HomeMy WebLinkAbout08 - Bahia Corinthian Yacht Club Tidelands LeaseTO: Mayor and Members of the City Council
FROM: Tim Riley, Fire and Marine Chief/
SUBJECT: Bahia Corinthian Yacht Club Tidelands Lease
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RECOMMENDATION:
September 11, 1995
Council Agenda
Item No. 8
OT int U I Y WUNGIL
OF NEWPORT BEACH
S P 1 1 1995
(m)
Approve a revision to the Tidelands Lease with the Bahia Corinthian Yacht Club as
follows:
1. First year annual rent to be $29,256.51.
2. Leaseable lineal footage to be 2,079 feet.
DISCUSSION:
At its meeting of June 12, 1995, the City Council approved a thirty-five (35) year lease
for the tidelands bayward of the Bahia Corinthian Yacht Club. The rent was
calculated based upon 2, 504 lineal feet of slips within the lease area for an annual
return to the City of $35,237.00. The lineal footage was based on the docks directly in
front of the Yacht Club and 456 feet of the docks to the west of the Club that were to
be included within the lease. These docks (456 lineal feet) have been retained by the
Irvine Company and will not be part of the lease. In conjunction with that change,
the Club has added 31 lineal feet to their existing slips that are within the lease area.
The net effect of these two changes is that the new leaseable lineal footage is 2,079
lineal feet (2,504 - 456 + 31 = 2,079) for a revised income figure of $29,256.51 per year
to the City.
IN