HomeMy WebLinkAbout84-88 - Redevelopment of the Balboa Yacht BasinRESOLUTION NO. 84 -88
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING AMENDMENTS TO THE
• AGREEMENT WITH THE STATE TO PROVIDE FUNDING
FOR THE REDEVELOPMENT OF THE BALBOA YACHT
BASIN AND AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE AMENDMENTS TO THE 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 relevant indices; and
WHEREAS, based upon the latest cost estimates, a
supplement to the existing $2.5 million dollar loan is needed to
• complete the funding for the project; and
WHEREAS, in order to receive supplemental funding, the
original loan agreement must be modified to increase the loan
commitment, revise the loan repayment schedule, require the City
to establish minimum berthing rights, and require the City to
annually adjust and /or survey berthing rates.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach hereby approved the form and content of.
a first amendment to the contract for funding the redevelopment
• of the Balboa Yacht Basin, a copy of which amendment is attached
to this resolution as Exhibit "A ";
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized to sign the first amendment to the
contract.
ATT ST:
1ty Clerk
RSP /Marine
ADOPTED this 13th day of August , 1984.
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First Amendment to Contract
Baijoa %..Lna �600,"jJ Liu umental Loan b
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This amendment is entered into on July 23, 1984, between the California
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Department of Boating and Waterways (DEPARTMENT) and the City of Newport Beach
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(APPLICANT). The DEPARTMENT and the APPLICANT agree to amend their Contract
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of November 1, 1982, (Contract No. 82- 21 -82) as follows:
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1. Paragraph 2 shall read:
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"The DEPARTMENT will make a construction loan in the amount of THREE
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MILLION THREE HUNDRED THOUSAND DOLLARS ($3,300,000) to the APPLICANT
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in accordance with EXHIBIT A."
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2. Paragraph 3(b) shall read:
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"(b) Repayment of the first $2,500,000 of the loan shall begin on
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August 1, 1987, and repayment of the remaining $800,000 of the loan
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shall begin on August 1, 1988.11
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,,3. Paragraph 4 shall read:
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(a) The APPLICANT certifies that the obligation created by this contract
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will not create an indebtedness or liability contrary to the provisions of
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Section 18 of Article XVI of the Constitution of the State of California.
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(b) If for any reason whatsoever the APPLICANT does not substantially
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complete the PROJECT (as defined by EXHIBIT A), then all loan moneys expended
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by the APPLICANT prior to such date are, to the extent permitted by law, a
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general obligation of the APPLICANT and shall,be due and payable ONE HUNDRED
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EIGHTY (180) days after the close of fiscal year 1987 -88.
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(c) The APPLICANT shall establish a berthing rate for the PROJECT
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sufficient to cover the requirements of Section 71.8(e) of the Harbors and
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Navigation Code; however, the rates for the rental of berths at the PROJECT
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shall not average (average calculated by dividing total berth revenues by
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COURT PAPER
COU STATC OP CALIFORNIA
SYD. 113 1REV. 0-721
HI I A
DRI
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COURT PAPER
STD. 113 CF REV. 0. U
STD. 119 IP6V... al^�•)31
OBP `i
total linear feet of berth-) less than $7.Sp per foot of boat or berth lenrth
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(whichever is longer) per month beginning with July 1, 1986. Zhe APPLICANT
shall adjust such rate or rates as necessary to keep them at a level which
meets the aforestated requirements; however, such adjustments shall be made
no less than once each year and shall not be less than the equivalent percent
change (over the preceding year) in the United States Bureau of Labor Statis-
tics' Consumer Price Index for the United States, or such other index as
selected by the DEPARTMENT.
(d) The APPLICANT shall each year conduct a survey of berthing charges
which prevail in the same market area as the PROJECT and shall transmit the
results of the survey to the DEPARTMENT by the 1st of April of each year.
The APPLICANT shall establish berthing charges which are reasonable and not
exorbitant.
(e) Notices required between the parties shall be deemed to have been
,given when mailed to the respective addresses below, first -class postage
prepaid thereon.
to DEPARTMENT: Department of Boating and Waterways
1629 S Street
Sacramento; California 95814 -7291
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to BORROWER: City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92663
Save and except as herein amended, the Contract of November 1, 1982, shall
remain in full force and effect.
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1 i CTTY OF NFWWi RT BEACH
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STAT}i OF CAT- UnpNiA
oLi... •..NC t. . ,"VIING ,.NL
ti
4 By By
Title: Director
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Date Signed Date Signed
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9 I hereby certify that all conditions for exemption set forth in State
10 Administrative Manual Section 1209 have been complied with and this document
11 is exempt from review by the Department of Finance.
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_ ? PAPER
°,OF CALIFORNIA
E_^ 113 IREV. 0 -731
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Director
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