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RESOLUTION NO. 93 -48 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT <br />BEACH APPROVING A LEASE FOR THE REAL PROPERTY COMMONLY <br />REFERRED TO AS BEACON BAY. <br />WHEREAS, the City of Newport Beach by virtue of a 1978 legislative grant <br />found in Chapter 74 of the Statues of 1978 (the 'Beacon Bay Bill "), hold the right, title <br />• and interest to certain tidelands and uplands commonly known as Beacon Bay; and <br />WHEREAS, the Beacon Bay Bill frees the westerly portion of the filled <br />tidelands from the public trust and specifically authorizes the lease of the property for <br />residential purposes subject to certain expressed statutory conditions; and <br />WHEREAS, Beacon Bay including the "westerly portion" thereof, has been <br />divided into individual lots, with each lot leased by the City for residential purposes <br />until June 30, 2006; and <br />WHEREAS, on November 3, 1987 a majority of electors of the City approved a <br />measure which authorized the City Council to enter into new leases of residential lots <br />in Beacon Bay for a period not to exceed fifty years; and <br />WHEREAS, on November 3, 1992 a majority of electors of the City approved <br />Measure M which authorized the City Council to lease tidelands and waterfront <br />property consistent with the provisions of state law; and <br />WHEREAS, the City Council pursuant to the authority conferred by the <br />electors entered into negotiations with current lessees, and the parties have agreed on <br />the terms and conditions of a new lease with a fifty (50) year term, provision for <br />adjustments in lease payments to reflect changes in the value of Beacon Bay <br />leaseholds, and a recalculation of lease payments in the event of a transfer of the <br />lease by the current lessee or any subsequent lessee (as defined therein); and <br />WHEREAS, the Beacon Bay Community Association has approved the form <br />and content of the proposed lease, <br />NOW THEREFORE BE IT RESOLVED by the City Council of the City of <br />Newport Beach that the lease attached hereto and made a part hereof is hereby <br />approved subject to minor technical revisions as may be necessary and subject to <br />approval by the State Lands Commission. <br />BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized <br />to execute leases in the form of that attached hereto with each of the individual <br />leaseholders in Beacon Bay. <br />ADOPTED this 28th date of June 1993. <br />ATTEST: <br />• C.. <br />CITYCLERK <br />C0 <br />