HomeMy WebLinkAbout12/14/1964JOSEPH ALLAN BEEK
410 SOUTH BAY FRONT
BALBOA ISLAND, CALIFORNIA
Re: Beacon Bay Lease
Honorable City Council
Newport Beach, California
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Gentlemen:
In order that the resident of Bacon y might enjoy a more
satisfactory tenure of their various leases, and t t the City w
might receive a more substantial return, the Beacon Bay Communi-
ty Association has asked me to petition your honorable body
grant an extension of a after Lease, which is in my name. u,,QE aI
This would ens a me to conga the sub- leases upon terms which
would render to the City a greater income than it is now receiv-
ing, or will receive during the next 23 years under the current
lease. It is understood that my participation in the return -tT
from such lease after 1987 would be only a nominal one.
The fact that other properties similar to Beacon Bay and the
Balboa Yacht Basin are being leased for considerably higher e;,
rents would seem to justify a higher rental than the modest
return the undersigned is now receiving from these properties,
The tenants of Beacon Bay and the Balboa Yacht Basin are willing
that their rentals should be raised, providing that they may
look forward to a more permanent tenancy than I have been able
to give them under the current lease.
The reason these rentals are as low as they are is due'to the
fact that when I secured this property from the State for the
City in 1927 and up to the time I improved it and placed it on
the market, it was not very highly esteemed and was given a low
appraisal by real estate and banking interests. One City
Councilman expressed the opinion that it was likely to prove
more of a liability than an asset. This statement was made,
of course, before the property had been leased to me and before
I had started the dredging and filling and installation of public
utilities. Still, even after the major part of these Improve-
ments were made, the City refused my offer, publicly made, to
surrender all my rights and interest in the project if the City
would reimburse me for my actual out -of- pocket expenses for
making such improvements.
The rates of rentals I established seem inadequate now. It
is nevertheless a fact that they were as high as could be
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secured at the time the property was put on the market.
Assuring you of my desire to be of any possible assistance
in the consideration of this matter,
J iV Sincerely yours,
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