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HomeMy WebLinkAbout8767 - Acquisition of Inspiration PointI*- P. RESOLUTION NO. 8767 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH REQUESTING THE COUNTY OF ORANGE TO EXTEND THE TIME IN WHICH REVENUE SHARING FUNDS SHALL BE DISBURSED OR ENCUMBERED FOR THE ACQUISITION OF INSPIRATION POINT PROPERTIES AND AMENDING EXISTING AGREEMENT • WHEREAS, the City of Newport Beach and the County of Orange have entered into an agreement on March 18, 1975, for the use of revenue sharing funds for the acquisition of two lots located on Ocean Boulevard and Orchid Avenue in Corona del Mar, commonly referred to as the Inspiration Point Properties; and WHEREAS, said agreement provides that said funds must be disbursed or encumbered on or before July 1, 1975; and WHEREAS, on May 12, 1975, the Newport Beach City Council adopted Ordinance No. 8490, requesting the County to extend the time for disbursing or encumbering said funds until January 1, 1976. Said request was granted by the County; and WHEREAS, the City sponsored legislation to provide State matching funds for the purchase of said properties. Said legislation was never enacted; and WHEREAS, because the State legislation failed, the City found that it was impossible to encumber the revenue sharing funds by January 1, 1976; and WHEREAS, the City of Newport Beach is planning an • open space property acquisition bond election to be held in March of 1977 which, if successful, will provide the necessary • matching funds for the acquisition of the Inspiration Point Properties; and -1- • • • WHEREAS, the City Council wishes an extension of time within which to disburse or encumber these revenue sharing funds pending the open space bond election; and WHEREAS, it may be necessary to amend the agreement between the City of Newport Beach and County of Orange dated March 18, 1975, to provide for an extension of time and /or to permit bond monies to be used as a source of funds as the City's share of the project; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the City Council hereby requests the County of Orange to extend the time for disbursing or encumbering the revenue sharing funds for the acquisition of the Inspiration Point Properties from January 1, 1976 to July 1, 1977. BE IT FURTHER RESOLVED that the Mayor and City Clerk are hereby authorized to execute any amendment to the revenue sharing agreement between the City of Newport Beach and the County of Orange dated March 18, 1975, which may be necessary to carry out the intent of this resolution. BE IT FURTHER RESOLVED that the City Clerk of the City of Newport Beach shall transmit a copy of this Resolution to the Board of Supervisors for the County of Orange for their consideration. ADOPTED this 10th ATTEST: City Clerk n ,(� CERTIF i S THE C.'4HG9Nk �•sis'.!r� ........ ......... _. ....... ......� CITY CLERK OF THE CITY OF "WOU BEAfZO .MAY T 2 DATE: day of May , 1976. IL Mayor DDO /bc 4/30/76