HomeMy WebLinkAbout08-13-1984 Item #F-2aCITY OF NEWPORT BEACH
Marine Department AGENDA ITEM NO. F2A
BY THE CITY COUNCIL
August 13,1984
CITY OF NEWPORT BENCH
AUG 13 1984
TO: MAYOR AND CITY COUNCIL fhko
FROM: Marine Department
SUBJECT: AMENDMENT TO LOAN AGREEMENT/BALBOA YACHT BASIN RECONSTRUCTION
Recommendation:
If desired, adopt Resolution No. authorizing the Mayor and City Clerk
to execute a Resolution accepting the terms and conditions of the attached
"First Amendment to Contract".
Background:
The State of California Boating and Waterways Commission met on July 20,
1984 and approved and additional $800,000 loan to the City of Newport Beach
for reconstruction of the Balboa Yacht Basin Marina.
The application for a loan supplement to the state was approved by the
City Council one year ago on August 8, 1984. The increase was necessitated
by primarily two factors: (1).normal inflation, and(2) funding for some
of the associated upland work such as restrooms, paving, and comprehensive
utility refurbishments for power,water, and sewers.
The project is essentially the same as that described in the original
1982-83 California Boating Loan Agreement. The major changes are shoreside
and are the result of refinements which commonly occur during the design
of a project. The restroom building, apartment building and yacht broker
building at the far east end of the marina basin will be removed and the
space utilized for parking and an expanded boat repair yard. The restroom
and yacht broker facilities will be provided for in a new two-story building
to be constructed on the north side of the basin in a space currently occupied
by six garage stalls.
Discussion -
The original loan agreement for 2.5 million dollars was executed by
the Mayor on November 24,1982. The City Council is now being requested
to authorize the Mayor to execute an amendment to that contract for the
additional $800,000 needed to construct the project as engineered.
The plans and specifications for this project are now 100% completed
and the project will be advertised for bids upon final approval of this
contract.
In summary, the amended co.ntract would change the original contract
No. 82-21-82 in the following ways:
(1) Reconstruction loan committment from the State would be increased
from 2.5 million to 3.3 million.
(2) Loan repayment schedule would be revised to begin.on August 1,1985
for the first $2.5 million and a repayment schedule for the remaining
$800,000 would begin August 1, 1988.
(3) The City would establish a berthing rate of at least $7.50 per
vessel foot or berth length per month, and annually adjust this
rate based on the Consumer Price Index.
(4) The City would annually survey berthing rates charged in the same
market areas as Balboa Yacht Basin and provide these figures to
Cal Boating.
Attarhmant-
(1) First Amendment to Contract Balboa Marina $800,000 Incremental Loan
DAVID HARSHBARGER
Marine Director
DH:el