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HomeMy WebLinkAbout8739 - Greenbelt Implementation Plan• • • • c RESOLUTION NO rVklLl A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING THE SANTA ANA RIVER /SANTIAGO CREEK GREENBELT IMPLEMENTATION PLAN WHEREAS, the purpose of the Santa Ana River /Santiago Creek Greenbelt Commission is to assist in the coordination, formulation and implementation of plans for the Santa Ana River /Santiago Creek Greenbelt areas; and WHEREAS, said Commission reviews and comments on proposed private and public projects affecting the greenbelt; and WHEREAS, the Commission's actions are advisory to adjacent jurisdictions, and not regulatory; and WHEREAS,', the City of Newport Beach has cooperated with and works with the Commission and the City of Costa Mesa, Huntington Beach and Fountain Valley in the development of the lower river segment of the Santa Ana River /Santiago Creek Greenbelt Implementation Plan; and WHEREAS, the adopted Santa Ana River /Santiago Creek Greenbelt Plan emphasizes the need for the development of an Implementation Plan; and WHEREAS, there is a need to redefine the boundaries of the greenbelt corridor as recognized by the Greenbelt Commission; and WHEREAS, Parks, Beaches and Recreation Commission recommended approval of the Implementation Plan; and WHEREAS, the Planning Commission of the City of Newport Beach on April 1, 1976 recommended to the City Council the approval of the Implementation Plan; and WHEREAS, it is in the public interest to develop an Implementation Plan for the Santa Ana River /Santiago Creek Greenbelt, I • • • • 0 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the Santa Ana River /Santiago Creek Greenbelt Implementation Plan is approved, which Plan is attached hereto as Exhibits "l ", 112111 "3 ", and "4 ". ADOPTED this /92t day of April, 1976. ATTEST: City Clerk OERTI D AS THE ORIGINAL f......... ..... ... ........-- CITY CLESG OF 'i li: Q 'CF /t:i : ^;7GwT &EAC IDAY &: _.- .....J..j°.......z�_.76 HRC:yz 4/9/76 0�-tl A IV, if ILL ae, , iL 0�-tl A IV, 15, �t� 11 1 C�7. � EYf '2t -ON 'T tv c 117Y OF P4L1NOCA04 4 -4- EXHIBIT "1" 6 ILL ae, 15, �t� 11 1 C�7. � EYf '2t -ON 'T tv c 117Y OF P4L1NOCA04 4 -4- EXHIBIT "1" E ILL MRA E gem E x Cis *or, 21 I jL 4- JUN' !jp MG-rOn r1w lw c. C i JUN' !jp MG-rOn OEM JUN' !jp MG-rOn .r f. p d In Gn C4 X.a W n.1 cd O PO W P:' O N2: 1010 W•r1 •� a)S_z Y 'i7 • z H ^ W 'd P7 ' 7 z¢^ E C - -H ^7 cd H Y •¢ • u •+OY HY a O Cz Cd •+' z ^ ^a•� o C: -c" a^ U o >.0 K a • .� •a ^o Y O O ^ H ^ cd H O • O G Hw Ow H'd O C R. r-) 4A cn :. x-c)a zopmomo c) > > cd ., of H > O i. Y cd cd G Y Yew -H a) • O cd•rl¢ Uw Y In a) H 1 In V. Pq 0 Cd U Y U a�-V o o cn p u O H cd cd CxOCnO d Cd of HO C:W i1 0 0 C) a cd a E U. 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F O O a a z z u M u r 0 0 0 O td >U >U k O O F k>, k> 0o a� a11 C df U 1d U 4) N N N C u u C u u .r1 co df td co X 0 1-1 0 0 I I I I w I 04 ww am Q o N N N r♦ M \ I O N z o V ss x u u u u u a) 0 0 0 0 K1 W Gq d 41 +1 z o 0 0 3 3 3 0 0 0 z z z 0 0 d N N N M \ I r♦ N z ed N x . x u u u co df df 0 0 0 w m `° d IJ _ _ _ M \ I N 1-1 a a on 3 3 3 0 0 0 z z z v d 0 \ E, N r-I N M M z I (d N a u u u u u u a) 0 Q 0 m m m Q 41 41 41 o O o p 3 3 3 � r1 Id IJ •.q > 3 E+ k m O J-1 M C P. bd td � PN P. H 0 � 1d 0 ++ x 0 M •Q W I 0 00 u 4.+ m m 1w z r o .-. E1 >, td r-1 41 z td k N u I i+ To Sr > •r1 ++ N O IJ 0-11 41 .14 >.FG 0 C 4J •r1 td E 1d S+ C > M Et k u z > td C k k 0 O 0 td •r1 k 0 1d •r1 a •.•1 a W LL F }+ U w' U] a' El P. FC `--' 04 r-� .-� I r♦ N M V Ln E C O o 0 0 0 0 v 0 0 0 0 0 I I I O W 1C PO P7 z z z z a a a a a -14- } EXHIfflt '''4" LOWER RIVER SEGMENT (NEWPORT BEACH AREA) PROJECT N0. PROJECT NAME E /UC /P LNB -001 Water- Related Recreation and Con- servation Area P • (a) Small Craft Harbor - (b) Bicycle Trail (bluffs area) - • (c) Bicycle Trail.(east levy; 19th Street to ocean) - (d) Hiking Trail (bluffs area) - (e) Hiking trail (east levy; 19th Street to ocean) - (f) Equestrian Trail (east levy, 19th Street to ocean) - (g) Neighborhood Parks (four parks - bluffs area) - (h) View Parks (four parks - bluffs area) - (i) Play Lot (one lot - scenic area) - (j) Scenic Area (bluffs area) - (k) Scenic Area (adjacent east levy) - (1) Landscaped Entry (Coast Highway Area) - (m) Private Development (adjacent bluffs scenic) - (n) Trails End Rest Stop (river - mouth area) - (o) Coast Highway Reroute - • • LCO -001 Water- Related Recreation and Conserva- P tion Area (See (a) to (o) above) LNB -002 Santa Ana River Equestrian Trail (19th Street to ocean) E 11 EXHIBIT "4" PRIORITY 1 1 i PAGE Two PROJECT NO, PROJECT NAME LNB -003 . N/A - LNB -004 . West Newport Park P LNB -005 . Bicycle Trail (West Newport Park to . LNB -001 (c) ). P • RELATEn FEATURES . Trails Linkage (Upper Newport Bay - C.M. Corridor) P "E - Existing, UC - Under Construction, P = Planned • • 1 1 ENGINEERING AND ECONOMIC FEASIBILITY STUDY MOFFATT AND NICHOL, ENGINEERS CONSTRUCTION COSTS GENERAJ. The coat of constructing the basic features of this marina will be about the same for whoever builds it. There will be differences in the methods and cost of financing, however, depending; on who • develops the various components. One of the itcmn included in the scope of this study was a determination of the relative feasibility of various • combinations of public and private ownership alter - natives. Each of these alternatives carries a different price tag and cost allocation. Also, as berthing basins are deleted from public owner- ship, Federal participation decreases. Thus, in order to develop cost estimates for the various schemes of public versus private ownerships, these schemes must first be defined and then analyzed as to how each scheme will affect Federal partici- pation. Because part of the financing will probably be through a State loan, certain basic requirements for State participation must be met as well as those of the Federal Government. SPONSORSHIP SCHEMES The physical layout plan for the marina is shown on Plate 2. Its capacity is 3009 recreational boats, including berths for 150 boats around the water perimeter of Newport Shores to be built by others. In order to analyze the fiscal aspects of building and operating the marina, construction costs are considered for sponsorship schemes in which responsi- bilities for construction and operation are geographically divided as follows: 1. The entire marina to be owned by the Harbor District. 2. Basin;; A, B and C to be owned by the Harbor Di::t•.rict. Bauin D to be in private ownership but to provide: at least 260 berths and operate within the marina framr,work. . Ha: ;ins A .end B to be owned by the Harbor Wt:;in:.; C and D to be in private ownership Ie,t to provide at. lca:tt; 1120 berths and to operate within t:lw marin;r fr•:amrwork. S3 • • For each of the four schemes, two alternatives for land management of the perimeter lands of the publicly owned basins are considered. Public parti- cipation is maximized under sub - scheme "a" by acquiring all of the perimeter lands and turning them over to the Harbor District for leasing out to private enter- prise, as is being done at Dana Point Harbor. Public participation is minimized under sub - scheme "b" by acquiring only the lands of the publicly owned basins that are to be converted to water area plus the 20 foot marginal working strip, the slip- related parking lots and the harbormaster's office site. The remaining lands within the project boundary would be left in private ownership to be developed and managed by their owners for the various marina - related uses of the overall development plan. Obviously, these lands would have to be filled with materials excavated from the water areas before they could be used for such purposes, and thereafter their worth would be increased several fold. The public sponsors should be compensated for bringing about this increase thru some form of agreement with the land owners at time of acquisition. To simplify this accounting problern for the purposes of this study, the cost of land ac:quIsition under the sub- scheme "b" alternatives i;. ;inerely reduced by the estimated cost to the public ::ponL;or of excavating and placing on the privately held adjacent lands the amount of fill material required to bring these lands up to project grade. 34 • • 4. Basins A and B to be owned by the Harbor District, but the Basin C and D areas to be completely deleted from the project. It should be noted that under Schemes 2, 3 and 4 the Harbor District will not be responsible for bridging Victoria Street and that under Scheme 3 and 4, the Harbor District will not be responsible for bridging 19th Street. • Each of the above schemes would meet the criteria for Federal and State participation by providing for public ownership of all waterways in the'publiely • owned basins, including (1) berthing areas, (2) a harbor master area with a public landing, (3) public ownership and construction of all bul- dreads, (4) public ownership of a strip 20 feet wide surrounding the entire wetted perimeter. For each of the four schemes, two alternatives for land management of the perimeter lands of the publicly owned basins are considered. Public parti- cipation is maximized under sub - scheme "a" by acquiring all of the perimeter lands and turning them over to the Harbor District for leasing out to private enter- prise, as is being done at Dana Point Harbor. Public participation is minimized under sub - scheme "b" by acquiring only the lands of the publicly owned basins that are to be converted to water area plus the 20 foot marginal working strip, the slip- related parking lots and the harbormaster's office site. The remaining lands within the project boundary would be left in private ownership to be developed and managed by their owners for the various marina - related uses of the overall development plan. Obviously, these lands would have to be filled with materials excavated from the water areas before they could be used for such purposes, and thereafter their worth would be increased several fold. The public sponsors should be compensated for bringing about this increase thru some form of agreement with the land owners at time of acquisition. To simplify this accounting problern for the purposes of this study, the cost of land ac:quIsition under the sub- scheme "b" alternatives i;. ;inerely reduced by the estimated cost to the public ::ponL;or of excavating and placing on the privately held adjacent lands the amount of fill material required to bring these lands up to project grade. 34 • • • • • • CORP:.: OP NNCINE.ERS PARTICIPATION It hri:; been a lonC. standing Federal policy to partie:'ipate in the development of public: harbors or mara;icc:�. This program is the responsibility of the U.S. Army Corps of Engineers. At the direction of Congress they undertake a thorough study of the project and rncike their recommendation through the Secretary of the: Army to Congress. If the project is approved by Corngr•es:;, detailed engineering studies are made and when the local sponsor's funds are ready, Congress can appropriate necessary constrtaction funds. In order- to qualify for these Federal funds, a number of conditions; must be met by the local public agencies: Thc•: harbor must be administered by a public agency. 2. A public landing must be available to all on equal terms. 3. All harbor facilities, public or private, must be available to all on equal terms. Moreover, an economic analysis that will be made by the Corps must show a favorable ratio of general public: benefits to Federal costs. The Federal share, by Congreosional policy, is 50 percent of the con- structions costs of the general navigation features, the remainder to be provided by local interests, in this case, the Harbor District. For this marina, these features are the entrance Jetties, the navi- gation lights, the revetted slopes around the curve of the inner part of the entrance channel, and dredging of the entrance channel and the main channel through the four basins. The analysis of benefits is basi- ca.13y a determination of the depreciated value of the recreational -boat fleet (this being considered a meas:ur•c of the benefits of the fleet to its owners), thc: sport - fishing benefits, and the reduction of damag,c• to boats of all classes because of the she'Itcr• provided by the harbor. These benefits are comp:u•ed to the costs of constructing and maintaining thr: r.on,rral navigation features and acquiring the land:: to be occupied by these. general navigation atu c(:::. The Cor•I);; of Eri- ineurs will make their own c:conuui:ic: tus:i:l,y;1:; according to their established I;uliic 1 in r. linwover•, in order- to determine the fca:: i b i 1 i Ly of obtain intS Corp:; of Englneer 'i 5 • • • } participation and funding, the following analysis was made, based on the Corps guidelines: (1) Total Public Harbor, 4 basins and 3000 boats AnnueLl Cost 1st Cost - Construction Cost of land acquisition TOTAL Annual Cost (50 year life) Land and Construction* Maintenance TOTAL Annual Benef Depreciated value of boats Average annual benefit Bc neflt -Cost ratio 2.6 $7,400,000 1 725,000 9,125,000 $ 650,000 120,000 770,000 $28,000,000 2,000,000 (2) Bauins A, B and C Public with 2740 boats Annual L Costs 1st Cost - Construction Cost of land TOTAL Annual Costs (50 year life) Land and Construction* Maintenance TOTAL $6,920,000 1,590,000 $8,510,000 $ 610,000 100,000 710,000 Annual Benefits Depreciated value of boats $25,000,000 Average Annual Benefit 1,812,000 lirnoI'it. -Coat ratio 2.6 • • • (3) Basins A and B Public with 1874 boats Annual Costs ist Cost - Construction $ 6,520,000 Cost of land 1,390,000 TOTAL $- 7,9109000 Annual Cost (50 year life) Land and Construction* $ 560,000 Maintenance 90.000 TOTAL 56 0,000 Annual Benefits Depreciated value of boats $17,000,000 Average Annual benefit 1,1229000 Benefit -Cost ratio 1.7 *Amort.i.zation of first costs in 50 years at 6 -7/8 percent compound interest. The above analysis shows that so long as at least Basins A and B are operated by the Harbor District, participation by the Corps of Engineers with a Federal expenditure of over $3,000,000 can be justified. PROJECT FIRST COST The following is a breakdown of first costs of the marina, including highway bridges, assuming Corps requ]rements will be met: 1'11EM TABLE 2 Cost of Construction (In millions of dollars) Public or Federal Public Private ENTRANCE CIIANNE.1, J el-t. i ua; and Wave Absorber* 1.250 1.250 - Drc,dj, .nr: Entrance Channel* 0.715 0.73.5 - N:ivil;ut.ion Aid Foundations* 0.045 0.045 - I,:uul Val.wition - 3.000 - P w i I' i s Coast. Il i gtiway Bridze :luh 'Potul. 2.010 5.010 37 • • • • t a r Public or ITI -:t4 Federal Public Private BAS1'N A Dredging Main Channel* 0.425 0.425 - Bulkheading Main Channel - 0.060 - Dredging and Bulkheading Boat Basins - 1.300 - Interior Roads - 0.075 - Harbor Master & Admin. Fac. - 0.600 Land Valuation - Public - 1.710 Land Valuation- Pub /Priv. ** - - 3.050 Sub Total 0.425 4.590 3.050 BASIN A -B Pacific Coast Highway Bridge 2.900 BASIN B Dredging Main Channel* 0.625 0.625 - Bulkheading Main Channel - 0.395 - Dredging & Bulkheading Boat Basins - 3.230 - Interior Roads - 0.400 - Support Land Utilities - 1.460 - Land Valuation Public - 1.030 - Land Val.uation'Pub /Priv. ** - - 0.690 Sub Total 0.625 7.140 0.690 BASINS B -C 19th St. Bridge - 3.000 P.ASIN C Dredging Main Channel* 0.400 0.400 - Bulkhcading Main Channel - 0.1110 - Urvdl�.ing & Bulkheading Boat. ha:cins - 1.600 - intcrior Road- - 0.175 - :;up1x rt Land Utilities - 0.930 - Land Valuation Public: - 1.010 - I.,:ind Valuation Pub /Pr.f.v. ** - _- 0.750 "ub Total 0.400 11.525 0.750 hA:" I N:1 C -U Vi,:Lnria ;Lr -cof. Bridge - 0.700 - 38 • • • • r Public or ITEM Federal Public Private BASIN D Dredging Main Channel* Bulkheading !-lain Channel Dredging & Bulkheading Boat Basin Interior Roads Support Land Utilities Control Structure for Banning - Greenville Channel Land Valuation Public Land Valuation Pub /Priv. ** Sub Total TOTAL TOTAL (Public & Private) 0.240 0.240 - - 0.525 - - 0.580 - - 0.075 - - 0.550 - 0.400 - 0.410 - 0.320 0.2110 2.780 0.320 3.700 30.645 4.810 TOTAL (Federal, Public, Private) 35.455 39.155 *To be constructed by the Corps of Engineers * *Public for sponsorship sub - scheme "a", private for sponsorship sub - scheme "b ". The breakdown of costs to participating interests for each of the sponsorship schemes is shown in the following Table: TABLE 3 Cost Breakdown by Sponsorshi Schemes (in millions of dollars Harbor Spon,orsh.iP Scheme. Fed. Dist. Private 1. All. water area:: public a.. W i.h binds public 3.7 35.11 - 1,. WiLh .land :c private 3.2 29.1 6.3 ?. hu::.inr, A, h, C, Public u. With land;; publie 3.5 31.5 4.1 b. With laud;; private 3.1 25.6 10.2 3. Ba.;]n.; A, 11, Public a. With .I -ands public 3.1 23.4 12.6 b. With l to i:; private 2.9 3.9. 1 17.1 39 • • • • POTENTIAL REVENUES GENERAL The income produced by the overall project will come from three principal sources. slip rentals in the water area, taxes levied against the berthed craft and leases of land parcels for various uses. Slip rentals and numbers of boats to be taxed under each sponsorship scheme will not vary appreciably with any reasonable modification of the water -area configuration in future planning, as the ratio of berthing area to fairway and channel area must remain approximately the same for navigational reasons. Income from the land area, on the other hand, may vary considerably according to the purposes for which it is used and with intensity of use. Use- intensity is closely related to the number of people (below congestion limits) that are attracted to the area either as permanent residents or as participants in marina activities who come from out- side they project boundaries. The current trend in Orange County is toward cur - taiLrncnt of the number of residents in any given area by imposing various: types of governmental controls. 'these controls take the form of zoning restrictions, buildIn6- height restrictions, restrictions on the allowable number of residential units per acre, review -board control over new development, etc. An example of high- intensity use is Marina del Rey, in Lor, Angeles County, where high -rise buildings are permitted and where facilities that attract thousands of v.litor: are encouraged. An example of low- intensity use is Huntington Harbour, where minimum lot --'Ize restriction as well as low- density zoning regulatJons are imposed. INCOME FROM SLIPS .;lip rental rate, are estimated at $2.50 and $2.25 per I'uot of length per month for slips over and under 36 feel: rcr.;pect'ively, based on current rates in nearby mar.inju. An average occupancy rate of 95% is assumed, uslkint; th,! annual income per foot of 911p $28.50 -Intl $C 5.61, respectively. It is also assumed that the hert.hiup; nr•ca;s together with their designated parking aroau ave to be leased to private enterprise for slip - coll:0.ruci.lon and operation, as io now being done at 40 • • • • Dana Point Harbor, and that the annual income to the Harbor District will be 20% of the slip rentals. The income to the Harbor District by basins and by sponsorship schemes is shown in the following table: TABLE 4 Annual Slip Income BASIN A Berthing area 460,000 sq. ft. Gross income: 117 slips x 50 ft. @ 28.50: $167,000 164 slips x 35 ft. @ 25.65: 11412000 *314xOOO Harbor District lease income, 204 $ 62,800 BASIN B Berthing area 1,760,000 sq. ft. Gross income: 1452 slips x 35 ft. @ $25.65:$1,304,000 Harbor District lease income, 20% $ 2603,800 BASIN C Berthing area 862,000 sq. ft. Gross income: 866 slips x 30 ft. @ 25.65: $666,000 Harbor District lease income, 20% $133,200 BASIN D Berthing area 244,000 sq. ft. Gross income: 260 slips x 30 ft. @ 25.65: $200,000 Harbor District lease income, 20% $ 40,000 Sponsorship Scheme 1: public ownership all Basins $496,00. Sponsorship Scheme 2: public ownership Basins A,B,C 456,800 Sponsorship Schemes 3 & 4: public ownership Basins A,B 323,600 41 a • • • • BOAT TAX REVENUE The taxes derived from privately owned lands, improvements built on these lands, furnishings in these improvements and most other private properties belonging to the tenants are normally used to pro- vide community services for residents of those lands. Because such taxes are all presumably returned to the taxpayers in the form of police and fire protection, schools, roads, sanitation, etc., they cannot be con- sidered as project revenues. Additional taxes derived from berthed boats, on the other hand, are generated only as a result of more berthing area being provided, and those additional boats do not increase the demand for normal community services. Only those services provided by the harbor management are increased, and this increase is reflected in the harbor operations costs which are taken into account in the economic analysis. For this reason boat taxes are considered to be direct revenues resulting from harbor con- struction, regardless of their ultimate disposition. Orange County levies taxes on the boats in its harbors on the basis of their assessed value, i.e., one - fourth of their actual depreciated value. The estimated harbor boat tax revenue is therefore con- sidered to be one fourth of the depreciated appraised value of the boats used in the benefit /cost analysis for Corps of Engineers participation. Assuming a 95 percent occupancy factor, the berthed boats would then have an assessed value of $9,590,000. The 1973 tax rate for the Newport Harbor area is $9.18* per $100 of assessed valuation, and at this rate the boat tax revenue produced by the project under Schemes 1, 2 and 3 would be approximately $8$0,000 annually. Under Scheme 4 it would be approximately $5709000 annually. INCOME FROM LAND AREAS All land areas within the project boundary not occupied by roads, slip - parking lots, the harbormaster °s office and the green strip along the Santa Ana River are considered leasable. The principal purposes for which the leased land will be used are condominum -type housing developments, motels and hotels, restuarants and various commercial and recreational activities. As previously stated, the primary requisite for a successful leasing program of this nature is a fairly large number of permanent residents who will make use *Orange County Tax Assessor's Office, Marine Division 42 of the facilities provided other than the living units themselves. For this reason, a fairly generous allo- cation of condominum sites was provided for feasibility- testing purposes. It was assumed that about 2,500 units would be built on these sites, which averue;; about 6 units per acre for the 420 acre site. In add.H.J on, site; were provided for about 1,000 hotel and mutaa urOLa. It was felt that the resulting marina Population would a.,;zure the success of the restaurants, • and thn commercial and recreational activities to be ptrov idrrd. • in Apri.L, 1967, Victor Gruen and Associates made a rt— .,Ludy of Marina del Rey which provided data on revenue;: being obtained by the harbor administration from lease of marina lands for various purposes. That was prior to the construction of any high -rise buildings when the level of development approximated that desired for West Newport Marina. The results of that study . have been upgraded to present price levels to give the following table of land lease revenues that is considered applicable to the project area. TABLE 5 Annual Revenues Obtainable for Marina Lands Parcel Use Income per Square Foot Restaurants $ 0.90 Motels: & Hotels 0.60 Var.touz; Sales & Recreation 0.35 Condominiums, General 0.20 Condrnn:ini.ums, Bluff Area 0.40* *Derived for this report by considering the larger number or un1L•s per acre possible and better vistas of the ea ^.t- boundary condominiums. An analyals of available lease parcels indicates that a : ;atlufactur.y use -plan maximizing revenue potentials without. viol.uting County height and unit - density criteria can bu developed. First, a group of view condominiums would bo ;;ited along the east boundary rising to about the: lrvca. of the adjacent mesa lands. These structures :;horLd nomma nd premium leak returns,. provided their v.ir:w of thu harbor Is not obscured by development to the we:;L. Next, a few channel -view restaurant sites would he t•o :.crved alone; the water front, as they will probably 113 • • 7 7 produce the highest revenue per square -foot. Then enough good hotel and motel sites will be reserved to satisfy the anticipated transient needs. They must be near or have easy access to main travel routes cro;ning the marina. In general, the remain- ing parcels along the waterfront will be offered ma:lnly for two or three story condominiums, and those not ::.long the water but generally contiguous to main road:.; will be offered as sites for various •commercial and recreational uses. The revenue rates from Table 5 were applied to • the: arc::.i;; of the various parcels in one typical development scheme for the site which adhered gonerallly to the principles previously described. The estimated income is shown in the following Table: TABLE 6 Annual Income from Lease of Land Acres Income Basin A Launching Ramp 3 $ 18,000 Residential 12 1902000 Commercial 8 164,000 23 $ 37`21000 Ban In B Re:; Went l.al 28 510, 000 Commercial 24 463,000 Recreational 8 120 000 60 $12093"060 Darin C Residential 20 284,000 Commercial 10 252,000 Recreational 5 76.000 35 $�b12, -O0 Ba:;in D IIcsidcmtlal 14 360,000 Commercial. 5 80,000 Becreat.ional -1 22 46 000 $486,600 1I li • • • • • A summary of annual income to the Harbor District from all sources for each of the sponsorship schemes is presented in the following table: TABLE 7 Annual Harbor District.Income From All Sources (In Thousands of Dollars) Slips Boat Land 1. All water areas public a. With lands public 496.8 880 2,560 3',936..8 b. With lands private 496.8 880 - 1;376.8. 2. Basins A. B, C Public a. With lands public 456.8 880 2,074 31410.8 b. With lands private 456.8 880 - 1036.8 3. Basins A. B Public a. With lands public 323.6 880 11462 2,665.6 b. With lands private 323.6 880 - 19203.6 4. Basins A, B Public and no Marina in Basins C,D a. With lands public 323.6 570 1,462 2055.6 b. With lands private 323.6 570 - 893.6 45 • • ECONOMIC ANALYSIS FUNDING SCHEDULE One of the controlling factors in the economic analysis of the proposed marina project is the re- quired scheduling of funds that must be provided by the Harbor District for each of the sponsorship schemes considered. Deferred expenditures may be reduced to present worth for comparison with project revenues, which must also be reduced to present worth for valid analysis. It is assumed that all lands would have to be acquired prior to start of construction. The construction features to be accomplished by the Corps of Engineers will probably be completed over a two or three year period, with matching funds for at least half of the total being required prior to pro- ject implementation. All bridge construction should be accomplished as early in the program as possible so that work on piers and abutments will not interfere with basin development. The lead time required for fabrication of steel superstructure components will necessitate early funding also, so that most of the funds for bridge construction will be needed very early in the development program. Roads and utilities cannot be installed until the land areas of the project plan are filled and consolidated. Much of the excava- tion for production of fill material, on the other hand, must await completion of perimeter walls to retain the fill, and construction of these walls is one of the costliest features of the project.. In general, it appears that over half of the required public funds must be available prior to commencement of work and that most of the remainder will be needed about a year later. Although the construction period may cover about four years, it is assumed for the purposes of this study that all public funds must be available at the start of the project. Some savings may result from deferred funding of portions of the program, but until a firm plan is agreed upon, it is considered unsafe to rely on this possibility. 46 • • • • REVENUE SCHEDULE For the purposes of this report, it is assumed that the leasing of berthing areas for slip construction will begin at the end of the first three years of construc- tion (as some overlap of construction and slip - leasing is permissible) and that the slips will be rented and occupied in uniformly increasing numbers to full capa- city over the succeeding four years. In order to simplify the calculations, no revenues are considered receivable during the first two years of this period and the full - capacity revenues from slip rentals and boat taxes (reduced to 95 percent occupancy) are con- sidered to be receivable from the beginning of the third year (five years after project implementation) to the end of the assumed project life 45 years later. Under sub - scheme "a" of alternatives, revenues from help to support the project. assumed to become receivabl e the fifth year after projec ANNUAL COSTS tthe project - sponsorship land -area leases will also These revenues are also in full amount beginning implementation. The annual revenues will be partially offset by the annual costs of administering, patroling and maintaining the harbor. These annual costs are esti- mated at $300,000 for sponsorship scheme 1, $280,000 for sponsorship scheme 2, and $250,000 for sponsorship schemes 3 and 4. Unlike the revenues however, they will begin at the beginning of the slip- leasing period and continue throughout the life of the project. REVENUE -COST RATIO One measure of the economic feasibility of a project is a comparison of the sum of all of its revenues with all of its costs reduced to annual amounts averaged . over the life of the project. If the ratio exceeds one to one, the project is considered to be economically justified. In order to reduce costs and revenues to a common basis, a project life must be established, which for this project is assumed at 50 years as required for analysis of Corps of Engineers projects. The estimated first costs to the Harbor District are shown in Table 2, and for this comparison, it is assumed that they will be met with borrowed capital. 47 C J • • • For each sponsorship scheme it is assumed that a State loan of $10,000,000 can be obtained, repayable over a 30- yearbperiod at 4.5 percent compound interest in 30 uniform annual installments. The remainder of the first cost is assumed to be met with institutional loans that will be repayable over a 50 year period at 8.0 percent compound interest in 50 uniform annual installments. The debt - servicing costs would therefor be the 30 year capital recovery factor (.06139) applied to the first $10,000,000 of cost, plus the 50 year, 8% capital recovery factor (.08174) applied to the remainder of the cost. To the debt - servicing costs must be added the annual costs of maintaining the harbor. Because they do not start for three years after the project implementation date, however, these costs should be reduced by the ratio of the 50 year to the 47 year sinking fund (.00174/.00220= .790)• At the end of the project life, the public land areas, water areas, and improvements will have a salvage value for which credit may be taken in the cost accounting. Inasmuch as the land and water areas do not deteriorate with age and most of the improve- ments, such as bulkhead walls, roads and utility systems, suffer only minor deterioration if continuously maintained, the salvage value of the public portions of the harbor is considered to be 80 percent of the initial Harbor District cost for each of the sponsor- ship schemes evaluated. In taking an annual credit for this salvage value, it may be assumed that the prospective salvagor establishes a sinking fund to the District's credit on the project implementation date into which he pays a uniform annual amount, which at 8 percent compound interest will reach the estimated harbor purchase price 50 years hence. This amount is 80 percent of the 50 year sinking fund factor (.00174 x .80) multiplied by the Harbor District's first cost as shown in Table 2. The District's annual costs may then be reduced by this annuity. The harbor revenues are those shown in Table 7, but because they do not start for five years after the project implementation date, they must be reduced by the ratio of the 45 year to the 50 year compound amount factor at 8 percent interest (386.505/573.770 = .672). These revenues and the comparable annual costs for each of the sponsorship schemes, with resultant revenue -cost ratios, are shown in the following table. 48 C J • • 40 TABLE 8 . Economic Analysis of 50-Year Project (annual values in thousands of dollars) From this analysis it is apparent that the scheme "b" alternatives all lack justification by a fairly wide margin. Under the scheme "a" alternatives, however, the large revenues from land leases considerably exceed the increases in coats resulting from the additional raw -land acquisition, and for the first 30 years they are marginally sub- feasible. After the State loan has been retired, however, all of the scheme "a" alternatives sho-a Yood feasibility for the last 20 years. The method of analysis used in Table 8 is quite sensitive 119 Costs Rev. /Coat . Ratio en v h0 N U C Ls N N Sponsorship > A 4) y TwW � a m d& W o ti� W4 O �>4 ld o Scheme (D x n v3 o z m 0 H P•. M a w 1. All water public a. Land public 2646 2690 237 -48 2879 .92 1.17 b. Land private 925 2175 237 -41 2371 .39 .53 2. Basins A,B,C pub. a. Land public 2292 2371 221 -44 2548 .90 1.18 b. Land private 898 1905 221 -36 2090 .43 .61 3• Basins A,B pub. a. Land public 1791 1709 198 -31 1873 •96 1.42 b. Land private 809 1358 198 -27 1529 •53 .88 4. Basins A,B pub. & no boats in Basins C,D a. Land public 1583 1709 198 -31 1873 .85 1.25 b. Land private 600 1358 198 -27 1529 .39 .66 From this analysis it is apparent that the scheme "b" alternatives all lack justification by a fairly wide margin. Under the scheme "a" alternatives, however, the large revenues from land leases considerably exceed the increases in coats resulting from the additional raw -land acquisition, and for the first 30 years they are marginally sub- feasible. After the State loan has been retired, however, all of the scheme "a" alternatives sho-a Yood feasibility for the last 20 years. The method of analysis used in Table 8 is quite sensitive 119 M, to interest rates. For example, if the interest rate on the loan obtained from the private sector is reduced from 8 to 7 percent, ttte revenue -cost ratio will increase about 15 percent, making all of the scheme "a" projects economically feasible for the entire project life: Thus, if prevailing interest rates were to improve in the future, or if.the State would increase its share of the funding at its lower interest rate, the economics of the project would be measurably enhanced. • It must be realized that the estimates of costs and revenues on which this analysis is based are of a very preliminary nature. While an effort was made • to use conservative figures, these estimates must be refined by more detailed planning of project com- ponents and by market studies of prospective revenues before they can be accepted as authoritative. Never- theless, the strong indications of project feasibility demonstrated by this analysis and consideration of the many benefits that would result from the project warrant continuance of efforts to achieve project implementation. • • SOURCE OF FUNDS Implementation of the project must be geared to the Corps of Engineer's time schedule. The earliest definite assurance that a Federal project will be implemented will be the allocation by Congress of funds with which to start the Corpst General Design Memoranda. If an effort is made in 1974 to secure such a project for the marina site and this effort is maintained over the next few years, experience with other projects has shown that about 7 years will be consumed in reaching this GDM- funding mile- post. At that time, the Corps will begin the detailed planning of those components of the project which it will construct. About three more years will then be consumed in the design effort and preparation of contract plans and speci- fications before actual construction can begin. In the case of Dana Point period was used to accumulate District's taxing powers, and thi.3 action will be repeated. of Orange County is now about Harbors, Beaches and Parks Di 50 _1n_ Harbor, this three year funds thru the it is assumed that The assessed tax base $4 billion, and the striet's share of the annual tar, levy is now $0.22 on hundred dollars assessed value. The District is now using most of its tax funds to raise the status of its County Parks program to desired standards. This goal should be reached within a few years, and assuming that continuance of the same tax rate can be justified, some of the funds can then be diverted to other uses. For the purposes of this report it is assumed that the Corps' GDM will be funded in 1981 and that $0.05 of the tax levy can be • diverted to accumulate project funds. This would amount to $2,000,000 per year or $6,000,000 by 1984, the assumed year of project implementation. • Another source of funding is the small- craft- harbors loan program of the State Department of Navigation and Ocean Development. It is assumed that a $10,000,000 State loan can be obtained in 1984 at the present annual interest rate'of 4.5 percent. This will probably be a 30 year loan with a 5 year moratorium on commencement of repayment of principal. The remaining funding requirement would then have to be met with Harbor Revenue Bonds, which will be assumed to draw 8 percent interest with any maturity period desired up to 50 years. DEBT SERVICING It is assumed that retirement of the District's debts assumed in the financing of the project would be accomplished generally by continuation of the $0.05 per hundred tax levy allocation for the first five years after project implementation and there- after with harbor revenues augmented as necessary by taxation. A suggested debt - servicing program for each of the sponsorship alternatives considered in this report is outlined in the following table. 51 • • • • TABLE 9 Suggested Debt - Servicing Programs (all figures except tax rates in millions of dollars) Scheme la. All water areas pub. with perim. lands pub. Funds Required: 35.4 -6 =29.4: State 10.0, Rev. Bonds 19.4 Years 1984 -87 1987 -89 1989 -2014 2014 -34 Demands Demands State Loan 0.45 0.45 0.67 - Revenue Bonds 1.59 1.59 1.59 1.59 Harbor Opr. & Maint. - 0.30 0.30 0.30 Total 2.04 2.34 2.56 1.89 Met By Harbor Income (Gross) 3.94 3.94 Taxes 2.04 2-34 - - Tax Rate* $0.0510 $0.0585 - - Harbor Income (Net) - - 1.38 2.05 Scheme lb. All water areas pub. with perim. lands pri. Funds�uired: 29.1 - 623.1: State 10.0, Rev. Bonds 13.1 Years 1984 -87 1987 -89 1989 -2014 2014 -34 Demands State 0.45 0.115 0.67 - Revenue.Bonds 1.07 1.07 1.07 1.07 Harbor'Opr. & Maint. 0.28 0.28 0.28 Total 1.52 1.80 2.02 1.35 Met By Harbor Income (Gross) - - 1.38 1.38 Taxes 1.52 1.80 .64 - Tax Rate* $0.0380 $0.0450 $0.016 - Harbor Income (Net) - - - $0.03 *rcr $100 of assessed value assuming tax base of $11 billion 52 • • • I Table 9 Continued Scheme 2a. Basins A,B,C public with perim. lands public Funds Required: 31.5 -6 =25.5: Sate 10, Rev. Bonds 15.5 Years 1984 -87 1987 -89 1989 -2014 2014 -34 Demands State Loan 0.45 0.45 0.67 - Revenue Bonds 1.27 1.27 1.27 1.27 Harbor Maint. & Opr. - 0.28 0.28 0.28 Total 1.72 2.00 2.22 1 1.55 Met By Harbor Income (Gross) - - 3.41 3.41 Taxes 1.72 2.00 - - Tax Rate* $0.0430 $0.0500 - - Harbor 7neome (Net) - - 1.19 1.86 Scheme Pb. basins A,B,C public with perim. lands private Funds Required: 25.8 -6 =19.8: State 10, Rev. Bonds 9.8 Year;; 1984• -87 1987 -89 1989 -2014 2014 -34 Demands State Loan 0.45 0.45 0.67 - Revenue Bonds 0.80 0.80 0.80 0.80 Harbor Opr. & Maint. - 0.28 0.28 0.28 Total 1.25 1.53 1.75 1.08 Met BY Harbor Income (Gross) - - 1.34 'faxes 1.25 1.53 0.41 'Paz Ratc* $0.0312 $0.0382 $0.0103 Ilrirl o r I.nnome (Not) - - - *Pur• $100 oi' a:;: ;o: ;scd value assuming tax base of $4 H.].I.Lon 53 -17- 1.34 0.26 • • • • Table 9 Conti.nuod Scheme 3a. Aa:;J.n :; A,B pub. 4ith perim. lands public Funds fiequl.red: 23.4 -6 =17.4: State 10, Rev. Bonds 7.4 Year: 1984 -8'1 1987 -89 1989 -2014 2014 -34 Demands ---- - - - - -- - - State Loan 0.45 0.45 0.67 - Revenue Bonds 0.60 0.60 0.60 0.60 Harbor Opr. & Maint. - 0.25_ 0.25 0.25 Total 1.05 1.25 1.52 0.85 Met BY Harbor Income (Gross) - - 2.67 2.67 Taxer. 1.05 1.25 - - Tax Rate* $0.0262 $0.0312 - - Harbor Income (Net) - - 1.15 1.82 Scheme 3b. Hasins A,B pub. with Perim, lands private Fund- Required: 10.1 -6 =13.1: State 10, Rev. Bonds 3.1 Year:; 1984 -87 1987 -89 1989 -2014 2014 -34 - _ Demands- State Loan 0.45 0.45 0.67 - Revenue Bonds 0.25 0.25 0.25 0.25 Harbor Opr. & Maint. - 0.25 0.25 0.25 Total 0.70 0.95 1.17 0.50 Met By Harbor Income (Gross) - - 1.20 Taxes. 0.70 0.95 - Tax liatr.* $0.0175 $0.0238 - Harbor income (Net) - - 0.03 *Vor $.100 of a! ;:ce,;ncd value anGuminl, tax base of $4 hlIIi.on 1.20 0.70 • • • TaI 1, 9 font Lnued Scho me 4a. Basins A,B pub. Yith perim. lands public and no marina in Basins C,D Fund" Required: 23.4 -6 =17.4: State 10, Rev. Bonds 7.4 Years 1984 -87 1989 -89 1989 -2014 2014 -34 Demand:: State Loan 0.45 0.45 0.67 - Revenue Bonds 0.60 0.60 030 0.60 Harbor Opr. & Maint. - 0.25 0.25 0.25 Total 1.05 1.25 1.52 0.85 Met by Harbor Income (Gross) - - 2.36 2.36 Taxc:; 1.05 1.25 - - Tax Rate* $0.0262 $0.0312 - - Harbor income (Net) - - 0.84 1.51 :scheme A. Basins A,B pub. with perim. lands private and no marina in Basins C,D Funds Required: 19.1 -6 =13.1: State 10, Rev. Bonds 3.1 Yearra 1984 -87 1987 -89 1989 -2014 2014 -34 Demands State Loan 0.45 0.45 0.67 - Revecue Bonds 0.25 0.25 0.25 0.25 Harbor Opr. & Maint. - 0.25 0.25 0.25 Total 0.70 0.95 Met By Harbor Income (Grown) - Taxo:. 0.70 0.95 1.17 0.50 o.89 0.89 0.28 - Tax RaLv* $0.0175 $0.0238 $0.0070 - 1 ybor I nnome (Not) - - - 0.39 *P"r WO of asoanned value asnumi.ng tax base of :4 61 1 1 ion BE 11 • • • IND I 1P:(;11' ISi1:NIA ITB In addition to the direct. - revenue berieflts used for financial justification of the project, several Indirect benefit:> w1ll result. The tax base of the area will be increased not only by virtue of the taxable developments withi.n the project boundary but also because of new developments in presently depresccd areas outside the project boundary that will be upgraded by the presence of the marina. Ttc Increase In population of the affected area will cr,.:atn a demand for new jobs and additional commercial services, which should result in still more taxable development in the form of small marine- related indust-rles, shopping centers, household repair and servicing facilities, etc., which in turn cau:;(� :i disproportionately small increase in the need for community- support services. In p:eneral, the upgrading of the area will have many incilrect and intangible benefits, which, though dtffic:ul.t to evaluate, have a real worth which should be con; ;idered In justification of the project. 1, r, M "f ti ATTACHMENT "B" RECREATION AND OPEN SPACE ELEMENT • SECTION 12 - 114PUlliiN TAT ION • The proposals contained herein will cost money. A basic premise of this Recreation and Open Space Element is that open spaces serve a public need, provide public services, and are a necessary prt of a high - quality living environment; and that, therefore, the expenditure of public funds for preservai;ion and improvement of open space is warranted. While it is anticipated that acquisition of land for all of the park and trail proposals in the undeveloped areas will be implemented through dedication of land by the developer, nany of the open space proposals will require public purchase of the land or of an casement. The City of Newport Beach has adopted an Open Space Zoning District; however, privately -owned land can only be zoned as open space with the agreement of the property owner. It is obvious that public purchase of land for open space in an area with the high land values of Newport Beach is going to be an expea- sivh proposition. It is anticipated that land values are going p to continue to increase. Therefore, the City should acquire these lands as soon as possible and will consider the best possible use �v of existing City owned lands. There are many possible means of raising the revenues necessary for public purchase and improvement of open space lands, including !wilding exist, tax, municipal bond insures, special assessmr-ni: d,stricts, and grants from State and Federal agencies. -66- 4 � -41- S • Where the open space areas have region,l significance, the City •will request the participation of the County, State, or Federal Government. urants f'rn-w Fodnr'al and Stiite Acencies he City of Newport B -.,ch vii 1i apply to the Skate and Federal gr,vern- r.:e 11i5 for fun(',, LO �55 `:lsi: in acquisition and development of some of its park end open- space, lr.nd. The most common grart source is the Land and Woter CUnserv.7 .i411 Fund; however, 'there are some other open -space grants from the Federal government that are available. in addition, to these far- reaching grants, the City will also apply to the County for matching funds in the development of a portion of the bicycle trails system that coincides with the County Master Plan. in addition to Federal and County grants, the City is also eligible to receive monies through the Federal C • evenue- sharing program, both from the Federal level and the County level. Wherever applicable, the City will take advantage of these revenue-sharing funds. State Perk Bond issue of 1974 Additional funds could conceivably be available to the City of Newport Beach if the State Park Band ;Slue of i474 is approved by the voters in June. "this is a $250,000,000 bond issue with $910,000,000 being distributed to cities and counties. Based on the projected popula- ion in 11180, NawliorL Roach 's ,ha re would he about $206,000. This money would be used for both ucqu'iSition and de.velnnment of park sitos. -• ..• -67- w f -42- • Exci_v Tax Fund • 11 major portion of funds that will be utilized to implement park de- velopment in the City of Newport Beach will come from the Building Excise Tax Find. This is a fund that imposes a 15 cents per square foot development tax on all residential, commercial, and industrial developments within the City and is used exclusively for the develop- ment of fire stations, libraries and parks. Since its inception in 1964, this Fund has accumulated $1,900,000 of which $1,500,000 has been expended. Thirty -five percent of that amount has gone into park development. These funds have been expended in accordance with City Council Policy I -4 which is a cost - sharing policy on undeveloped land. Council Policy I -4 identifies the responsibilities of the City and private land owners when land developments are proposed, relating to the acquisition and development of local parks, view parks, bicycle trails, and other open -space elements. Upper Bay It is anticipated that the privately -owned lands designated as open space within and adjacent to the Upper Bay will be acquired by the State or Federal government as a wildlife preserve. If the State or Federal government does not acquire all of the Upper Bay area in- dicated as open space on the Open Space Plan, the City will explore other po- sibilities for acquisition. -43- y • Revenue. Pro; ections • Figure 5 projects the various potenrial revenue sources by year until 1990 - 19," 1.. prior'itie5 1'!1l' i.l C1 en_ and Tmorovements Pic!ure 6 indicates the open space areas end facilities for cahich it is anticipated that City expenditures will be required, listed in three priority groupings. These priority groupings are based on three major factors: , 1) the need to reduce activity park deficiencies in certain sections of the City; 2) The ecological significance of the areas; and ?) The probability that the opportunity for preservation of opon space will be lost in the near future. Also 'included, are suggested time phases for acquisition and improve- ~ ment, recognizing the fart that not all of these proposals can be accorplished at once. However, if the opportunity arises to acquire any of these areas sooner than indicated, this should be done. The proposed means of acquisition, estimated costs, and funding sources are also indicated on the chart. (Ail cost estimates are based on constant dollars; ini- 'iation is not taken into account. Although in- Nat-ion will increa• ;e octual c:ost%, it—ia ll also increase revenues such that the rent effect on rclativa c00:5; .hould be negligible.) - t;'1 - -44- • • The costs of those projects earmarked for local bond issue funding (and State Bond Issue of 1974 funding if passed) add up to a total of $3,136,000. If it becomes possible to lease the State -owned property at low cost, the local bond issue would not be necessary. ?r ects proposed to Be Funded by Other Levels of Government Following is a list of open space projects which are beyond _ the re- sponsibility and scope of local funding, and for which the City will seek County, State, and /or Federal funding:. 1. Upper Newport Bay flora and fauna reserve and associated equestrian and hiking trails. 2.,,.._ Santa Ana River Greenbelt and associated equestrian and hiking trails. 3. Land for public parking lots on State property on Coast Highway. 4. Additional public restrooms for beaches. 5. 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