HomeMy WebLinkAbout83-83 - Redevelopment of Balboa Yacht BasinA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH AUTHORIZING THE FILING OF A SUP -
PLEMENTARY LOAN APPLICATION TO THE DEPARTMENT
OF BOATING AND WATERWAYS IN THE AMOUNT OF $800,000
FOR THE REDEVELOPMENT OF THE BALBOA YACHT BASIN
• AND AUTHORIZING THE MAYOR AND THE CITY CLERK TO
EXECUTE THE LOAN AGREEMENT
WHEREAS, the State Department of Boating and Waterways provides
loans to cities, counties and districts for the development of small craft
harbor facilities; and
WHEREAS, the City of Newport Beach is desirous of developing the
proposed boating facilities to meet the needs of the boating public in the
surrounding area; and
WHEREAS, the City of Newport Beach has conducted a feasibility
study which showed the proposed project to be engineeringly and financially
feasible and economically justified; and
WHEREAS, the City of Newport Beach understands that the marina
berthing facilities may be operated by the City of Newport Beach or privately
if the concessionaire develops the berths and this option was analyzed and
considered in the decision- making process; and
WHEREAS, the City of Newport Beach has surveyed the berthing rates
of other marinas in the area and agrees to charge competitive berthing rates
at the proposed marina and agrees that the berthing rates shall be adjusted
annually on the basis of the Consumer Price Index or other more accurate or
relevant indices; and
WHEREAS, based on the latest cost estimates, a supplement to the
existing loan is needed to complete the funding for the project,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Newport Beach that the City of Newport Beach agrees to accept the supple-
• mentary loan and hereby authorizes the Mayor and the City Clerk to sign the
loan agreement for the aforesaid purpose.
ADOPTED this 8th day of August 1983.
l�
Mayor
ATTEST:
City Cler 8/9/83