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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