed resubdivision praaentn no problems from n planning standpoint. 3. That the design of the subdivision or tlsn proposed improvements will not conflict with any easements acquired by thn public at largo for arcnas thrnugh or use of property within the proposed pubdivi- sion. COUDITIONSs 1. That a parcel map shall be recorded prior to occupancy of tho dwelling units. 2. That all improvements be constructed as required by ordinance and the Public Works Department. 3. That arrangements be made with the public Works Department in order to guarantee satisfactory completion of the public improvements, if it is desired to record a parcel snap or obtain a build- ing permit prior to completion of the public improvements. 4. That each dwelling unit be served with an indi- vidual water service and sever lateral connection to the public water and sewer systems unless otherwise approved by the Public works Department. 5. That standard curb, gutter, sidewalk and drive aprons be constructed along the Lido Park Drive frontage under an encroachment permit issued by the public Works Department and that the existing monument wall (located on the northerly side of Lido Park Drive) be removed to provide sight distance. 6. That County Sanitation District fees be paid prior to issuance of any building permits. TO: Planning .Camission -9. 7. That street, drainage and utility improvements be shown on standard improvement plans prepared by a licensed civil engineer. S. That a condition survey of the exi::tinl bulkhoad along the bay side of the property be m4clo by a civil or structural engineer, and that the bulkhead be repaired in conformance with the recommendations of the condition survoy ana to the satisfaction of the Building Department and Marine Department. The top of tho bulkhead is to be a minimum of elevation 9.00 ft. above M.L.i,.W, (6.26 MSL) . 9. That this resubdivision shall expire if the map has not been recorded within 3 years of the date of approval, unless an extension is granted by the Planning Commission. Coastal Residential Development Permit No. 12 FINDINGSi 1. That a feasibility analysis has been pa rformed which has indicated that it is not fonnible to provide affordable housing on- or off -alto in conjunction with the proposed development, 2. That the proposed development has mot the require- ments of City Council Policy P-1. CONDITION: 1. That all conditions of approval of Use Permit No. 3300 and Resubdivision No. 657 be met. VICINITY NAP \ \\ P-G Ap I:r Hrp O it 71 \440 f Jta MA0 oW DISTRICTING MAP NEWPORT BEACH -- CALIFnRi ' s ..r a . w r�ir USE PERMIT NO. 3.3oo 8�� RESUBDIVISION NO. ss� " is SH C" w,NU 0 • CITY OF NEWPORT BEACH P.O. BOX 1768. NEWPORT BEACH, CA 926S8.8915 NEGATIVE DECLARATION TO: Office of Planning and Research 1400 Tenth Street, Rood 121 Sacramento, CA 95814 County Clerk of the County E of orange P.O. pox 838 Santa Ana, CA 92702 FROM: Planninq D4tilortment City of Nerrlw,rt beach P.O. Box 1760 Newport Bench, CA 92658-8915 L tmn or PPOJECT: 701 Lido Park Drive Residences -- Use Permit tlr,, 1100, Resubdivinion 1 PROJECT MXATION: 701 Lido Parr. Drive, Newport Beach, Callfornln 92663 PROJECT DESCRIPTION-, Development of four (4) single-family dwell lntt condominium units, each 4,000 square feet, in two (2) seperatn ntructures, with par- king spaces (16) provided on -site. IINDING: Pursuant to the provision„ of City Council Policy is-1 purtdining to procedures and guideltnes to implement the CaliforniA Environmental Quality Act, the Environcv ntal Affair. Cornittee has evaluated the proposed project and determined that the: prolfased project will not have a significant effect on the environment. MITIGATION MEASURES: Please see attached sheet. I111TIAL STUDY 110I:PARED By. The City of Newport peach INITIAL. STUDY AVAILABLE FOR REVIrel AT: 330f) tlowport Isoulevard, Newport Beach, CA VATr. RECEIVED FOR FILING: Environmental Coordinator, Principal Planner DATE: 19 November 1987 3300 Newport Boulevard, Newport beach . .. r. 9 b i C I . Backgro tnd 1. Name of Proponent Russell E. Fluter 2. Address and Phone Nu*er of Proponent 510 30th Street, No rt peach California (714) 673-3777 92663 3. Date of Checklist Submitted 19 November 1907 4. Agency Requiring Checklist The city of Ng=rc peach 5. Name Of Proposal, if applicable 701 Lido Park Drive knaidencag Use Permit 43300, P09ft" xlivisiort #057 11. Environmental Impacts (Explanations of all "yw" and "maytx" answers are roquired on attached shoots.) 1. Earth. Will the proposal result in: a. Unstable earth conditions or in changes in geologic substructures? b. Disruptions, displacewnts, compaction or overcovoring of the soil? c. Change in topography or ground surface relief features? d. The destruction, covering or modification of any unique geologic or physical features? e. Any increase in grind or water erosion of soils, either on or off the site? f. Changes in deposition or erosion of beach sands, or changes in sil+,ation, deposition or erosion which say modify the channel of a river or stream or the bod of the ocean or any bay, inlet or lake? g. Exposure of people or property to geologic hazards such as earthquakes, landslides, mudslides, ground failure, or similar iuurds7 Yes Maybe !! I /Z Yew M��rbe do 2. Air. Will the proposal result in: a. Substantial air unissions or deterioration of ambient air quality? b. The creation of objectionable odors? c. Alteration of air movement, moisture, or temperature, or any change in clime, either locally or regionally? 2e 3. Water. Will the proposal result in: a. Changes in currents, or the course of di- rection of rater movements, in either marine or fresh waters? b. Granges in absorption rates, drainage pat- terns, or the rate and amowA of surface runoff? c. Alterations to the course or low of flood waters? 1 �' d. Change in the amount of surface water in any water body? .�. e. Discharge into surface raters, or in any alteration of surface water quality, in- cluding but not limited to temperature, dissolved oxygen or turbidity? f. Alteration of the direction or rate of floc of ground raters? g. Change in the quantity of ground waters, either through direct additions or with- drawals, or through interception of an aquifer by cuts or excavations? _._. h. Substantial reduction in the amount of water otherwise available for public water supplies? I. Exposure of people or property to water re- lated hazards such as flooding or tidal raves? 4. plant Life. Will the proposal result in: a. Change in the diversity of species, or nuw- ber of any species of plants (including trees, shrubs, grass, crops, and aquatic plants)? Yes W ►�be No b. Reduction of the numbers of any unique, rare . or endangered species of plants? c. Introduction of new species of plants into an area, or in a barrier to the normal replenish- ment of existing species? d. Reduction in acreage of any agricultural crop? .�. 5. Animal Life. Will the proposal result in: a. Change in the diversity of Species, or num- bers of ar, , s,)ecies of animals (birds, land animals inftlutiag reptiles, fish and shell- fish, bent)sic orgAnis s or insects)? b. Reduction of the numbers of any unique, rare or et4anger©d species of animals? c. Introduction of new species Of animals into an Area, or result in a barrier to the emigra- tion or movccmt of animals? d. Deterioration to existing fish or wildlife habitat? — 6. Noise. Will the proposal result in: . a. Increases in existing noise levels? b. Exposure of people to severe noise levels? ?. Light and Glare. Will the proposal produce new light or glare? �. 8. Land Use. Will the proposal result in a sub- etanttal alteration of the present or planned land use of an area? 9. Natural Resources. Will the proposal result in: a. Increase in the rate of use of any natural resources? 10. Risk of Upset. Will the proposal involve: a. A risk of an explosion or the re:ease of ha= rdous substaxes (including, but not limited to, oil, pesticides, chemicals or rw.diation) in the went of an accident or upset 000diticm? Yes b. possible interference with an emergency response plan or an emergency evacuation plan? 11. Population. fill the proposal alter the location, distribution, density, or growth rate of the human population of an area? 12. Housing. Will the proposal affect existing hoes-- ing, or create a demand for additional housing? 13. ?ransportatiocICirculation. Will the pmVoeal result in: a. Gyration of substantial additional vehicular movement? b. Effects on existing parking facilities, or demand for new parking? c. Subetantial impact upon existing transpor- tation system? d. Alterations to present patterns of circula- tion or movement of people and/or goods? e. Alterations to waterborne rail or air traffic? f. Increase in traffic hazards to motor vehicles, bicyclists or pedestrians? 14. public Services. Will the proposal have an effect upon, or result in a rsood for new or altered gov- ernmental services in any of the following areas: a. Fire protection? b. Police protection? c. Schools? d. Parks or other recreational facilities? e. Yaintenwxe of public facilities, including roads? f. Other governmental services? 15. Energy. Will the proposal result in: a. Use of substantial amounts of fuel or energy? • a Yee liaybe No b. Substantial increase in demand upon existing sources or energy, or requite the development of new sources of energy? 16. Utilities. Will the proposal result in a need for new system, or substantial alterations to the following utilities: 17. Human Health. Will the proposal result in: a. Creation of any health hazard or potential health hazard (excluding mental health)? b. Exposure of people to potential health hazards? _ 18. Aesthetics. Will the proposal result in the obstruction of any scenic vista or vier open to the public, or will the proposal result in the creation of an aesthetically offensive site open to public view 19. Recreation. Will the proposal result in an impact upon the quality or quantity of existing recreational opportunities? 29. Cultural Resources. a. Will the proposal result in the alteration of or the destruction of a prehistoric or historic archaeological site? b. Will the proposal result in adverse physical or aesthetic effects to a prehistoric or historic building, structure, or object? c. Does the proposal have the potential to cause a physical change which would affect unique ethnic cultural values? d. Will the proposal restrict existing religious or sacred uses within the potential impact area? 21. Yaadatory Findings of Sigaifia=e. a. Does the project have the potential to degrade the quality of the envirors=t, substantially ,reduce the habitat of a fish or wildlife species,.cxuse a fish or wildlife population to drop below self sustaining levels, threaten to eliminate a plant or animal ca=unity, re- duce the number or restrict the raage of a rare or endangered plant or animl or eliminate • • Yea Ifs► robe Na important examples of the major periods of - California history or prehistory?? b. Does the project have the potential to achieve short-term, to the disadvantage of long-tem. environmental goals? (A short-term impact on the environment is one which occurs in a relay Lively brief, definitive period of time while long-term impacts will endure well into the future.) c. Does the project have imsp ctb which are individually limited, but cumulatively con- siderable? (A project arty impact on two or more separate reeourcea wbere the impact an each resource is relatively small, but There the effect of the total of there impacts on w the environment is significant.) d. Does the project have environmental effects which will cause substantial adverse effects on human beings, either directly or iodirectly? III. Discussion of Environmental Evaluation (Narrative description of environmental impacts.) On the basis of this initial evaluation: I find that the proposod project COULD ? T have a significant effect on the environment, and a NATIVE DECLMATIOR will be prepared. I find that although the propoeed project could have a significant effect on the environment, there will not be a significant effect in this case because the mitigation measures described on an attached sheet hive been added to the project. A NATIVE DM ARATICH MILL BE PREPARED. 13 I find the proposed project MAY have a significant effect on the environment, and an ENVIAON EMAL IKPACr RSPCFIT is required. [] 12 Noverber W7 l !� Date gnature For ! The City ofNa�pnrt_ Beach _ _ _ _ _ __ 701 LMD PARK ETU= >IFSIL>HICi S Q58 PP30QT NO. 3300 RESULMIN OR I D. 8'S. lb. The proposed project will result in disruptions, displace- ments, compaction, and over -covering of the soil. However, given the present nature of the site, and upon compliance with mitigation wasurea incorporated into the project, these effects shall be reduced to a level of insignificance. 2b. The proposed project may result in the creation of objectionl odors during the course of construction due to construction materials and methods. Such effects are short taro in nature and will be alleviated upon comple- tion of the project and are, therefore, insignificant. 3b. Implementation of the proposal shall result in changes in absorption rates and drainage patters on -site, due to the overcovering of previously vacant property. such effects are not anticipated to be significant. 3e. The proposal may result in an only temporary alteration of the surface water quality. An increase in the turbidity caused by disruption of the bay bead and a possible increase in wastes might be caused by possible outfall during the construction process. These effects shall be minor in nature and will be alleviated upon completion of the project and upon compliance with mitigation measures to be incorporated into the projects and are, therefore, insignificant. 31. The proposed project may expose ppeeoopple and property to water -related hazards such as 'flooding or tidal waves. Such potential effects are due to the property's close proximity to the bay and ocean. No significant effects are anticipated. 6a. Implementation of the proposal shall result in an increase in noise level due to the use of machinery during con- struction. Such effects are temporary and are, therefore, insignificant. 7. The proposed project shall produce new lieu and glare, yet the effects shall not significantly effect neighboring residences upon compliance with mitigation measures incorporated into the project. 13b. The proposed project shall demand new parking. Such parking shall be located on -site, and therefore, the effects shall be insignificant. 1 S 0 18. 'fie proposal shall result in the obstruction of a scenic view of the harbor open to the public, yet the effects will be small and insignificant given the overall mu ber and quality of viewing opportunities of Newport Bay, both proximate to the site and throughout the City. C\BBBV0lLIDO.IS 0 • 1)lb. That development of the site shall be subject to a grading permit to be approved by both the Building and Planning Departments. 2)1b. That a grading plan shall include a complete plan for temporary and permanent drainage facilities, to minimize any potential impacts from silt, debris, and other crater pollutants. 3)3e. That adequate provisions be taken to insure that no excessive debris or foreign material be permitted to enter the bay during construction. 4)3e. That a siltation, dust, and debris control plan shall be submitted and be subject to approval by the Building Department and a copy will bo forwarded to the California Regional Water Quality control Board, Santa Ana Region. This shall be a complete plan for temporary facilities to minimize any potential impacts from silt, debris, and other water pol- lutants. 5)3e. That the siltation, dust, and debris control plan shall include a description of haul routes, access points to the site, waterings, and sweeping program designed to minimize impact of haul operations. 6)7. That the lighting system shall be designed and maintained in such a manner as to conceal the light source and to minimize light spillage and glare to the adjacent residential uses. The plans shall be prepared and signed by a Licensed Electrical En- gineer; with a letter frmm the Engineer stating that, in his opinion, this requirement has been met. C\BBB\7 01 LI DO . MM 1 PUBLIC ACCESS AND CMUTATIM PUBLIC ACCESS E�tisti Conditions. The City of Newport Beach has tn%t1itirxuMlly tern a tourri—destinatim. The wide and attractive beach, as well as the recreational opportunities offered by the bay, has always resulw] in a great inElux of visitors, particularly during the summer months. 7be style of the subdivisions which occurred during the early days of Newport Beach Included a design of street -end aoaess to both the beach and bay. Access to the =in beach in the City lfrcm the Santa Ana River mouth to the West Jetty of the harbor entrance) is achieved via approximately go street ends which occur emery 200-500 feet. There is also an oceanfront boardwalk which runs for appro ir.�itely three miles along the beach. Corona del Tsar State Beach provides access to those beach areas easterly of the h.utnr entrance, and am irproved walkway at Poppy Street gives accann to the Newport Beach Mrim Life Refuge and Little Corona Beach. Access to lower N,-- p rt Bay is also achieved by street emisl there are approximately 36 st-reet-eM access points on the Balbon Peninsuln, 6 access easements on Lido Isle, 35 street -end points on Balboa Igllwd, and 13 scattered access points in other parts of the harbor. Mast street erxls provide a small bay beach. There are larger bay beaches at 18th Street, loth Street, N Street, and carpletely around Balboa Island. Additionally, there are 46 street ends at which mall boats may be launched in lower Newport Bay. There is a bayfront boardwalk which totally surrounds Balboa Island and another which runs from the Balboa Pavilion to the Newport Harbor Yacht Club on the Balboa Peninsula. In cormmrcial areas, access is provided by marry commercial marinas and docking areas as well as by restaurants and yacht clubs which provide for other types of waterfront usage. Newport Harbor functions as an access point to boaters from outside the area. The harbor is greatly utilized by boating enthusiasts both as a place to strp in transit to other locations and as a destination point. Access is mare restricted in the upper Newport Bay area. Access is achiemd via Back Bay Drive, which runs at the base of the bluff along the easterly side of the bay, and also at the Newport Dunes Aquatic Park. Due to the highly sensitive nature of the ecological reserve area, access should eontirue to be oontrolled. Policies. In order to preserve and enhance the tmctenaive public access whic--a=er►tly ocists within Newport Beach, the following policies are adopted: 1. The City shall continue to maintain and operate all existing bay and ocean beach. 2. The City a -all maintain all existing public street ends and walkways. 7 r+ 3. All existing vista points on public property shall be protacted and maintained. 4. Public access in coastal areas shall be maximized consistent with the protection of natural resources, public safety, and private Party rights. a. Lateral access shall W provided in new davelqprmnt Irf means of dedication of easaments for public access along the Ixmr h and buy shoreline except wherry ardequate access already exists or where the provision of access is inconsistent with public safety or the protection of fragile coastal resources. This provision shall be required except in the following cases: repair and maintenance activities or replaca Tent of structures destroyed by natural disaster. In addition, improvement: to any stnxture or demolition and reconstruction of single-family residerKva would be exenpt from lateral access easements requirements unless floor areas, height and bulk is increased by more than 101 or such improvements interfere with currently existing public vie-ts, block a public accessway, or cause further encroachment of this structure seaward or toward the edge of the bluff 011 C: 30212) . Specifically, easements would be required: 11) $&.:award ut the toe of existing bluffs, or vegetation lines where new cL-iolc4xrent is proposrxi on existing developed or undeveloped lotrj, and (2) Seaward of proposed new seawalls or other shorelirxl protective devices (consistent with Administrative Regulations S(c:tion 13242, California Coastal Comrtission Regulations, Title 14, California Administrative Cade regarding repair and maintenance of oe walls). 6. Vertical access from the newest public roadway to the shoreline shall be provided in new d©volr�pment trf mean of dodication of casements except where adequate access exists nearby or whore provision of access is inconsistent with public safety or the protection of fragile coastal resources.. Protection of fragile coastal resources mavw that said resources shall not be degraded either from the development of acres-7.Ws then 3lvns or fray increased use of specific shoreline areas. Criteria used to evaluate the need for additional accessways and the adequacy of existing accessways include consideration of locations for access6eys in areas which Would be must heavily used in light of their proximity to major concentrations of users, while considering tly! need to provides accessways at frequent intervals to avoid overuse at individual locations. Of equal igmrtanae is the need to avoid impacts to fragile coastal resources (bluffs, tidepools, etc.) and to utilize areas where support facilities can aceomrodatc the accessway (available parking). Also, criteria include consideration of sites , whore the least amount of irrprovennnt would be required to make the acoess . point useable, and accessways to remote sites (packet beaches) where alternative access alrxig the shoreline would not be available. 8 , ^. 7 . Policies 4, 5, and 6 shall be implemented in such a way that it takes into account the need to regulate the time, PIAM, and manner of public access, depending upon such circumstances nn: a) 7be capacity of the site to sustain use and at what intensity. b) The fragile resources of the area. c) The proximity to adjacent residential uses. d) Zte security of the upland and adjacent water uses. e) 7be geed to provide for the collection of litter. Policies 4, 5 and 6 do not pertain to established, existing residential subdivisions where no sandy beach exists. 8. 7be City shall maintain a ocffprehensive signing program of City j coastal resources, including accesaways, bicycle routes, public l beaches, and vista points. 9. Developnent shall not interfere with prescriptive rights. PUBLIC PF()P= iF-AMOMS J Within the City of Newport Beach, there are many publicly held lands. Some of these Woels are held in fee by the City, sane are held by the City as a tidelands trust. Over the years most of these areas have been lenned and uses established on the properties. While it is not reasonable to expect long-established uses to be eliminated, the following leasehold policies are established to guide the leasing and re —leasing of public properties: 1. In the leasing or re -leasing of publicly owned land, full consideration shall be given to the public's right of access to the ocean, beach, and bay and to the provision of coastal -dependent uses adjacent to the water. 2. At the time the leases are negotiated or renewed, careful consideration shall be given to the consistency of the proposed use with the public interest. If a positive determination is made, the property shall be leased at fair market value, unless it i is clearly in the public interest to do other wise, i 1. All new leases and lease rer�als of publicly awned land shall be 1 considered by the 'City Council at a public hearing. 4. When tidelands leases are renegotiated, they shall be at full ma ket value � and the monies ' shall be segregated in a separate fund and 'shall be' used for maintenance and related visitor -generated services and acquisition of coastal properties to consistent with the Coastal Act, such as mall boat use facilities, 'acquisition of environ=tally sensitive 'habitat areas, and other uses which may be consistent with the tidelands trust provisions. 1 9 9.! My FAD C94MMION6 As evidenced by the preceding Praforrna Cash Flows and as suaogarized bulw9 the' estimated internal rate of return under the tour ,r,,.y�� rar.gQ hety..m -17.61 pclr-cent and 9.91 percent. The rate of return lxgwvvqm by n,rrim4linq Arr off -sits unit and/or lewesing one of thrr units. That tgn, thr� xnario ►+nth thne lowst rate of return is the me in Much neither an off- stlr Unit is purchased nor a unit logged. Ctnversely, in the scenario with U" best rate of return, an off -site unit Is bought and thug leas4tl. ESTIMATED IfYI'EF041. RATE (3F FIE-ilF;l EK�-' rig -JER- ]) For Sale/tin-sIte-17.167 2) For Luse/on--3i to 6.734 3) For Sale/Uff-site 7.(M. 4) For Leary/off—site 9.91% It -,hjuld be noted that thins& rates of return reflect point Qstiw Um i4►sOil ulxxi N marinas of assumptians detailed earlier in thing rwPa't. Thin actual rate of return achievod by the 701 lido Par*: Drive developro nt will tV1v-rr1 what degree variances from these assumptions are experienced aril in Mtiart direction (i.Q., positive or negative) they occur. It is the +Vi"tri ► of Tardrltello & U nVany that if variances do occur, l i P e 1 y to occur -in a they are awe ncyattive direction rw9ul Ling in a rnlsction of the rate of return. 11w more significant factors which could cause much a rwmult are: 1) a mere lengthy absorpticxn perks), 2) an increase in ccnstructian costs. MA a) a rery.+ Aicn in anchlevable sales price. Theme arc . gavwral earw "rvnide rl.skn than upside potential. ai-4rn taws risk level ascaxiated Kith this type of dwmlopmnt and tie Mcwtv-ntlaned likely direction of any variames, it is Our opinion that the cnly rnasutAinit� sceraria Is the exclusion of any affordjbler units — ran -site or Off -%I to. Eased upon our experleme and knonvledge of specific develapomt c,rolects. Tarantella & ,Coapany has found that most demloporr'n would not undertake vmh a dwmlcjpmmt Nittxxtt an expected internal ratan of return of at 1003t 25 varcent. In st mlaLicn, in a financial world kiere Treasury Gond9s 9 Percent • t prws�ernt. with, no mwm 9ement nearly rwqutir®men to and •1Lnirnakion of cumtructian risk. ranee risk and market risk, our most recent exparia xw in UP* Vfaluaticn of dtwloprent prodects .for sWlar cliants suggests rwquirwd r.ntr.-4 of return of. ant least 29 percent, and in marry carves DD Perm t. It is e•ildant that acre of the pnetvicus scenarios approach this bwnchmnnrk, wind ww r*_ccxm"- nd that no affordable• unit requirement be lured upon thin 701 L1do P,'rk Driv*' develome nt since the highest yield available to the developer 1-Aild he horely greater than a risk -free invwstmont. 1 1) 2) 3) STATEMEW 1 F ARl1PTI CM 701 Lido Paris Drives, fbkport beach, California Unit 1 4 w/cony.den or 5 Unit 2 4 w1conv.dEn or 5 unit 3 4 Uln i t 4 4 ILPIJH Y 4 4 2.75 + .75 2.75 ♦ .75 wilt maitVto1 41 if, j 414o 416141 41,1•) �t This study assutws four scenarios Uri rAiiclr er► affordable unit may no provided. € r10-1t Three of the four proposed units and salt) tit sirorlet rat©; U-10 fourth 15 Sold at UV# ntxiQrate IrK-CXr! At rrm-dablu %Lwx1ard rate. SCNlor10Z': Three of ttets four lxufrt.:-0 LaIL . ar© wlo «t nureat rate; the fourth is lewd at tie moderate incnnrs atteraawer standard rate, and sold at market rate after teen years. ScEnarAQ-11 The four prop-med units are sold at market ratul :ve off -site unit is purchased at market rate and sold at tlw mrtter.etea incaTe affordable sta wA" rate. rKTpnaria : Tlxa four propasad units are sold at ma"'ot rateg an off -site unit is purchased at markest rates, leased at tuna n■x1twaLe incow aflcx-dabla standard rate, and sold at market rate after teai yew • t a�_•,ChME39912e At ttw start of project canstru Licti, it is assorted that the land is armed outright by the developurb and land crst equals equity capital contribution. 4) land —Cmtt C1asuxl statement provided by the tlrnership: s1,450,000. 5) C43n0trMUM_ s A n ith ca mtruetscn period has tA*n assumed from earmanc went at canstruetion to canpletirn of teiits. 6) P3P%UwVW SaM*: based upon the Coat Estimartus supplied by tm project developer, Feiss Fluter, (Uctooer lb, 1981) catratructictr costs are as fol lev a: On -Sits* $1,640,OW (4 units x 41[ti sq.ft. 0 • On -Site S1.640,000 (Of -Site 2),+.�Jl► Indirect Marlet inq 11vr7�, U �1 Supervision n 10TAL LTNM Fli.'1 1 M t1J61 ril , Lag a w) (4 units x Hh.0 sq. tt. r, st��►/t.�l. t t. 1 fhww coat wstLmates appear to to reasonable. According to mu-sluil 1, a CAJ%t Manual, the direct labor and wwtariats casts to tx.uticl a stoaile- farnily residence in Class A of Excellent quality are $69.75 Per virtiare foot. End an pravicxrs appraisals of similar ruslasltial developmalts, it is assumed that direct labor and m4terial5 cost% ccnstitutr only T/. of cn--site coats. The rewining porticri c:.vr tip attributed to indirect cuts, 21M., and overhud, 13/.. Therefcre, all C'n-SLtB costs can he estiffouxl to 1703 M9.75 -; rr/. x al -Site hosts Q F--Si to C kYAvs - $96. M. fhe ikrmtrVer-'s estimate of flub?.Cad per square toot is .ir:cteptat,lu. Rat ccnstructson casts are assunxl to be incurred evenly aver the nuw sun th construction period. 71 F t l ha rate charged a(ja inst the ci is to xl i nci loan balance is 3.0 percent Over prime; prime in assutwo to average 9.0 percEnt. The Loan fee is assumed to be 'S.0 pwrernt of the Cal5tructian Casts. g l FAQMMMLjzLj&W1 Proceeds from sales shall be credited first to the outstanding loan wd then to the capital account of ttw duveloper, it any. 9) AhoUCOUMt An aboarptian rats of ana unit per two mmths has tin incarporated into the calculations to all the market rate enits. ttawver, it is assarwd that tlw lower price unit will tar 4trartieo ine. iately —1 cciWletion of canstructian. !#sorption assumm receipt of prviceecls (that jL%, the sate or the unit r,au1d have preccdod by approximat*ty sixty days). 1'r) PrAOm i2f r&nft9WUM3 Pricing of the candominiam units [lased uipm information supplied by the project devv►loper ist $950,000 pwr unit for all four [,nits. The affordable unit was considered to replace Unit 4 in all scenarios. Unit pricing was basil upon incaife infarvwt:im provided tsy Craig T. bluivil, Exam+ nt at Vlaiining. City of Nft port Reach. itttordadle unit pricing criteria is provided W the City of thNgmrt hoach. n copy of this letter is attactwd as Arkxtxfura (t. !t samrar1 al tta: pricing 16 a3 fallowst FbI U1 .:sale f 'mean' maderate. Incase $IHl,txi, Ot f -6 t t:e Sale M.ir. inaxn, Moderate i ncama • 10, U,•j the de=sigutai affordable nft--rite tmat mast to i tWrtbmki&jrr r.mt-sntntum or Rouse within the City of Newport Mach. 12) of tart#b ; __ P% : Henta l rates were also ba .a l i q&i i ircr nay :ntrrrnation provided by Craig T. 9luelI, l7epartmMt of PJ Wn:nq, city of t4L*rlxart Beach. rhm infcov%attrn is tare-knted in k".vr�wr H wd 1% 4A.maar i zed as 3 ni-site f�m-%t Mai imm, Moderate Income $1,515 lair arxnth Otf-Site Rent Maxinum, ltderate (ncam $1,213 tAW "gran t l ftQYI%i5:1.Qf.9fi--flitm_fltf~19_VD10 The fol lowirwi .m$rlt t tcs►al ai,�-Aqi laticxts have been incorporated into the analysis, provutlny Inw- or nitrate -Income units at an off-utte Imation, The purcliaw price ;if Uw cif f-site unit was determined by obtaining the avurtw1w sbic pride for all twrrbedrooan units in the City of NOWPCrt i ALb told since thu t1iltlple t_i!Aing Service (ItS) listuq bnc* *"% last Updated. ftkmal.Uplia It has been assuamd that the oft -site unit will be purchased in tin ninth-wmth and sold in the eleventh nmth, FrAr&: It has t>c�n aGv..4xmd that the purchase price of thsi of site unit is 4315,6r4. this represents an approxim..tian of tlaa cunjrtt avc-!r,K)e rusiduitial sales price. 14) Howl, rdatLF1m: ffe estimated ammal cash ttw trams rc3nttrq out tte affordable units incorporates the icallawing annual expenses: On -Site Lhit 7af;es (41 $1.02(W/,0100)) S 9,690 Insurance aw Ef;ptrisc�s ..�.*.'lSS� � 12,0% Income from Rent AQ_}Qrj NET ItIMM. f 5,2132 Off-Site'Unit Taxes (A SI.trd.VA30/$ICW) 3,212 Ins+irancw *:dj 4 15) 6,022 Income from Rent _ _1_44 TOTFL f 6,534 The tax rater - wm obtiirwd from the Orange County Assessor's (it rrce. the Lrmwurancal estimatsri varre given by N.7rn%A PtWI lcuryr1 411 1-4A r t Snytler Insurance, Tustin, California. Expenses uiclude wAter, trasn removal, and miscellanea m itam estimated to cast $20D par ocr►th. Fy i+d►L_Wun3 'rho raaidual value of an affardabld unit at ttw crud of thw tPn th year Is based on an arrx,a 1 4 perun t escalation factor. SFi SUMMARY OF RECENT" SALES Date f4ddrpv�s Bedrooms/baths List Price Sale+ C'rice of Sale r),ytrict 6 19 Riptide 2/2 $116,950 0113,50o 8/6/87 14 Surfntde Court 2/2.5 S119,000 •1:7,000 0/4/87 2 Send Dollar 2/2 $119,900 01190950 9/22/07 414 Sirinal ftd. 2/1 $290,000 ♦290,000 7/10/07 ,'940 Ll,ff Dr. 2/2 $498,000 $4Y79000 8/LU/87 District 6 211 Via Varon 2/2 $399,000 $390,000 9/24/87 District 9 .!515 Vista Ur. 2/1 02109000 $235.000 9/22/87 2:.21 Crestview Dr. 2/1 $2399000 $235,000 6/25/87 2542 Crestview Dr. 2/1 0330,000 $316,000 7/7/87 10 3 Payside Cove E. 2/2.5 $5D5,000 •023,000 (1/20/87 District lU 406 E. Day. U 2/1 $235,000 $215,000 8/10/l17 ::�.�4 /th St 2/1.5 $275,000 $250,0V0 8/26/07 District 11 259 Uiesterf field 2/2 $175,00() $170,000 8/17/07 ::65 Haverfield 2/2 $205,000 $1951000 7/24/07 2::V4 Fortuna 2/2 $2399500 $234,500 9/10/87 1967 Vista Caudal 2/2.5 $275,000 $240,000 9/20/87 Spa 1+s1And 2/2 $274,000 $250,000 7/22/07 5/ Seapine Lane 2/2 $200,000 $267,500 7/15/87 41.169 Vista Del Oro 2/2 $279,500 $275,000 8/10/87 2/ Sea island Ur. 2/2.5 $28U,000 $281,000 7/2/87 ..' Sea Cove Lane 2/2 $3259000 $2959000 9/3/87 34 Vienna 2/2 $369,000 $325,000 9/2/87 7 UceAn Vista 2/2 $369,500 436U,000 9/13/07 22 Coventry 2/2.5 $3990000 $3-109000 8/14/87 33 Ocean Vista 2/2.5 $3789000 03730500 9/14/07 35 Northampton 2/2.5 4399,000 •385,000 6/30/87 28 Ocean Vista 2/2.5 $395,000 $3950000 0/16/87 27 Northampton 2/2.5 $523,000 $510,000 6/19/87 District 17 16 Whitewater Dr. 2/2 l285,000 $275,000 6/2/87 412 IfoZ 1 Ur. 2/2 *U1,000 $277*250 8/6/87 r bre!dkwater Dr. 2/2 $3590000 $359,000 9/29/87 41 Beachcomber 2/2 $369,000 $368,000 8/13/B7 L9 Curl 2/2 $4699000 $450,000 7/27/87 1211 flayside Ur. 2/2 $549,000 •535,000 9/10/87 13kil RAysida Ur. 2/2 $5999000 $550,000 9/15/07 AVERAGE SALE PRICES $315,606 Source; Multiple Listinq Rook, Volumo 5 (9/30/87)1 Newport Harbor/Co!sta Mesa Board of Realtors I SUMMARY OF RESIDENTIAL MARKET ACTIVITY 1987 Year -to -Date Analysis (Up to 8ep.30) Unit Average By Area Sales Sale Price District 8 74 •458921l7 District 9 61 $6769334 District 10 33 460293Y3 District 12 134 18369219 ALL 302 0561,528 By Size 2 Bedrooms 22 $2790330 3 Bedrooms 138 $4739443 4 Bedrooms 89 $5739008 Over 4 Bedrooms 33 SUWj609 ALL 302 $0619528 Source: Multiple Listing Book, Volume 3 (9/30/87)1 Newport Harbor/Costa Mesa Board of Realtors may! r "D Volts C*Sm trot[, t ra Stai v,•stlt, twa..t, Inc+► O..el q..e..l cemstru.tton r+rgwKiftj legal o.,.laoaMt Costs Orar wwm "I at.t.IWKQ MI r+c. hRsp Ire we w r* I+.iie� skll.tty t R�rrJ taM�.¢tn [Mat. tr.+ t1.,*AoM E41ts $203.22? E,sts fS,.ord It,raf.t171 t:os.sot f2Sl,Ql2 szas.so7 la s2So.P+2 11►IrM It1 : w to szo7.22: s2o7,22: u.Ls1 s,.L]o sia►.not s=OT.ItIt fo s0 fLtL�sr fo�1.L1c � s0 ] � w ix0),I:x sL.rts fxol,'►ao 212.a]1 ssalstr) s21s,0)t so ft.of].taL � 1 to so ox01.x22 oxo7.22: tout f10.17r 12 721e.1a0 sit,tti0 f0 so s1,301,1o" Il'uq' 1% to so L /a $a sx07.22: s201.222 f17.Or7 sls,x,t s2lt,lal f21s,sj $aiL.n3 s;u,,L, to f0 ot.r,2.LLo it.ff2.70! INS sul.sao s 1 Gt..st.rS+It u+tt , E'4 ox0].22x str.,2r H 2220.1 tIT,R27 0"'S"to olt.t27 L0 ft.WA.172 f4 10 /o t0 so o1r.s27 /1f.001 $10.001 so fl71.!to ftlLf.l?, strL.ots sVA.WO so 11 Solt t,.tt 7 lx so w ss.Ls1 Saar#t s..M'a fa,Lat fl,rio to 'ws.sos tS01 1triC.0o0 t1 1:ell t►+t! 2 so 10 $0 $o $R,►A rsol tso) too) s0 t/01 sa to o111A oo 11 L.11 wtl t Ra s0 ISO) cs0) f0 11.�lo.dOQ f1.9".000 flq►,S41 o7,,L4,SN 91.11110•2 51.00,602 [sa) q,o:1.04D flay if t21)e tt.+w+^q tests are Incurred from s.A$tr.A►.1 t,alw.co on LIFO ,t creslt. twte+al late of W.iwl ►rl of s >1 . t2.t10s1 Low, tee t 1.0034 nee. pdrrfsel. s 111114000 Ihl itMllcw.laJ c..h tree w.vl.tl... " clzol,nav tft.117.t17s) rf2or,K tl l s2.121. rlrl t1x01,1,1p tf2.771.416) (Stm m efr,nr,�r.) lo2tL,S0t) to2,1t�.17L) ctti�.�Lfl tol,llx.iLO, tftt.�21I to].230.177) fn1,m cs2,7tf.u„ tf0.titlq Is2,7ri,f1l1 ts1,M.Son so tf t. M.Sou o!la.00o com]s.14s) (f,7s.La7) -1.473 per month -it.IFA par year • 11 t• . Ss«.art• a ►,0 fOtoo CAy ftlw. f(A LCAU on -sift. nadsr•t. If4a•o Oa atp+,..! r4nfh Ilsliv•t•1 land Canstru•li.w Crris Il�.ncl+q Cusu total 00M414,00anl O6tstsrdin7 4ross not I..•o,. 094 U►4,s•r.nl•A 1 a.••.4 l+..v h4•n Cunsl. t t►.4.O.00a 1207,.'71 314.4p9 Costs SI.t0c09i Orw 521�.Ul2 ape., 34 llsl•..cr t2SO'Inz Sstws so frt.. fora Cash fir (+,nylatiro 7 to t:a),trt u.s,i IMS.803 1.fs.10) sn 1443'm so so f11,R1,,071, 111.r00.042, 4 so Sm.222 14,i» S2pr,tfil ")F.141 79 3411,M? so 14 ,7rrs.w►, 161,113.MS) 7 10 tt0).w2 11,I11 tm.140 Im,s" so 9rf1.4% SO 14 If71)r.Mll Isi.itI'll" S to uol,= 12.411 s212,019 lau.0" S4 11.013.1% s0 Sr► Isrn,110, M.))I.IK) Colin Il.ra.ttnq to f0 $"I.= 143.227 510,71r $11.0m 121.1,160 121L,301 1114,160 $216.301 so si.)or,A so 14 14 I12Ia. a"I (1214.140) 48j.11F.M) I Gr Crnst.eUls (nit ) so 1203.M 11s.M2 1218,4N 12u.a►4 so 10 91,514.114 51.rt2."o :0 so So lf2ts.)Ot) la to ,o S203.2n to 1Ir.v7 Ito. 12t0 itf w iT27.)71 /l.ou.)o� 1750.000 10 w 112u IPSI sr21.riI 1111.46113 1' 'a).1f4. a) +tt.a),>w�, It Sall Ur$t 2 i2 so s0 11o.t" :10,113 t10114) $10.133 So t1l1. $1.021.442 $63.err so S4 (SIO.IXD mon,4v) t] Soil llr.le 1 ." uso � IN 'S14 t1S0,o00 so $4 S1„'I" 691.12),GM Ii S0 s0 s0 so sNs so ta4s I►*'l 1a7.7Ss , 1a :t7a.oao to � (Mrsltbl�4.SIi) M41,tSi lISf7.)S1) 13 Aanl sin• 1 i to so so to so 30 So so 14 f0 I /so $00 w to so 10 s0 so $� 1440 (VISq.)sv, �SS�4.11M) o so 14 t0 so so so 1440 I , I33 Sa11 U.lt 4 fo 30 so so toso 10 so1440 t440 1440 , so 11.4"lau 04V t1.,%X,6n 1tri,130 11.470.000 61.IIa.wo s1:r.)S! f),4SS,)!9 /I.m4.4Ts is.n+.itx s0 l4.2si,23t 112,i24 sof4,tll Ky t! 12Z,I t!r)ii,327) ltilwe 4 M S so Loon f 3.O0i I1.tNtiI Aa4•feea of A&Aw%v O.Sia ps , mmth Af/a►Aa01• a f111.000 4. M for war Iia.I,..• O V-11I* ta.w a M.01111 modwela Avn% IN 91*3I% Asswk7s iwow a.•sp S IM0 a s10.N0 iyw Is*ansaa a ","a rofft sill W mu.m rofR ZKOM mis' O of i11COM /S,2stt I1tltthly I1ot t11a1 as 1 f Isaanll N40 rams fK. a 1I.02M r.. nao OW Was. 10~4 o astlnaba 11.am sw ftowt Snyi•r t,• &,Co. ruatla, C44I0W,441. [gamisaa a . Un pr OWL% IMlm"S **two trook ro.wal..4".,) .A; tN • • ►" rasp" rh1., FLOW. 3 U&-wrie 7 fU JALL Off-S1f9. heeorote lweaa., ►eAst Oevetep.....t Lonatrvcttaa fina.cttq Oavel.e...nt Quistaneinq Grass Mwan Acttvt4i Lon.) Carts Casts Coss O►a4 me&&$ oalarke sales t fecw.l Loonitlogan coast. 3t.gS0.000 3203'al Hllsru 31./4.OS2 2"9.013 10 323a.042 t0 2 so 903.2ZI 22.391 Sm.001 3205,601 30 1463.013 is 3 so s203.Zt2 11,6" 120/,961 so Ivi' S: s0 so t201.iZt ss.11o s2os.++o 1209,1a 10 N81.6-A so s so sip).212 ",at? 1012.031 1212.031 10 11.0",rx so • to s203,U2 st0,137 sal44I66 5214,140 so s).301.Q17 so 1 swtin atur�otinq 30 an.= Su'u 7 1216,301 sisi,301 so s1.S211196 so s so rM3.222 501242 =30.4" Rts.161 s0 s1,iR,"a s• 1 sell unit vtwy Off-uto so sm3.222 str,m ssss,i" s0 s91?.171 st.3Do,S01 SWAN t0 so so 217,2" sq.2M 533.20S 90 91.34i,t10 so tt Sell unit Lsell off -Site s0 so 9130C sq,40 so 114M.fflf R{0.120 1t.0S'S.30o L2 so so 52,601 ",Got 12.301 so Sist,its so u Sell Unit 2 so so 12,6i7 U.fa27 s2.U21 ssa '" 90 IVA,000 N to so so so so so to so LS Sell Ilnt t L s0 s0 so to so s0 t0 sW.000 sl,t5o.0o0 si.srl,om SIIA +1 93,M.MS s1.T62.06 st.rsl.t/tl ao7 03't"'Soo WV (0=) a Mow aRs 12.00 tam too a 3.0m Internal hats of RNarw t Ara. WferdaMe s otgs.wo Sian. 2-20irovs Sale "go s A 9313060 4*4 faon Qftdisawdod rta.. OAP41Ott.e c31.na,0121 as1,/1lr.Ot2) l3203.s071 ts1,113.isS) c12ol,ut) (oil I21,mr) (SM'S40) tsl.7)l,iM) cr ula") cQ.S�H,f3U 021i.140) csl.ral.wm 32t4.30L) tt2.t/�,11i) ti2tsow 497.1S2AW si1S.iS1 tR.Ro.tari cst3.2M tn,rn.19A s1,0s2.0?9 csl,/Loam t52,6013 Csl,/ta,?w »+r,in (s747.1") (60) (SM1.2m rrw.om 0164,631 s1s+l,fSl oust.hU 0."31 w Meath T.RR Mr wr • • /S'0 FORMA (W." rtaw. 4 Siw✓ti• � fol "WA air-31fl, ffed•r►te tet•ne 6s..•Ist�+'+t tawstr.xt,r. ft•s.c►nq reW Os.•lao"At O►.r 1"44 0kalsta.d►p.1 Gsls..t• Gress Sel•s met Iwcewe fvew Ren! sit C..a Im-hpaawt•d fie. Cwtsf►ve Ibnln pcitrtty 1 t..e✓f LorrvO.Wn Co+.sl. Land 53.170,wa Co Coots 6203,ru li nts 1S4.IM Costs A1.TOG.Loll Use."" so 12u,O12 so so so 461,TOG,OV) ff)OS,G07) 4II.T40,Oiri (51.10.1m) 2 s0 f207.r2: s207,:2: SZ.'AI 54,�?t sm,607 f20p.Kt sns.0o1 f10t.Kt so t0 s44~1.7s1 Sirl.Tit so $O s0 <1207,MU tf2,12t,fsrl so t2U). 2 M.TIG 52014140 3201.140 so Io soit.ax I1.01).T)< So to 19 to f11o1.1107 fS212.9))) fst.77t.ax) �12.s41.T1a) s so $o s2Os.7^.' i2Us.?2i fG.ilr 1tO.ITr 1212,011 1211,Ia0 1212,031 $214,tio 50 f3.lO1,G1i s0 s0 fi211.lw) tfI,Tlt.i1S) a t G+�en Nsvtise!►..q so f207.2 it7.C71 t21a.701 uta,7O1 tof1.711.11a SO f1,7420"A SO t0 s0 so �121a,)Ol) (f1111.4W 1st.tr4.ix) fs7.112.Nt» G so so 520 Ira SM.22 113.242 Str.427 S2{G,a61 5136.2M s2186461 so 5113o?sl 111,11I.SO1 5150,000 s0 0417.T11 ts2.TTG.101i 1 4.S C+net./vell Unit V so to St].2o1 st7,m Sl),M so S{.]'4,{1G so fA fft7.tG1y tS2.1Si.I1G) la ivy Off-i11e Unst 11 Sell U..st 7/R•nl Off-561a, so s0 SLl.422 Sq,4u SO s1K,37i 5109.a20 Ss40.0O0 silt spit t17T.2GS cs7.)1S) efl.G51.1017 tsl.frti.2lt) u so so so s0 i•.07a s4.0'11 f1.D1a f4,0 r s1.aflt, 54.01p so s113'"Is s4os.arr s0 so w"O,Ow SM 11'K.aN cri11.i4D) l7 S•tt L%-6% 2 so s0 so so so s0 so s0 $?It Mt (5110,1rn 14 I-) Sol 'Ant t s0 so s0 so so SO SO f140.000 so Srl{ Srll WA. III Sits $",rG7 f4o,114 so so so s0 so So so 60 so so so s0 so so srtt fill S1l.2OS s0 so 10 to so to so to so till Srlt f4t.tu fo 10 so 10 so so 14tp. fits f T 1l t4ar, G K f1u.2G7 Lrl t+t t Off -S1 le Unit so O00 SI'm.wo 5141.03 17,ru,77: St,r64.t01 tt.Tf1,W3 so f4.2aT.lH N1.1+4 s712.iG7 frtwe s A 1 t2.0OG Le" too A 7.00G live. 2-Rndreew Sao Iru• t su1,60O IfteLft Cm FLOW full KWOLs 140im w off -tit. Itod. lent 1 $1.213 ^wftgA It s 14.9% ^01mw pewee a u.m i..s W40 s 1400 [..pine+/ ■ t2, 400 rorfL arGfu",on TOM INCOW Gt-fe"t mff II &K monthly Not Incewel felt C14lee► tw Rib a MUM M per Iwo per year teewsots setswale prow be fte)wt tw.plw► ().surswte. rwllfti Cailferwte. [spowsot e . an pup o.s..Ilf I wel nrs .01 W. Veit re-wel ..art. ) Wv cluaf tnterwat Refs of Retwwt (m, m) 0.4w S'sr worth 1.142 pfr vw aw • • CITY OF NEWPORT BEACH M. SOX 1766. NEWPOIIT BEAM CA 926"15 r��+►o"r'� PIAMilM DBP9 RTHE 1! (714) 644-3225 Data s= 1917 1i. T*rantallo Tarantella S Co. 3901 McArthur Blvd., ate. loo Kw+part Bosun, cA 936so Dear Mr. Tartntallol Within the California coastal tone, residential dsvelopawrt is 9aven:Tned by state rsqulatlons Contained in Article 10.7 of the Govern t Codsi "Low- and %xknts-Inoo■e booming within the coastal tcn." The City of Msr+port Based adRinlaters those state regulation through guidelines establisW by Counoil policy p»l. COU=Jl Policy P-1 provides for the preparation of a study to determine %tether the affordable housing fired by state rpu- latlons is feasible in new developments vlthin Newport Beach"& coastal Zone. The following information is being provided to enable the preparation of a proposal/bid for such ■ feasibility study. This project will lnvolva the resubdivision of a single parcel Into i oondoa nlums and should be evaluated as one project. Project Location (address) Site size tHumber of thits 4 Number of: 1 Mrs. Units 2 Sdrx. Units 3 Bdrm. Units i Odra. Units Project is to be evaluated eat a rental project both an ownership and rental project Y For purposes of feasibility, the City of tlewport peach that the Consultant p rn a feasibility study by w alyai�the provision af.1_ unit(at the x2UMM income level on-slto. It this initial analysis deswnstratw teuibillty for ans or both types at tsrrure, the Consultant shall contirnus to perform analyses for the feasible tenure type at each successively lower income level until infeasibility is demonstrated. Current incasm information in conformance with Article 10.71 >6.IIgg-00 3300 Newport Boulevard, Newport Beach October is, 1l#7 ._' Page 2 ! F. Affordability ■tandardt ( t r Term of affordability, to years. If it is not feasible to provide an affordable unit on -sits, the feasibility of providing 1 new two -bedroom ownership unit oft -site at the income level within the City of Wewport Beach should be analysed. If this initial analysis demonstrates feasibility, the consultant shall continua to perform analyses at each successively lower inccma level until infeasibility Is dem on,tratod. current income information in conforwanos with Article 10.71 Affordability standards 30t 2f income rAr IMStAl r se1145.500 The applicant has received a copy of this letter and understands that a request for a feasibility study will regaire additional information, including but not 11witad to that listed below. ?he applicant also understands that this information will be needed by the study start-up data a,d that the availability of the Informa- tion necessary to complete the feasibility study could influence the ties required to complete the study. vita Plan floor plan and description of various floor plan designs ' cost of land substantiated by A purchase agrsenent or other official document Construction period Construction, cost including off -site costa and list of amenities This letter does not constitute a contract, however it does constitute a request for a proposal/bid for services. 11 contract for services will be executed between the City and the consultant At such time an the project applicant rerivasts it feasibility study. Please provide below an estimate of oost, time reWirsd to prepare and start-up data for a feasibility at u�/ on the project identified above. In addition to the proposal/bid information, Please sign and data this letter, k" a copy for your tile@, and return the original to the City, you. Cost to prepare feasibility study: dollars. Tima raquired to prepare feasibility atudyt days. Date an which preparation of feasibility can begin: 0 CITY OF NENPORT BEACH PLANNING DEPARTMENT PLAN REVIEW REQUEST X AnVANCE PLANNING DIVISION X PUBLIC WORKS DEPARTMENT X�--WFIC ENGINEER X FIRF DEPARTMENT X_PL H REVIEW DIVISION PARKS & RECREATION —PARKS DEPARTMENT X YARINE SAFETY —G'RAD I NG APPLICATION OF: Runnell I". Fluter FOR: ilse Pormit No. 3300 Date November 16 1987 X PLANS A77ACRED (PLEASE RETURN) ..� PT.ANS ON FILE, IN PI.A!IttINr,, DppT. RE7JF.ST TO: Approve a_Residential Coastal Deyela[ent Pormit for a 4 _unit residential condominium development and to dotermine no C=I iancn pursuant to the adminiutrative.quidelinnn for the implemerntatinn of the state lax relative to low and modo rato income houning within the Coastal Zone. LOCATION: 701 Lido Park Drive RE, fORT RFQUF::ITFD HY t November 30, 1907 CC#L`lI5SIOl1 REVIEW: Decemher 10, 19f17 CO?CI ENTS : Signature Date COMMISSIONERS ! . MINUTES • - ROLL CALL December 10, 1987 CITY OF NEWPORT BEACH 6* amendment to Use Permit No. 3063 shall expire unleaa cased within 24 months from the date of approval an ciried in Section 20.00,()90 A of the Newport Reac icipal Code. 7. That the use permit shiTs revinwed by the Planning Commission in one ye rnslerdinq the parking situation and the circwna a . existing At that time. During the one year leer the applicant shall use all best ofrorts to � 1 f The Planning Commission recessed at 9112 p.m. And reconvened at 9i48 p.m. A. Uwe Permit No. 3300 (Public. ltearin ) Request to permit the construction of a four unit residential condominium development and related garages on property located in a P-C District where a Planned Community Development Plan has not been adopted, and the acceptance of an enviroaaental document. AND 9. Resubdivision 857 (Public Hearin ) Request to resubdivide an existinq parcel of land into a parcel for residential condominium purposes. AND C. Coastal Residential Development Permit No. 12 (Discussion) Request to approve a Residential Coastal Development Permit for the purpose of establishing project compli- ance pursuant to the administrative guidelines for the issplementation of the State Law relative to low and moderate income housing within the Coastal ?.one. LOCATION: A portion of Section 28, Township 6 South, Range 10 west, s.8.a. A H., located at 701 Lido Park Drive, on the northeasterly side of Lido Park Drive, on the Lido peninsula. -26- INDEX Item tb.4 tip] 300 P857 CRDP Ho.12 A roved 0 -COMMISSIONERS 10 0 MINUTES ROLL CALL Motion All Ayes CITY OF NEWPORT BEACH APPLICANT: Russell E. Fluters Newport Beach December 10, 1987 OWNER: 701 Lido Park Partnership, Newport Beach James Hswicker, Planning Director, referred to the addendum to the staff report that was distributed to the Planning Comission prior to the public hearing. He explained that staff is recommnding that the vertical access to the bay be deleted and that the City require an irrevocable offer of 21 years for a b trot wide lateral public access easement across the waterfront In the event that the City is successful in obtaining a corresponding easement from the adjacent property owners. Mr. Hevicker commented that staff has discusnod the recommendation with the Coastal Conmission. Chairman Person commented that irrevocable offers have been completed in other locations within the bay area. The public hearing was opened in connection with this item, and Mr. Russ Fluter, applicant, apreared before the Planning Commission. Mr. Fluter stated that he concurs with the findings and conditions in Exhibit "A", includinq the deletion of Condition No. 8 In Use Permit No. 3300, and the addition of Condition No. 10 in Resubdivinion No. 857, as previously explained by Mr. Hevicker. There being no others desiring to appear and be heard, the public hearing was closed at this time. !lotion was made to approve Use Permit No. 3300, Resubdivision No. 857, and Coastal Residential Development Permit No. 12 subject to the findings and conditions in Exhibit "A", including the deletion of Condition No. 8 in Use Permit No. 3100, and the addition of Condition No. 10 in Resubdivisinn No. 857. Chairman Person stated that he would support the notion, and that the project contains the appropriate density. He pointed out that the developments adjacent to the subject property are of much greater density. Motion was voted on to approve Use Permit No. 3300, Resubdivision No. 857, and Coastal Residential Development No. 12 as previously stated. MOTI0N CARRIED. -27- INDEX • . COMMISSIONERS a 0 MINUTES ROLL CAL. December 10, 1987 CITY OF NEWPORT BEACH Use Permit No. 3300 rInImcs, 1. That each of the proposed units has boon designed as a condominium with separate and individual utility connections. 2. The project is consistent with the adopted goals and policies of the General Plan and the Local Coastal Proqram, Land Use Plan. 3. That an adequate number of on-aite parking spaces will be provided for the residential condominium development. 4. The project will comply with all applicable standards, plano and zoning requirements for new buildings applicable to the district in which the proposed project is located at the time of ap- proval. S. That a negative Declaration has been prepared and that the proposed project, as conditioned, will not have any significant environmental impact. b. The approval of Use Permit no. 3300 will not, under the circumstances of this case be detri- mental to the health, safety, peace, morals, comfort and general welfare of persons residing and working in the neighborhood or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. CONDITIONSs 1. That development shall be in substantial confor- mance with the approved plot plan, floor plans and elevations, except as noted in the following conditions. 2. That development of the site shall be subject to a grading permit to be approved by both the Building and Planning Departments.. 3. That a grading plan shall include a complete plan for temporary and permanent drainage facilities, -28- INDEX ' - 'COMMISSIONERS . MINUTES '�► �� December 10, 1987 �* CITY OF NEWPORT BEACH ROLL CALL INDEX to minimize any potential Impacts from silt, debris, and other water pollutants. 4. That adequate provisions be taken to insure that no excessive debris or foreign naterial be Ex,rmit. ted to enter the bay during construction. 5. That a siltation, dust, and debris control plan shall be submitted and he subject to approval by the Huilding Department and a ropy shall be for- warded to the California Regional slater Quality Control Board, Santa Ann Region. .his shall he a complete plan for temporary facilities to Minimize any potential impacts froo silt, debris, and other water pollutants. 6. That the siltation, (Just, and debris control plan shall include a description of haul routon, arcess points to the site, water::gs, and nweeping program designed to minimize im;mct of haul operations. 7. That the lighting system shall be degiyned and maintained in such a manner as to conceal the light source and to minimize light spillaqe and glare to the adjacent residential uses. The plans shall be prepared and signed by a Licensed Elec- trical Engineer with a letter frrm the Engineer stating that, in his opinion, this requirement has been met. 8. Deleted. 9. That all conditions of approval of Resubdivision Ho. 857 shall be fulfilled. 10. That two garage spaces shall to provided for each dwelling unit at all times. 11. That this use permit shall expire unless exercised within 24 months from the date of approval as specified in Section 20.90.0M A of the Newport [leach Municipal Code. -29- • . COMMISSIONERS � a • MINUTES Decestiber 10, 1987 CITY OF NEWPORT BEACH ROLL CALL INDEX Resubdivision No. 857 FINDINGS: 1. That the map meets the requirements of Title 19 of the Newport Beach municipal Code, all nrrlinances of the city, all applicable general or specific plane and the Planning Commission in natisfied with the plan of subdivision. 2. That the proposed resubdivinion pronenta no problemn from a planning ntandpoint. 3. That the design of the nubdivision or thn proposed improvements will not conflict with Any ranements acquired by the public nt large for Accnnn through or use of property within the proporind nutHllvi- gion. CONDITIONS i 1. That a parcel map shall he recorded prior to occupancy of the dwelling units. 2. That all improvements be constructed an required by ordinance and the Public Works Department. 3. That arrangements be made with the Public Works Department in order to guarantee satisfactory completion of the public improvements, if it is desired to record a parcel map or ohtain a build- ing permit prior to completion of the public improvements. 4. That each dwelling unit be served with an indi- vidual water service and sewer lateral connection to the public water and sewer systems unless otherwise approved by the Public Works Department. 5. That standard curb, gutter, sidewalk and drive aprons be constructed along the Lido Park Drive frontage under an encroachment permit issued by the Public Works Department and that the existing monument wall (located on the northerly side of Lido Park Drivel be removed to provide sight distance. b. That County Sanitation District fees be paid prior to issuance of any building permits. -30- • _ -COMMISSIONERS • MINUTES Oacouber 10, 1987 CITY OF NEWPORT BEACH ROLL CALL. INDEX 7. That street, drainage And utility improvements be shown on standard improvement plans prepared by a licensed civil engineer. 8. That a condition survey of the exLestinfi bulkhead along the bay aide of the property be made by a civil or structural engineer, and that the bulkhead be repaired in conformance with the recommendations of the condition survey and to the satisfaction of the Building Department and Marine Department. The top of the bulkhead is to be a minimum of elevation 9.00 ft. above H.I..i..W. (6.26 MST.) . 9. That this rp*tubdivlsion !shall expirn if the map has not been rerorded within 3 yearn of flirt date of approval, unless an extension is w4 nlml by the Planning Commisnion. 10. That a twenty-one year irrevexAble orrer of dedication to the City be provided for as b foot wide lateral public access ease rent art javont to the bay. The City will only accept the offer of dedication in the event that a publir, access connection has been made to one of the adjacent parcels, Coastal Residential Development Permit 11o. 12 F11MINCS s 1. That a feasibility analysis has been performed which has indicated that it is not feasible to provide affordable housing on- or off -site in conjunction with the proposed development. 2. That the proposed development has met the require- ments of City Council Policy P-1. CAMITIONs 1. That all conditions of approval of Use Permit No. 3300 and Reaubdivision No. 857 be met. -31- w rr' off -Site Indirect Marketing 5upervisicn ' TOTAL C OZI FLO') IN COST J 'I s1,b40,W0 20,W0 119,Wi �Q.W2 $1,Ea9,w) (4 units x sq. tt. x szr:r)/Sq. t t. I These cast estimates appear to be rwascnable. Accor-dinq tr) ltu•sljatl'S Croyt Manual, the direct labor and materials casts to txi►lrl a suxl1e- farenily residence in Class n of Excellent quality are W1.'/b Ix.K- SoLare foot. Based an preyiaus appraisals of similar rc-sttle"tial developneyt.s, it is assumed that direct labor and materials rsr•►t% caistitute only 77% of on -site casts. The r ining irortiir► cwn tic. attributed to indirect casts, 2 *-, and overhead, K/.. ftwrefor", all on -site costs c.an he fntimate:cl to hrrt *69.75 -a 7?/. x Cis-9ite Costs a 1-51 tit T.osts - $96.M. Thr tip vlr►per's estimate of s144.00 per square bast is accefitathlc.. Tler construction costs are asuxned to be incurred Imply c7Wr t1v4 nire.- rr+anth construction period. 7) F t the rate charged ac+ainst tre rxrtstarxling loan balance is 3.0 percent over prime} prime is assumed to averacle 9.0 percent. The Loan fee is assumed to be 3.0 ;xrcent of the construction casts. 6} i Praceads from sales shall be crrditsd first to thu outstanding Irian arxi them to the capital account of ttet dwe l oper, it any. 9) fit An abSor-ption rate of ale unit per two mmths has bc�err Incorporated into tho calculat.iom for Oil the mwwkdt rate crri ts. However, it is anss vad that the lower price unit will tar etnrw-ta-U Immediately upon coWletian of construction. Absosrpticn asscWM rrceipt of prvcauds ( that is, ties Salo of ttee unit would haves preceded try approximately sixty days). 10} $ Pricing of the condominium tnttss b�aw.md upon infornwtian ss,ppliud by Oat pralect dorloper isss 69`. O000 per unit for all faun Lnits. li} AfftMjWIw UnJI i The affable unit was considared to rwplaea Chit 4 in all scenarios. Unit pricing wain based upon iriccwrr informtion provided by Craig T. Bluell, prapartaent at Flanninq, tasty of NmVwt l;l wch. C. bs +:t .}, �`u n.i.-:, i s. "4.'fi' :,u .. •a••Y.�*ad,,�t� , +,j l r t, /F.� ;961' r r. -r' f � I I I 12) 13) 3 Affordable unit pricing criteria is provided by the City of ti"rort beach. A copy of this letter- is attached as Addrrnd►sn A. A umbbry of the pricing is as follows: Ot-3i.te Sale Maximum, t rate Incamn SIM,(a,) Off -Site Sale M3ximm, Mderate Income •148),5,a The designatiat affordable oft -site unit Must brr A trtr-laakcaxs caxJamn iva ar ImLr-;e within the City of Newport tUar.: h. Af DaWle Rental Rates: Wntal rates were also based uµi, irrcuna information provided by Craig T. flluell, 1>etiartmmt of Plano:rrg, Uty of Nowpor-t Bmich. This information ins praimintud in ALAkgvkmm A arKI ib sAimmarized as: OT-Site Rat Maximum, Moderate Incow $1,91b p,r rrcntlt' Otf-Sites tent Maximum, Mkx crate lneorrn •1,213 pnr m An emitsim of atilt tol lowilml .UkII t itWW I assmptims have bean incorporated into the ,rwslyUls, Irrtumir,cl Icw- or moderate -income units at an oft -gaiter location. itm taucl+,asa frmw of the aft -site unit was datemined by obtaining thm averaW sales price for all tkn-beclrom units in the City of NMVWt tWach slid since the Miltiple Listing Farvice OLS) listing txx* was last updated. Q }jjaj: It has been asumed that thu off -situ unit will In purchased in the ninth -month and sold in the •lath month. : It has Lwx:n austxmd that Um purc:lLmv pries of ate: (it } site unit is $313,60D. This represents an approximAticn of the curtstt average rouldential sales price. Ar>rs<ia1 Cash Flow: 'rho estioaated annual cash t lw to, rw i t irq out the affordablu units incorporates the following amual axpsnL&4i On -Site Unit Taxes (0 $1.CQ060J61000) 9,690 Insurance(] Expanses 12,ERU lncore tram Rent -101M NET IWDe ti 5,282 Off -Site Chit Taxes (a $1.02[OQli1000) i 3,222 Insurance 400 1 ,•e� .. _ . �. E •fwY'. •s• R. , t i� - 't �i5(i.a�:f�[1 4 1 6.022 Income from Pent 14.%�b TMAL $ 8,534 The tax rats was obtained from the Orange Camty Assessor.% (tttice. The in5"raoce estunates Nwe given by Ptormd litt:alluxih at Nig" t Snyder Insurance, Tustin, California. Expenses include water. trdvti rartvval y and miwellarEcus itMM estimated to crat $200 pvr +rtntlt. 15) fk2UhiRLYAIwt The residual value of an affordable chit at tlst eM of the tenth year is based m an annual 4 percent es+caiatIcti ' factar. .r i 1 r r r r r r r r r .r - Address District 6 19 Riptide 14 Surtside Court 2 Sand Dollar 415 Signal Rd. 2940 Cliff Dr. District 8 211 Via Karon District 9 2515 Vista Dr. 2521 Crestview Dr. 2942 Crestview Dr. 1023 days We Cove E. District W 406 E. Bay, B 204 7th St District 11 259 Chesterfield 265 Haverfield 2204 Fortuna 1967 Vista Caudal 7. Sea Inland 57 3eapine Lane 2069 Vista Del Oro 2/ Sea Island Dr. 3 Sea Coves Lane 34 Vienna 7 Ocean Vista 22 Coventry 33- Ocean Vista 35 Northampton 20 Ocean Vista 27 Northampton District 12 SUMMARY OF RECENT SALES Bedrooms/Barths list Price Sale Price 2/2 0116,950 01159500 2/2.5 $119,000 1117,000 2/2 $119,900 $1199950 2/1 $298,o00 $290,Oo0 2/2 •498,000 64y7,000 2/2 $399,000 2/1 $210,000 2/1 $239,000 2/1 $330,000 2/2.5 0555,000 2/1 •235,000 2/1.5 9273,000 2/2 $175,000 2/2 $2059000 2/2 $239,500 2/2.5 0275,000 2/2 $274,000 2/2 $280,000 2/2 $279,500 2/2.5 $288,000 2/2 s325,00o 2/2 •369,000 2/2 $369,500 2/2.5 $399,000 2/2.5 $3709000 2/2.5 $399,000 2/2.5 0395,000 2/2•5 0523,000 16 Whiteewateer or. 2/2 $285,000 412 Hazel or. 2/2 03119000 7 Breakwater Dr. 2/2 03599000 41 Beachcomber 2/2 $3690000 19 Curl 2/2 $469*000 1217 Bayside Dr. 2/2 *549,000 1301 Bryside Dr. 2/2 $5999000 AVERAGE SALE PRICES Sources Multiple Listing Book, Volume 5 (9/30/87)I Newport Harbor/Costa Mesas Board of Realtors l390,000 $235,000 •235,000 *316,000 $523,000 •215,000 •250,000 $170, Ooo $195,000 $234,500 $240,000 $250, 000 $267,500 •275,000 $281,000 $295,000 93259000 $360,000 $3709000 $373,500 '6303,000 4395,000 S310,o00 9275,000 •277,250 4359,000 $3660000 0450, 000 $5350000 0550,000 •315,606 Date of sale 8/6/87 8/4/87 9/22/67 7/10/87 8/18/87 9/24/87 9/22/87 6/25/87 7/7/87 0/20/87 8/10/87 0/26/07 8/17/87 7/24/07 9/10/B7 9/20/87 7/22/87 7/15/07 8/10/87 7/2/87 9/3/87 9/2/87 9/15/87 0/14/97 9/14/07 6/30/07 0/10/87 6/19/87 6/2/87 8/8/87 9/29/87 8/13/07 7/27/87 9/10/67 9/15/87 :I 1 1 1 1 1 1 1 '1 1 1 1 1 1 1 1 1 1 1 SUMMARY OF RES I DENT I AL MARKET ACTIVITY 1987 Year -to -Date Analysis (Up to 86p.30) Unit Average By Area sales gain Price District 8 74 •4589282 District 9 61 •6769334 District 10 33 $6029393 District 12 134 *556o218 ALL 302 •061,528 By Size 2 Bedrooms 22 •279,330 3 Bedrooms 136 $4739443 4 Bedrooms 09 •373,000 Over 4 Bedrooms 53 l9F1q,609 ALL 302 $5619528 Sources Multiple Listing Book, volume 5 (9/30/87)i Newport Harbor/Costa Mesa Board of Realtors Scwnarse 1 PO rm" Ow FLOW. 1 rcR sic oM-ilrc. K.,..,i. t++ce.. Oa• a 1 ae+�r•.t Prni17 1►ct.rity LW4 Canslrvclt.n C.•ata rinane111.1 Carta set a 1 11r.01atr..•1 [aria OWatawdr?.1 0rnra Not i rn•11 rca.nlN Lean/aagtn Caveat. 1 31.470.000 f:07.2?? iS4,al►1 f1.roo.1r11 Oran 12Sa.m Re fso 10 ~I�• faiso Cash Flow C..w,laltr� to 1403,:11 fJ,Sal 1203,s0f f203.a01 10 f2Sa,p11 14�1.eM to tIl.TOe.lrr.') �11.l1r,0117 S 30 f:U],2:2 fi.Tt6 f20►.4ti1 s241.140 tzOr./fl l201.74i1 W NTI'm 10 to (l203.Ca1) (120r,a41) il1.111,r1;r ($4,111,lST► ` fo t0 !20],11: te.itT r211.711 Tlu,0Y1 s0 s0 fM t.t lq 11,Ot1.FIG sa cfzp1.740) � 9.f.131,41R'J r i+yln Martat�.,q e fo i20i,2: 9203,12: f10.1]T 1lJ.Or1 )z,4,M4 $216.301 5214,160 tzl1,]01 10 1 10► tO so (1212,0Y1► (5214,160) �i1 .S4,,M) �Iz. M.0- ) 1 W C�r.at./'w!1 Unit i t0 I0 f20n.222 f20n,222 113.243 st?.421 f21a.gil 1z1e.4 4 3O 4 !1'S14',�1/ i1`r • •� fU s0 If2IL+]ol) (221e.%4) (11,1M.Ilt) t0 11 sell Unit ] to to W llr.i2] 2220,41" ltr.url !� iH1 • i1r.22I f0 so ! I. Tel. ttls st.lo0.lu 11/ 1.000 45]7.1,47) e f 1.112. trm 13 sell Untt 2 10 t0 1t/,OOt fe,41 fte.401 3e.41 so 94.4l fins m ia/+ H 10 i7S0. (117,S23)12 ilnl•1r77 tit rio ► .11ri (il.11/.13w) 14 f0 t0 10 so fe.ne (20) fe,ru So,?" 1O Sm Sen ' fsTi,i1S (SO) iSSO.00a (fe.4U f141.232 ria.sli,el3) li Sall Ii.tt 1 to 10 tfW (SO) (so) (SO) 30 (�► 10 50 t11.1ai.SaS) ti1.1e3.Sr]) fo (SO) so f430,000 S"o,ow (1411,107) , 11.430.00o st.e2l.000 sler,set 13.466•se] 31.117.Se1 ft.e1r.S92 r]o► 11.osl,0oo cs4n,s/a) ra,rnefnq Carts are incurred prow •vtatandlnq balance en line of croltt. ►r"! (/ 12;)1 (1i/J.e27) ►►tne r 31 s U.0o)t Internet Rat• Leon fee r 1.00R of Retvnt -1.4m Pool nanth floe. -tr.lie �M yer rkrardable a slet,00a m = m = r = = = = r = = = = = = = = =' PRO frAMA Cle.0 FLOW. 2 scor.wl• 2 FOR LKWA OM UH. Neder,ts InciMe late Owe1 +pM.MI [nnslr:,cliw+ Fip►e..ct..:l Oe+els"44 O,.t at w.lt M1 Oress slet Inaens Not Unit sao,e.t od m N,th ec,t+,t.$ tow Costs Costs Cost• Orr, Pope.$ hltmce se1.s hcw 000•4 Cash flap. [,wrnlatire 1 Rocw! L+w toq,n pwr+el. 11.1SL.0m 12'0),Z:2 171.Vto 61.1C4.o 127•.Vt2 s0 s2s0.1yt2 :O t0 (It.MP0.0121 ttl.FO•.ov) $6 S,t11.222 1i.1341 SM5.101 sm,bot Sri 14ti'm 90 in 11.,1A.001, ] l4 5.411.Z-12 71.6)1 1:014461 s2aF,116t so 16Ft.la1 10 so t12411,0411 lS:.l2win 1 to 1:0).UZ 14.111 11201.140 Sm." SO 1411,6% 30 so II21A,14d1 tt2.1)I,sri� s so s201,2.'2 $0,011 121:.0M 1212,0" so 11,01).136 so so (1212,0391 tt::.s4),Fx1 f so 2to1.Z:2 St0.11F 1:14.lw $214.164 so 11,)ur,OIS so to (1214,160) tt..FSF.11'l� F •+q1n lterlett..q l0 um.2:2 )1).0m 0216,301 tils.30t to 11,114'm so $0 11r14.7011 w.714.110 • so S:01,an- $13.242 1219.4t44 S214.464 so 111112,Ko so so (S216,4411 (S7.t02.6tlJ3 1 Crd Co.staulI Unit ) s0 34103.222 SIF.42F )7t0.Hs so 570,3'lt 01,013,)0i S'19o.ow so t/,l'1.)11 ts2,4163.m to to so i10. t" 210,1)) sin, U) to 11,023,442 so so 11 too 1131 CSd.'tfy.44ri It Sell Unit 2 so so Sto.234 110.Z" w "",166 541,•7r I"o,Ono so SIMFu ct1011"Am 12 so so ts)t so)? w]F so )•4.a11 so so thin tst.s54.lto0 U Solt Unit t so so 5045 1.15 SMs 7•s. tat so IMAM to I%", III (Ss•4, YM 14 to is su so to s0 so so so so (Sim.Y"A 33 Ron% WA% 1 so so s0 so So to $O so $440 t44U OW1.11m) i so so to so so so so so t44o 1440 1 1 so so so so so sa so so 110 silo 1 so 30 so so to to to so 144o 1440 1 IA1 Solt Uno t 1 so so 10 to so s0 IO 59.406,Zu S140 tI,4At.Rt: Som,130 sl.,•.o,000 )I.+ns.0oo slsa.3se $1,433."J 61.M4,41's 1107".411 so 91,n4.232 su.424 S014.110 WV M Im1 41]14,m) Prime 1 U a to WMrV 14 Not* Lao too s 3.003 of Returns O.S67 pw ~t, Kw. 1.M Per year Rtforaswo s $141.000 R1OWK as" FLOW FEW 49"I' LS Not smomOrv-site fvwo s 31.NM mo4weto Rent s 11,311 /Mont+ Imnrence s Hot) s Ito, too Fw w (Mtense0 a i2.4o0 rofAL CwtwA iu.n• rorat, INCOM st•ol•O ... Rtr tNCdi f7.21Q RonlhIV Net Incomes 14 s0 aletes 1 for role a 11.02oMO ter i100 w you Imats-WAO eetj"4t* 91ven •y Roro►t SM44W IMn.rsnce. Flood". Collfersta. • [steMrs a • 5200 ter Mewth inaluloa o4tor. trash reMM..e1. Mira..) 4.7 F> Mo f OM W." rin(. I Scwwte 3 flat S+wi OFF-UH. "4~4t• 104606 0e.e1sc—.ni Ca.atrutiion Itnw.ctrrl retal DOW46I..w.t Costs arw auto Ik"t j mator4e ►*►04 Gruen Sale$ tto..M M[tirtty t 4*cwl Lu*r✓NgM Cw.ri. Lrwl f1,?'O.GOo Ca9is /203,222 Costs %'�;/M ' Il;r01`u fjm,O03 s+) t210.d12 $44).0" to /0 2 t0 f0 /Za3.In /2ttJ,222 34,4Yi f29r,0i1 t20/.KI so so f4J1.IS1 5001,694 t0 so 3 to SM.222 IM.227 $4,rti+ 10,011 sa":tw Sm,= uot.tiia 5212.031 to /t.a3).r34 f0 S 4 so so /2II3.222 s10.93T t24.144 $214.361 521e0t40 s214.)Ot id so /1.)Oi.01: 01.524.N4 t0 s0 t�+gin t(er►*ling so so s2Q1,222 IM.222 st%orl stS,242 t210,1N Sato. 441 to s�it3.771 It. M OW /1,)20.7M 10 /150,000 0 a 7 Sell unit 41tuy Off -sit* so SM.Z22 so s17,'i27 SL3,209 six 2'f/ 155" so 6002" so 01.m.t70 $o 3JSett off -sit. so so to f13,��w t1l,St2 so s1.0R2,0r! 18 t240.120 $262:M /1.M.Sw s0 t1 Solt unit $2,W1 f2.42T $2,401 $2,6�27 u.401 u.42f 1241.3�" to sno,oso 13 S+t1 Unit 2 13 so so to so so so so t0 t4 so lsso,0oo 1� tS sell Unit 1 so s0 s0 30 W /1."0.000 51.M.00o st"a-M $3.160.0" 91424t.04 t1.7rtt.i/0 am s],!{S.SOa try (Strol ►rinr ► u s I2.00K lnternd set. Lan fee s 3.00[I of matural 0 Its". Offe►debl* /tgS,7(A Ave. 2-96*0 . fat. Price s $3t7.400 No% 440b Urd/71tau.te0 rt ON L./Y1att*. (tt.J00.0u) (/I.M4.012) cf20.am t/l.M.M)) 45207,040 ft1.M.MT) ts207.140i (I1.331,N4) (/2t2.0r) 4f2,s4q3.r34) ($at4,1w) (/1.►sJ,04S7 (s214.30U (5210.46-0 (st3,2m f/1.2/2,1f0) $1.0".0J0 t/1.71o,L2D3 cst.4au t/t.fu.tm /lt7.In ctfss.3+� (to (s74s.3t/) 1740.000 $164.611 sst+t.4s1 cs1l�,nu a."* W ,..nu. 7.o7U Per wIW i ■r r r rr ■r �r r■ ■r rr r r r r r r r r ■r �■ " U~i• a f1A LIMA Orr -sift. rWWO10 lacsra os.alarww*t lwnth Itctirtty I !«ere Ls.vlopjn Cawtt. s t f1Mbelinq • 1 Gd Censt.Katl Unit V to {.rl off -Sit• Unit It $.tt Unit )i{ant Off-lto 12 12 Sol% Unit 2 14 11 Sell Unit I t t I 135 sell off-s=ta Unit "a roam c)r%4 Stow. • fetal (anstruattan rtnowifts o...t•►.,+..t autslsr.dHp s.... Las Casts Cwts Casts or** R.rsy {e1s.Ka Sates 11,4-o,VA s20l.2rr tla,Aro sl.ra.ou IrA,072 so s271.072 so so QW.222 u,AI sm'66) si"'ac) so saay).sri so s0 120),222 sr.&" 1207,061 1207,861 so t4r1.rl7 so 10 6203.47V /i,71g u(m," uo1.1a0 so I641.616 so to smilm,' m.w 1212,0» sat2.0)1 so /1.01D.M so so s203.m 110.71r 1214.144 1214.I60 so 51,707.{!S s0 so 1203,ZU st),9Y1 $216.301 12116001 so 11.Y241116 so 100 1203.222 115.m 1218,i4 Ut{.164 so lt,742,640 10 fo 1201222 str,a r 1SX.241 sa tat),ris 11.329.101 2"a.000 so so 51),2{/ 1t302s! 1t3,211 so 11.342.110 s0 $a $0 su'v2 10.a72 $0 mf,.Srg saas.ua "50.000 so so 54,034 t4.0% S4,0% so s40l,irr so so so 14.(1r 11,071 se,btr ssl).n! so "M.000 s0 so to 1a 10 so so so so so to to so to $a slso,000 114 to so 91 to so so so so so so 10 to sa so so 10 so so 10 $a s0 so so so to so in so so so fair. its 1l.aeo.ow 1164i7.000 s1N,tr) gj"or7) sl.n.4,103 11,1114.t0) so 146201147 Prix& 1 35 s 32.001 Lam foe s ).0D11 Are. 1-{sd►as,s Sala Arica s sau.too IMoVift OMM r1.L11 fKa M9MTALs ft.4m w 049-Sit. Imd. Ilene = 111.213 JFM"th 1.•.....c. = saao a {ti.3K /yoar t.7es.sea = 12.ao9 I'MAL CXKWA /4,022 rw L IW.= t std$,$% wr 11 cm ~� N.!}t Iouta.ri ills twin# rar slat. ■ 91.0=000 far SM w vow I~aiis eatlaot• liven by Aabor i sft11rr lr~WKI. satluaa .&tar, trash rsnwals slot.) Net (,K«.s *.I Cash Uodt=Cw.ted Prom loot flea Curwlatt►a s0 (II me all) 401.r".017) so (160)) 2GS, tt1,1t),{1S) $0 11t0r161) (i2,t2l.nr) so 411vl:* Ol lti,I>11.t%) so 1/112.0113 (92.54).710 so (1J14.160) 4520r37.{15) so (11160)o1) M,m.1%) so 41210 " (53.412.640) t0 sgl).rlt lg2.li�.101) so 411342m t526712.11W sill 111I.2{! cgt.ula.lol) Mt 413.m $?it 91% .Lt1 t9111.44D IM 1719 t1410012lb $711 t1S0.r1t sil,rt) sits sill 610,4" grit sill 541,20S 5711 1711 N1.1tt s11t g+u.{ri sSs2,283 Wes" 1l12.2{) WV CALI 1s t04010" lnt.rnal gets 01 siatwns O.i7{ par monde 9,llx w ysar 1 1 1 As evidenced by the prnrceding Pralorwu Cash Flaws and &% ■ mmarirsd below, the es tisa ted internal rate of ro tern trxier the four scsr%W 10s rand tob,men--17.61 perrant and 9.91 percent. The rate of return la4wvws by ptumhasing an off -site trot and/or lewsinq one of the units. That is, the scenario with the I rate of return is the one in Much nottlarr an off - site unit is purchased nor a unit leased. Commrseely, in the sceeuria with the test rate of return, an off -site unit is toe.ght and then leased. ESTIMATED INTERNAL FATE IF RETLM t"rj4 .. IRR_ i) For Sale/Di-site -17.167. 2) For Lease/D"i to 6.7Er/. 3) For Sale/Off-site 7.UT/. a) For Lease/Ul f- si to 9.91% It should be noted that these rates of return reflect point astimaiters tkisecl ul", a series of asaxwtions detetiled earlier in this report. The actual rate of return achieved by the 701 Lida Parts Drive development will depend upon to what degree variances from these asmLvVtians era Wxpterienced and in "hat directionn (i.e., positive or nMative) they occur. It is the c4rin1n n of Tarantella & Campany that if variances do occur, they era mom likely to occur in a negative direction resulting in a rnadtecti.on of the rater of return. The nor significant factors which could cano such a result arms 1) a mom lengthy absorption period, 2) an incromw in ccrmtruction costs, and 3) a ruduct.icxn in achiavable sales price. Theme my mrAwal more do►nside risks than upside potential. [liven the risk level associated with this type of devrrlopt+ent and the aforurm tiorned likely direction of any variances, it is cur opinion that the oily reasonable scourio is the exclusion of any affordable units — on-siteer or off -situ. Based upon our experience and hwwledge of specific devaeloprpt projects, Taranteel 10 & Campany has found that most developers would not undertake % ch a development without an expected internal rate of . bz, of at least 25 percent. In summation, in a financial world wtar'e Trwasury bands 9LVrj[&= nearly 9 percent at present, with no merwagntant rsquirgmerts and elbaination of constnactirn risk, rate risk arxi market risk, our most recent experience in the evaluation of devalgm=. t projects for similar clients suggests rmiWdreed rate m of re ti rn of at least 25 percent, and in many cases 50 psreerit. It is evident that none of the previous scenarios approach this bonciwm*, arw ear reco w nd that no of f a dable unit require= t be ierposed upon the 701 Lido Parts Drive de mlopmmt since the highest yield available to the devVlWw %ould bee twely gnmteer than a risk -free investment. w��..l �.:.. f��� �� '{.: �. OJT. 7t .:i::� 1l� ! �War CITY OF NEWPORT BEACH F-a Box IN& MVK*r SEAM G 4l MNIS cttirosMJ PIJII■fl)IG f .(714) 644-3225 ate M. Tarantallo Tarantallo i co. 3001 MacArthur Blvd., eta. 100 "Swport Beach, CA 92sao Dear Hr. Tarantellos . Within the California coastal fortis,governed residential development is yCode, Stateostirtitairad in Article srteeertt "Low coastal Zortie.■ +Thecit and Modsrata-Incase Housing y Est Beech 10.1 of the within the raqulatlotr the alters council pol# guidelines established by council those atats Policy p-1. determine %t her this[otdabides r using the parationrequired by latioria s study to 9tata regu- is feasible in new denrelop�eer�a withinNewport ewport Sed s 006stal Zone. The following Information is bei enable the preparation of a proposal/bid for such study. feasibility Ttti#s will the rssubdivision of a single 4 condominiuminvolve cprojectondominium and should be evaluated as one project. parcel into Project Location (address) 701 Sits site _ 13.000 aa.it, _ �r of Ihlits �_ Number oft - .-..�.." 1 Bl Units _ 2 Bdrm. Units 2 Bl Units S Bdrm. Units 4 Project is to be evaluated oat a rental project both an ownership and rental project X` that theor Flo m ibility, the city of Newport Basch provision Of prepare a feasibility study by analysis ng the __ i unit(s) Der the �W Income level on -site. If this initial anal fa ds■oitietratas feasibility for one or both types of tenure, the ommdtw* shall aontiaue to perform amlyses for the feasible tenure type at sach successively lower income level until infeasibility is dwortistrated. Currant lnaone inforsation in oanforaemoe with Article 10.73 #ii4..M0.00 . 3300 New►po" Boukard, Newport Hach MEN 1 1 1 1 1 1 1 1 1 1 1 1 1 ft" 1!, lfp7 Affordability standards far awns )t 61,513/aMth 'hefts of attordrbilityt to years. I[ it is not faaelble to provide an affordable unit on -sits, the feasibilOff-site a of providing - l,r„ aw tiro bsdrM ��p unit at[ -sits at fife .�lat� In come lrwl vithin the City of Havott beach should be analysed. It this Initial analysis demanstrates feasibility, the consultant shall continue to perfom analyses at each sesslvely demonstrated. lower hoar Uvel until infeasibility is . Currsat inoore Information In caontmNacs with Artlole 10.7s Affordability standards 291r r The applicant has received a copy of this letter and understands Informations, Inol ding but sisotlliimitsto~that llisuted belaowi.tonal The applicant also understands that this Information will be rmkW by the study start-up dab and that the availability of the Infonr- tion necassary to complete the feasibility study omld influence the tlss required to complete the study. Site Plan . Floor plan and description of various floor plan designs Cost of land substantiated by a purchase agrsswsnt or other official document Cbnrtruction period Construction cost including of[ -sits costs and list of nsaenities 'bin letter doer not oonstituts a contract, however it does constitute a request for a proposal/bid for servioss. A contract for rervior will be anrc�stad brtwum the City and the consultant at such tins as the project applicant reyuasts a fessibility study. Pleasa provide below an estimate of oast, time prepare and start-up data for a fessibili study an the irsd� identif;ed above. In addition to the ptnpo"l/bId intonation please sign and date this letter, keep a copy for your film, and return the originnal to the City. lhw* you. Cost to prepare feasibility studyt dollars. Time required to prepare feasibility studys_,-days. Date an which preparation of feasibility can begint 1 t • � O ■ B Qmlificaticm of the Cmwltmnts 1 1 1 1 1 1 1 1 1 1 1 1 DR. R. TARANTELLO, CRE EDUCATION: Doctor of Business Administration - Real Estate and UrImn Land Economlcs, 1976 University of Southern California Master of Buslnmi Administration - Financial Management and Badness Economless, 1971 Unlrerslty of Southern California Bachelor of Science - Real Estate and Finance, 1910 California State University - Los Angeles PROFESSIONAL American Society of Real Estate Counselors, CRE AFFILIATIONSt Urban Land In.Atltute (Full Member) American Institute of Corporate Asset Management, FCA National and California Awtoclation of Realtors American Real Estate and Urban Economics Association DIRECTORSHIPS: Charter Savings Bank - Huntington Beach, California Security Pacific Participating Mortgage Trust 1- Denver, Colorado BUSINESS 1978 to Present, President, TARANTELLO do COMPANY, with EXPERIENCEt full responstbillly for all real estate rese4reh, consulting, investment advisory, and valuation services. TEACHING Adjunct Associate Profemw of Real Estate and Urban Land EXPERIENCE: Economics University of Southern California, 1979 to Present Amiatant Professor of Real Estate and Urban Land Economics. University of Southern California, 1976 to 1979 Assistant Professor of Real Estate, Finance, and Urban Land Development California State Polytechnic Unlveralty, Pomona, 1971 to 1976 HONORS, Wall Street Journal Achievement Award, 1971 DISTINCTIONS Wlttentwrg Fellowship for Doctoral Studley, 1976 AND AWARDSt University of Southern California "Outstanding Faculty Member", 1978 - 1979 ' Bata Gamma Sigma, National Honorary Fraternity Editor-In-Chlef, Journal of the American Society of Real Estate Counselor+ L' ' EXPERT WITNESS Olive Davis, et al, vx. City of Newport Beach, Orange County TESTIMONIESs Superior Court, Case No. 32-95-85, July, 1906 Juan Segundo Jr., et al vs. City of Rancho Mirage and C/W Kapp vs. City of Cathedral City, Federal District Court, Case nos. CV 82-4338 AAH and CV 84-3678, June -July 1985 Oceanflde City Council, Mobile Home Park Rent Control Ordinance - testimony on October 22, 1985 San Jove City Council, Mobile Ilome Park Rent Control Ordinance - testimony on May 28, 1985 City of Orange City Council, Commercial Development Potential - testimony on February 19, 1985 San Jose Rent Stabilization Board, The Economic impact of Rent Control on Inventor Returns - testimony on September 24 - 25, 1984 Prcnident'n Comm1wrIon on Iiou"Ing - prrFlentatlon on October 28, 1981 Lon Angeles County Rent Control Advisory Board, Fair and Just Return In Rent Controlled Units - testimony on April 9, logo Lom Angeles City Council, Rent Control - testimony on July 25, 1978 California Assembly, Committee on Housing and Community Development - testimony on May 3, 1978 U.S. Howe of Representatives, Committee on Banking, finance and Urban Affairs - testimony on January 17, 1978 SELECTED PUBLICATIONS: Tarantallo, Rocky A.; Findlay III, Chapman M= and Messner, Stephen D. Real Estate Portfolio Anal .Is. Lexington, Max.Kachusetts: Lexington Books published D.C. Heath and Company, 1983 A Multi -Period Real Estate Investment Simulation Model: A Financial Mann cment Rate of Return RRysproac , w th M. C. Findlay and S. D. Mennnerw Center for Real Estate and Urban Land Studies, University of Connecticut, 1981 The Future of the Real Estate lndust Center for Futures Research, University Of u M California, 1974 Refereed Journal Articles "The Inflation Dependency of Leveraged tnventmenW Reel , Estate boues Vol. 10, Number 2, Fall/Winter 1985 '` "FMMRs A Programmable Calculator ImplementatloN" with 0. Tenzer, The Real Estate Alffalser and Analystt 1981 - _'f% } w f %i,:fiA:� Si � .P•;'�i'/.I .;1•. t! �iati4 •ts..•�':LFf'��� SELECTED "Risk Analysis In Real Estate, Part Is M There Even an Old IRR PUBLICAT10NSt Literature Under Risk," with M. C. Findlay and S. Memner, (Cont.) The Real Estate A raiser and Analyst July -Ault, 1979. "Real Estate Education at U.S.C.," Journal of PI nei Education, January, 1978 Abstracts "A CAPM View of VRMs." with R. V. Eaxtln and M. C. Findlay, Journal of Financial and Quantltatl�e Analvslg November. 1976 �"�'"— Other Publlatloas "Continuation of Single. Digit Rates Likely," jklidigg Oranize County June/July, 1986 "Mortgage Lendingt Buying the Amtumptions," Building Orange, County, June/July. 1985 "1985 Outlook for Real Estate and the Economy," Building Orange County. December/January 1995 "Post Election Interst Retest What to Expect," Aullding_Orange County October/November 1984 "Presldentlal Elections and Housing Economies," Building Ora2ge Count March/April 1984 "The Plight of the Thrifts; Executive ma azine Vol. 8, No. 2, February 1982 "The Plight of the Thrift Industry," A.B. Laffer Awelates, August 17, 1981 "Free Market System Solution to Housing Problem," BIA/Orange County October 1980 "Rent Control and the Housing Crisis In Southern California,* Parts 1 and II, with M.C. Findlay, Real Estate Illustrated Vol. 1, Nos. 9 and 10, March 1980 "Why Firms Leave Los Angeles," local Governments' Decisions and the Local Tax Base The Lincoln lmtltute for Land Poicy, i5ctober, 1979 "Faulty Visiont The Economic Shortsightedneas of Rent Corr troll" Call fornia Real Estate, December 1978 "Los Angeles Housing Couns, Economiei and Public Policy," Southern_Callforma Buslnesis, February. 197E DBA Dimertatlon, Variable -Rate m Fixed -Rate Mortirsffo Instruments: A Theoretic Approach March G'� yr� ,�r,rt••,r. ''+?..1�;t; 3�.ftii�`ki'..I::�,ar1,t. I'l }f •I PROFESSIONAL Guest Speaker, Society or Industrial and Office Realtors, AND ACADEMICS "Economic Overview - SIOR Annual Conference, Beverly Hills, California, March 13, 1987, Anaheim, California, March 27, 1987 Guest speaker National Association of Industrial and Office Parks," Orange County Office and Industrial Trends," Newport Brach, California, February 5, 1987, Guist Lecturer, Stanford University Graduate_ School of Business, "Real Estate Development Strategies," Palo Alto, California, January 16, 1987. Guest Lecturer, Dept. or Interlor, Bureau of Indian Affairs, "Ground Lease Provlsions for Indian Allottees", Palm Springs, California, April 16, 1986 Guest Speaker, National Association of Industrial and Office Parks, "Interest Rates and The Economy," Los Angeles, Callrornla, March 8, 1986 Guest Lecturer, University or Chicago, "Real Estate Rr,earch and The Development Process," Chicago, Illlnols, November 15, 1985 Guest Speaker, Institute for Real Estate Management, "The Impact of Real Interest Rates on Real Estate Returns," Costa Mesa, California, November 13, 1985 Guest Speaker, National Assoclation of Industrial and Office Parks, "Capital Markets, and The New Tax Proposals," Long Beach, California, July 10, 1985 Quest Speaker, National Asnoclatlon of Real Estate Companies, "The New Economics of Real Estate Investing; San Diego, California, May 6, 1985 Guest Lecturer, University or Chicago Graduate School of Business, 'The Business of Real Estate Consulting," Chicago, 1111nols. April 25, 1985 Moderator, American Society of Real Estate Counselors, "Fiduciary Service Opportunities for Real Estate Counselors," Chicago, Illinois, April 24, 1985 Guest Speaker, Building Owners and Managers Association, "The Impact or Urban Eoonomlcs on Real Estate Investment Values," Santa Monica, California, April 15, 1985 Guest Speaker, National Asaoclatlon or industrial and Office Parks, "Institutional Reaction to the Post Election Economy; Phoenix, Arizona, November 7, 1984 PROFESSIONAL Guest Speaker, Society or Industrial and Office Realtors, AND ACADEMICS "Economic Overview - SIOR Annual Conference, Beverly Hills, California, March 13, 1987, Anaheim, California, March 27, 1987 Guest speaker National Association of Industrial and Office Parks," Orange County Office and Industrial Trends," Newport Brach, California, February 5, 1987, Guist Lecturer, Stanford University Graduate_ School of Business, "Real Estate Development Strategies," Palo Alto, California, January 16, 1987. Guest Lecturer, Dept. or Interlor, Bureau of Indian Affairs, "Ground Lease Provlsions for Indian Allottees", Palm Springs, California, April 16, 1986 Guest Speaker, National Association of Industrial and Office Parks, "Interest Rates and The Economy," Los Angeles, Callrornla, March 8, 1986 Guest Lecturer, University or Chicago, "Real Estate Rr,earch and The Development Process," Chicago, Illlnols, November 15, 1985 Guest Speaker, Institute for Real Estate Management, "The Impact of Real Interest Rates on Real Estate Returns," Costa Mesa, California, November 13, 1985 Guest Speaker, National Assoclation of Industrial and Office Parks, "Capital Markets, and The New Tax Proposals," Long Beach, California, July 10, 1985 Quest Speaker, National Asnoclatlon of Real Estate Companies, "The New Economics of Real Estate Investing; San Diego, California, May 6, 1985 Guest Lecturer, University or Chicago Graduate School of Business, 'The Business of Real Estate Consulting," Chicago, 1111nols. April 25, 1985 Moderator, American Society of Real Estate Counselors, "Fiduciary Service Opportunities for Real Estate Counselors," Chicago, Illinois, April 24, 1985 Guest Speaker, Building Owners and Managers Association, "The Impact or Urban Eoonomlcs on Real Estate Investment Values," Santa Monica, California, April 15, 1985 Guest Speaker, National Asaoclatlon or industrial and Office Parks, "Institutional Reaction to the Post Election Economy; Phoenix, Arizona, November 7, 1984 PROFESSIONAL Guest Speaker, California Society of Certified Public AND ACADEMICS Accountants, "The Financial Economics of Real Estate (Cont.) Investment," Irvine, California, September 26, 1984 Quest Speaker, Union Oil Corporation. Me Impact of Real Estate Economics on Timing and Location Choice, Rancho Santa Pe, California, September 17, 1984 Gu"t Speaker, California Building Industry Assoclallon, "The Outlook for California Real Estate Development; Copts Mesa, California, May 10, 1984 Guest Speaker, Society of Industrial Realtors, "Industrial Property Development Strategies," Lon Angeles, California, March 27, 1984 Guest Speaker, Union Oil Real Estate Conference, "Industrial Real Estate Trend4," October 3, 1983 Guest Speaker, International Council of Shopping Centers. "Development Trends In Retail Real Estate," September 23, 1983 Ducat Speaker, Touche ROM do Co., "Real $state Economics," Scottsdale, Arizona, May 17, 1982 Guest Speaker, California Bar Association, nhe California Real Estate investment Market," Palm Springs, California, April 24, 1982 Guest Speakr,r, Las Angelei Society of Financial AnalyRtR, "The Future for HotWngt Boom or Bust," Lori Angeles, California, October 1, 1981 Guest Speaker, County Planning CommisstonerR Conference, "SB 200 and the Peripheral Canal," Newport Beach, California, March 10, 1981 Guest Speaker, Town Hall of California, "The Current Real Estate Invemtment Market," Newport Beach, California, March 18, 1981 Guest Speaker, Union Bank, "Real Estate 1nreRtments for the 180s; Los Angeles, California, September 24, 1980 Guest Speaker, Society of Real Estate Appraisers, "The Impact of Rent Control," Studio City, California, January 8, 1980 Guest Speaker, international Association of Assessment Offl- cers, "The impact of Rent Control on Residential Values+," Los Angela+, California, June 21, 1979 Guest Speaker, Countywide Conference on -Aging, "Rent Control ' and the Elderly," Lon Angeles, Calltornis, June 14, 1979 L Y .r r f ' • y ! � y. Yff•h I�� 11 PROFESSIONAL Guest Speaker, Lincoln Land Institute Conference on Local AND ACADEMIC: Gorernment Declslows and the Tax Base, "Why Firma Leave Big (Cont.) Cltiess The LoR Angeles Area Survey," Lon Angeles, California, February 9, 1979 Guest Speaker, State Convention of the Callfornia Amoclatlon of Realtors, "Rent Controlr The Myopic Solution; San Fran- clgco, California, September 25, 1978 Prearntation: American Real Estate and Urban Economic Association Meetings; "Single-Perlod vs. Multi-Perlod Measures of Risk and Return," Chicago, llllnols, August 30, 1978 Guest Speaker, Savings and Loan Executives Conference at the Center for Management Education, Unlrersity of Southern California. June 1977 Presentations Eastcrn Finance As.Rociatlon; "Stochastic Doml nance Analysis of the Fixed -Rate vs. Variable -Rate Mortgagor," with M.C. Findlay, Boston, Masxiachur+etts, April 1977 Presentatlons Financial Management AsRoclatlon Annual Meet- i ; "An FMRR Real Estate Investment Simulation Model." with M.C. Findlay and S.D. Messner, Montreal, Canada. 1976 PmRentatlons Western Finance As.Roelation; "A CAPM View of VRMR," with R.V. Eastin and M.C. Findlay, San Francisco, California, 1976 Guest Speaker, National Convention of the National Association of Realtors, "The Future of the Variable Rate Mortgages," San Franclseo, California, November 1975 4.. ;A>,�N�i'k �l: • A�: ,l:' ••�'•;•�ti S..- y. •ire.. r yarl'�'t�. •y:' �'1 bFR$!`(,ii BIOGRAPHICAL SKETCH Dr. R. TaraateEo Dr. Rocky Tarantello joined the faculty of the University of Southern California In 1974. fie currently holdR the position of Adjunct Associate Profexsor of Real Estate and Land Economics. He rrceived his Doctor of Burinesm Administration and Master of Eluslness Administration degrees from U.S.C. and a Bachelor of Science In Business Administration from California State University at Los Angeles. Protex-donal credential.• Include the CRE denlgnation of the American Society of Real E+tate Counselors, full Member of the Urban Land Institute, Fellow of the American Irrtitute, of Corporate A&iet Management, National and California Association of Realtom. He has extenRlve experience In real estate developmentp Investment, market research. appraisal, and counseling throughout the United Staten. lie is also President of Tarantello & Company, a real estate counseling and valuation company with offices in California and Arizona, and serves on the Board of Directors of Chartor Savings Bank and Board of Trustees of the Security Pacific Participating Mortgage Trust 1. 0 7/d7 • �O� No: 30437 r NVOKIZ W DtOWATS CITY OF NEWPORT SE.A t °"�'"'" ANO w CALIFORNIACUM NEWPORT BEACH, C9?683 >I�t 3300 NEWPORBOULEVARD "IM�, YCK11s S ALL WKXUK PHONE: (714) 644.3118 VENDOR C Tarantel to & C lw y 3901 MacArthur Blvd., Ste 100 Newport bench, CA 92660 QUANTITY I- DESCRIPTION OF ARTICLES OR SERVICES REOUIRID F.O.B... 0221803 DATE Oct&er 26, 1987 DEFT. Plannirag Dept. SHIP TO Professional services rendered re Feasibility Study for 701 Lido Park Drive (CARP #12) as described in letter dated October 15, 1987. 3,500.00 TERMS; IMPORTANT Tn� A"'"S "O"Cl OV IM'% I'4001117a Gr'.1a• n+ t-W ••.1 A Im 1•,I c..• to+n� t" e!:(;%h ; Ihlr' r. dl 0514AYlt'I'l 0 1% 4^ 1•0• -_!►w• ^•`1n}rr.a'w I.rwt re'1 .1it•,IhS, ruler, em1 cu,}.r: r,t Iru F e 1q, t qm fT1.4 r, Ito of Ce4lcrrr„1 !, I tep.11414 rlerrl .V-, r lta '.w 4•. t.f l ..te"II !:1 i 00eral I',a 1•If.r I., INS ULJ1-'1d111 -fde' I't4ac1 I - r 0,+r.r,,.l Ai l.. .d'f an`lprr .rldt { ,r. S' r.T ••..,r- Fa.1.•� el t- :.I I ilUIE A' r 'r,.ltr Irur` ' N i '.a , ••r,:u } e'. Professional/Technical Bldg. UNIT PRICE TOTAL 3,500.00 CITY OF NEWPORT BEACH 2(711 'n1,7"Ti-. FRANK H. CLARKE III IIUACHASING AGENT 11! NDOR S CQPIV No. 30437 CITY OF NEWPORT BEACH P o. Fu)x 1768, vkft)RT BEAC_I1. CA PLAIPIDIG DEPARTMEl" (714) 644-3225 R. Tarantello Tarantello it Co. 3901 MacArthur Blvd., Ste. loo Newport Beach, CA 92660 Dear Mr. Tarantello: Within the California Coastal Zone, residential development In governed by State regulations contained in Article 10.7 of the Government Code, "Low- and Moderate -Income Housing within the Coastal Zone." The City of Newport (leach administers thong State regulations through guidelines established by Council Iblicy E'-1. Council Policy 11-1 provides for the preparation of a utudy to determine whether the affordable housing required by State regu- lations is feasible in new developments within Newport Beach's Coastal Zone. The following information is being provided to enable the preparation of a proposal/bid for such a feasibility study. This project will involve the resubdivision of a single parcel into 4 condominiums and should be evaluated as one project. Project Location (address) 701 Lido Park_Driv2 Site Size Number of Units Number of: 1 Bdrm. Units 2 Bdrm. Units 3 Bdrm. Units 4 Bdrm. Units 4 Project is to be evaluated as: a rental project both an ownership and rental project X For purposes of feasibility, the City of Newport Beach requests that the consultant prepare a feasibility study by analyzing the provision off_ unit(s) at the moderAtg income level on -site. If this initial analysis demonstrates feasibility for one or both types of tenure, the consultant shall continue to perform analyses for the feasible tenure type at each successively lower income level until infeasibility is demonstrated. Current income information in conformance with Article 10.7: A0.600.00 . 3300 Newport Boulevard, Newport Beach • is October 15, 1987 Page 2 Affordability standard: 39% (21 ir&0!9 for—rental$l,l;rlmonth 3 x incore for00 Terra of affordability: 10 years. If it is not feasible to provide an affordable unit on-nite, the feasibility of providing --i___,_ new two -broom ownersihip unit off -site at the moderate income level within the City of newport Beach should be analyzed. If this initial analysis domanntrates feasibility, the consultant shall continue to perform analyses at each successively lower income level until infeasibility is demonstrated. Current income information in conformance with Article 10.7: Affordability standard: 301 or f Kome for renni_ 1,2_u p- The applicant has received a copy of this letter and understands that a request for a fea©ibility study will require additional information, including but not liaited to that listed below. The applicant also understands that this information will be needed by the study start-up date and that the availability of the informa- tion necessary to complete the feasibility study could influence the time required to complete the study. ' Site Plan Floor plan and description Cost of land substantiated official document Construction period • Construction coat including amenities of various floor plan designs by a purchase agreement or other Off -site costs and list of This letter does not constitute a contract, however it does constitute a request for a proposal/bid for services. A contract for services will be executed between the City and the consultant at such time as the project applicant requests a feasibility study. Please provide below an estimate of cost, time required to prepare, and start-up date for a feasibility study on the project identified above. In addition to the proposal/bid information, please sign and date this letter, keep a copy for your files, and return the original to the City. 'shank you. it vo Cast to prepare feasibility study: 3 dollars. Time required to prepare feasibility study: -1W days. Date an which preparation of feasibility can begin: *AY9^4Z�1 dcoc& Y, L` OCtobcr 15, 1987 Page 3 CITY OF NEWPORT BEAM BY Dat 10-15-87.P1 NBCI'9 CONSULTAM By Date ADDENDUM TO PURMASE ORDER This Addendum to Purchase Order Number '% eontn Ins terms and conditions under which the work or services required by said purchase order must be performed. Throughout this Addendum, the term "Consultant" refers to the party Providing work or services to City pursuant to the purchase order. 1, SERVICES BY CONSULTANT Consultant shall prov a to City such work or services required In the Purchase Order (or any other addendum thereto). Consultant warrants and guarantees that all services performed pursuant to the Purchase Order shall be prov icled In n manner commensurate with the highest professional stanCnrds and shall be performed by qualified and experienced personnel. 2. INDEPENDENT PARTIES City and Consultant Mend that -the relation between them created by this Agreement Is that of employer -independent contractor. The manner and means of conducting the work are under the control of Consultant, except to the extent they are limited by statute, rule or regulation and the express terms of this Agreement. No civil service status or other right of employment will be acquired by virtue of Consultant's services. None of the benefits provided by City to its employees, including but not limited to unemployment insurance, worker's compensation plans, vacation and sick leave are available from City to -1- Consultant, its employees or agents. Deductions shall not be matte for any state or federal taxes, FICA payments, PFRS payments, or other purposes normally associated with on employer - employee relationship from any fees due Consultant. Payments of the above items, if reduIred, are the responnibillty of Consultant. 3. COST OF LITIGATION If any legal action is necessary to enforce any provision hereof or for damages by reason of an alleged breach of any provisions of this Purchase Order, the prevailing party shall be entitled to receive from the losing party -all costs and expenses in such amount ns the court may adjudge to bo reasonable aittorneys' fees. 4. HOLD 11ARMLF.SS Consultant shall indemnify and hold harmlenr. Clty, its City Council, boards and commissions, officers and employees from and against any and all loss, damages, liability, claims, suits, costs and expenses whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit arising from or in any manner connected to Consultant's negligent performance of services or work conducted or performed pursuant to this agreement. Consultant shall indemnify and hold harmless City, Its City Council, boards and commissions, officers and employees from and against any and all loss, damages, liability, claims, suits, -2- f costs and expenses whatsoever, including reasonable attorneys' fees, accruing or resulting to any and all person,, firms, or corporations furnishing or supplying work, services, rr,nterials, equipment or supplies arising from or in any manner r.onnected to the Consultant's negligent performance of servicau or work conducted or performed pursuant to this Agreement. 5. PROHIBITION AGAINST TRANSFERS Consultant s all not assign, sublease, hypothecate, or transfer this Agreement or any interest therein directly or indirectly, by operation of law or otherwise without prior written consent of City. Any ntterrpt to do so shelf be null and void, and any assignee, sub lessee, hypothecate or t rnns ferree shall acquire no right or interest by reason of such attempted assignment, hypothecation or transfer. 6. PERI4IITS AND LICENSES Consultant, at its sole expense, shall obtain and maintain during the term of this Purchase Order, all appropriate permits, licenses and certificates that may be required In connection wltil the performance of services hereunder. 7. NOTICES All notices, demands, requests or approvals to be given under this Purchase Order shad be g iven In wr i t Ing and conclusively shall be deemed served when delivered personally or on the second business day after the deposit thereof In the United States mall, postage prepaid, registered or certified, -3- addressed as hereinafter provided. All notices, demnnds, requests, or approvals from City to Consultant shrill be addressed to Consultant at the address Set forth in the Purchase Order. All notices, demands, requests, or approvals from Consultant to City shall be addressed to City at, City of Newport Beach, 3300 Newport Boulevard, Newport fleaeh, Ca l i Porn la 92663 8. TERMINATION In the event Consultant hereto fails or refuses to Perform any of the provisions hereof at the t ifne and in the manner required hereunder, Consultant shall be deemed In default in the performance of this Agreement. if such default is not cured within a period of two (2) days after receipt by Consultant from City of written notice of default, specifying the nature of such default and the steps necessary to cure such default , City may terminate the Agreement forthwith by giving; to the Consultant written notice thereof. 9. REPORTS Each and every report,, drATt, work product, map, record and other document reproduced, prepared or caused to be prepared by Consultant pursuant to or in connection with this Purchase Order shall be the exclusive property of City. No report, information or other data given to or prepared or assembled by the Consultant pursuant to this Purchase Order shall be made available to any Individual or organization by the Consultant without prior approval by City. -4- Consultant shall, at such time and in such form as City may require, furnish reports concerning the stit tun of the services required under this Purchase Order. 10. INTEGRATED PURCHASE ORDER This Purchase Order represents the full 11(ld conplete understanding of every kind or nature whatsoever between the parties hereto and all preliminary negotiations and agreements of whatsoever kind or nature are merged herein. No verbal agreement or implied convenant shall be held to vary the provisloas hereof. Any modification of this Purchase Order will be effective only by written execution signed by both City and Consultant. II. WAIVER A waiver by City of any breach of any term, covenant, or condition contained herein shall not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant or condition contained herein whether of the some or a different character. The Consultant has read this Addendum to Purchase Order and accepts and agrees to each term and condition herein. Dated; jj)-2�_ �— -' CAK/mlh C-3: CONSU LANT -5- . PURCHASE REQUISITION . P.O. 110. 30 .�' (1f reserve SUGGESTED VENDOR: Tarantello & Company 3901 MacArthur Esoulevard, Suite 100 tiewport Beach, California 92660 DATE October 2 s, 19117 DEPT PLANN I M, 14:11ARTMFU T SHIPTO GWlt vrr. it uri. a........:,..... QUAN. DESCRIPTION OF ARTICLES OR SERVICES REQUIRED UNIT PRICE TOTAL BUDGET NO. One Professional nervices rendered re Feasibility Study for 701 Lido Park Drive (CRDP 6121 �n described in letter dated October 15, l9o7 �1,5U0.00 02-219-03 CODE AMOUNT APPROVED: DEPT HEAD for on au r Ye xetu a requisitions) PURCHASING NT