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RESOLUTION NO. 8616
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREE-
MENT BETWEEN THE CITY OF NEWPORT BEACH
AND THE IRVINE COMPANY TO ACQUIRE A
LIBRARY SITE IN NEWPORT CENTER
WHEREAS, the City of Newport Beach is desirous of
acquiring property in Newport Center for the location and
construction of a library; and
WHEREAS, The Irvine Company is willing to sell property
in Newport Center to the City of Newport Beach; and
WHEREAS, the City of Newport Beach and The Irvine
Company have negotiated terms and conditions of an agreement
for the acquisition of a site in Newport Center; and
WHEREAS, the City Council has reviewed the conditions
and finds them to be just and equitable;
NOW, THEREFORE, BE IT RESOLVED, by the City Council
of the City of Newport Beach that the agreement between the City
and The Irvine Company, as outlined below, is hereby approved
and the Mayor and City Clerk are hereby authorized and directed
to execute said agreement, subject to final approval by the
City Council of the ultimate terms of purchasing said property
after review of all available options. The terms and conditions
of said agreement are generally as follows:
1. The legal description for said property will be
approved by the City Council showing the size, configuration
and location of the site, which is presently estimated to be
approximately 86,000 square feet.
2. Consideration to be paid by the City to The Irvine
Company will be Two Hundred Seventy Nine Thousand Five Hundred
and no /100 Dollars ($279,500.00).
3. Title will pass to the City upon making the initial
payment to The Irvine Company.
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4. The Irvine Company will reserve the right to
review plans and specifications of the building to ensure
compatibility with surrounding development.
5. The Irvine Company will reserve mineral rights
• below the depth of 500 feet.
• 6. Should the City desire to sell the property within
twenty -five (25) years of the date of acquisition, The Irvine
Company would have an option, which amounts to a right of first
refusal, to reacquire the property based upon the fair market
value at the date of the proposed sale as determined by a bona
fide offer from a third party.
7. A special fund will have to be created out of
which the total payments for the property will be made.
8. There will be cross easements over the property
to be acquired by the City and the adjacent property dealing with
parking over the remaining area together with a mutual mainten-
ance agreement.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to execute any other necessary
documents to facilitate the transaction herein approved.
ADOPTED this 28th day of October, 1975
ATTEST:
(71 K�af�'
City Clerk
• IfIED AS TH O . ,INAL
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CITY CLERK OF THE CIO' NE ORT eGACFI
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OCT 3 11975 10/29/75
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