HomeMy WebLinkAbout7238 - Abandonment of Bayside DriveRESOLUTION NO. 7238
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH AUTHORIZING THE EXECUTION OF AN
• INDEMNITY AGREEMENT WITH-THE IRVINE COMPANY IN
CONNECTION WITH THE ABANDONMENT OF A PORTION OF
BAYSIDE DRIVE .
WHEREAS, on the 25th day of May, 1970, the City Council
of the City of Newport Beach adopted Resolution No, 7188 ordering
the closing up, vacation and abandonment of a portion of a
certain street known as 0 °Bayside Drive;P9 and
WHEREAS, said abandonment proceedings were commenced
by the City at the request of The Irvine Company and will make
it possible for The Irvine Company to develop a marina project
known as the Promontory Bay Development; and
WHEREAS, the City Council required as a condition of
the abandonment that The Irvine Company enter into an indemnity
agreement with the City providing that the company would indemnify
the City against claims arising as a result of the abandonment
proceedings by owners and tenants of the Balboa Yacht Basin
property with a maximum limitation of $50,000 for damages, and
further providing that the company would reimburse the City for
attorneys' fees and court costs incurred by the City in defending
against any lawsuit brought by said parties up to a maximum
amount of $5,000; and
WHEREAS, an indemnity agreement executed on behalf of
The Irvine Company on July 7, 1970, has been presented to the
City Council for consideration; and
-1-
0 WHEREAS, the City Council has determined that said
agreement is satisfactory and should be approved on behalf of
• the City;
NOW, THEREFORE, BE IT RESOLVED that said indemnity
agreement above described is approved, and the Mayor and City
Clerk are hereby authorized and directed to execute the same
on behalf of the City of Newport Beach.
ADOPTED this 20th day of July, 1970.
ATTEST:
Ci C er
CE 9ED AS THE OR! I
CITY CLERK OF THE CITY Of NEWPOO BRACH
;2- -- .
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Mayor
I K
• THS:adw
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