08-13-1984 Item #F-2a
08-13-1984 Item #F-2a
4/30/2020 1:25:49 PM
4/30/2020 1:25:20 PM
Amendment to Loan Agreement/Balboa Yacht Basin Reconstruction
C-2370 - Loan Agreement for Balboa Yacht Basin Reconstruction
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CITY OF NEWPORT BEACH <br />Marine Department AGENDA ITEM NO. F2A <br />BY THE CITY COUNCIL <br />August 13,1984 <br />CITY OF NEWPORT BENCH <br />AUG 13 1984 <br />TO: MAYOR AND CITY COUNCIL fhko <br />FROM: Marine Department <br />SUBJECT: AMENDMENT TO LOAN AGREEMENT/BALBOA YACHT BASIN RECONSTRUCTION <br />Recommendation: <br />If desired, adopt Resolution No. authorizing the Mayor and City Clerk <br />to execute a Resolution accepting the terms and conditions of the attached <br />"First Amendment to Contract". <br />Background: <br />The State of California Boating and Waterways Commission met on July 20, <br />1984 and approved and additional $800,000 loan to the City of Newport Beach <br />for reconstruction of the Balboa Yacht Basin Marina. <br />The application for a loan supplement to the state was approved by the <br />City Council one year ago on August 8, 1984. The increase was necessitated <br />by primarily two factors: (1).normal inflation, and(2) funding for some <br />of the associated upland work such as restrooms, paving, and comprehensive <br />utility refurbishments for power,water, and sewers. <br />The project is essentially the same as that described in the original <br />1982-83 California Boating Loan Agreement. The major changes are shoreside <br />and are the result of refinements which commonly occur during the design <br />of a project. The restroom building, apartment building and yacht broker <br />building at the far east end of the marina basin will be removed and the <br />space utilized for parking and an expanded boat repair yard. The restroom <br />and yacht broker facilities will be provided for in a new two-story building <br />to be constructed on the north side of the basin in a space currently occupied <br />by six garage stalls. <br />Discussion - <br />The original loan agreement for 2.5 million dollars was executed by <br />the Mayor on November 24,1982. The City Council is now being requested <br />to authorize the Mayor to execute an amendment to that contract for the <br />additional $800,000 needed to construct the project as engineered. <br />
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