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RESOLUTION NO. 2020-4 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING <br />AND APPROVING THE SUBMITTAL OF A FUNDING <br />APPLICATION FOR AN INTERSECTION CAPACITY <br />ENHANCEMENT PROJECT TO THE ORANGE COUNTY <br />TRANSPORTATION AUTHORITY FOR FUNDING <br />UNDER THE COMPREHENSIVE TRANSPORTATION <br />FUNDING PROGRAM <br />WHEREAS, the City of Newport Beach ("City") desires to implement the <br />Intersection Capacity Enhancement Project at West Coast Highway and Superior <br />Avenue/Balboa Boulevard ("Project"); <br />WHEREAS, the City has been declared by the Orange County Transportation <br />Authority ("OCTA") to meet the eligibility requirements to receive revenues as part of the <br />M2 "Fair Share" under the Comprehensive Transportation Funding Program ("Program"); <br />WHEREAS, the City's Circulation Element is consistent with the Orange County <br />Master Plan of Arterial Highways; <br />WHEREAS, the City will not use Program funds to supplant developer fees or other <br />commitments; <br />WHEREAS, the City desires to support the funding application for the Project <br />under the Program; <br />WHEREAS, the City must include all projects funded by Net Revenues in the <br />seven-year Capital Improvement Program as part of the Measure M2 Ordinance eligibility <br />requirement; <br />WHEREAS, the OCTA intends to allocate funds for transportation improvement <br />projects within the incorporated cities and the County; <br />WHEREAS, by this resolution, the City Council of the City of Newport Beach <br />intends to authorize a formal amendment to its seven-year Capital Improvement Program <br />to add the Project for funding upon approval from OCTA's Board of Directors to fund the <br />Project as part of the Program; <br />WHEREAS, should OCTA's Board of Directors approve funding for the Project as <br />part of the Program, OCTA shall provide sixty-five percent (65%) of the funding for the <br />Project, not to exceed $780,000; <br />