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HomeMy WebLinkAbout6996 - Civic Center Property1 21 3, 4' 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25. 26 27 28 29' 30 31 WA RESOLUTION NO. 6996 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE EXECUTION OF A PROMISSORY NOTE PAYABLE TO THE IRVINE COMPANY ON BEHALF OF THE CITY RELATING TO THE CIVIC CENTER PROPERTY IN THE NEWPORT CENTER WHEREAS, the City Council has determined that it would be in the best interests of the City to purchase a parcel of property from The Irvine Company in the Newport Center for use as a Civic Center site; and WHEREAS, there has been presented to the City Council a promissory note in the amount of $1,834,500.00, payable four years after date, with interest from date at the rate of 4% per annum until paid, payable monthly; and WHEREAS, the City Council wishes to authorize execution of said note on behalf of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Newport Beach that the Mayor and City Clerk are hereby authorized to execute the above described promissory note on b of the City of Newport Beach. ADOPTED THIS z- �day of , 1969. ATTEST: Camay er . TTIFIED AS THEgRIGINA'.L l SIT! CLERK OF THE CITY 012 EWPORT BEACH N"L THSzmh 5/23/69