HomeMy WebLinkAbout09 - Uptown Newport Facilities Relocation and Acquisition Agreements - Staff MemoDate: February 13, 2019
CITY OF NEWPORT BEACH
Memorandum
To: Honorable Mayor and Members of the City Council
From: Dan Matusiewicz, Finance Director/Treasurer
Subject: Uptown Newport Facilities Relocation and Acquisition Agreements — February 12,
2019, City Council Meeting — Agenda Item No. 9
On February 12, 2019, our office was informed the revised "Initial Cost Estimate" cited in section
6 (a) of the Rule 20B Agreement is $1,093,000. This will require a modification to the Southern
California Edison ("SCE") Rule 20B Agreement and Acquisition Agreement to reflect an Initial
Cost Estimate of $1,093,000 and a remaining balance of $749,000. Staff supports this increased
cost, which will be borne by the Shopoff Group.