HomeMy WebLinkAboutC-972 - Reimbursement agreement for Eastbluff ParkASSIGNMENT
THE BLUFFS, a limited partnership, hereby assigns and transfers
all of THE BLUFFS right, title and interest in and to that
certain reimbursement agreement between THE BLUFFS and the CITY
OF NEWPORT BEACH, a municipal corporation, dated June 17, 1965,
as amended by Amendment No. 1 to reimbursement agreement dated
August 9, 1965, copies of which are attached hereto as Exhibit A,
to IDH, a Joint Venture, between IDS MORTGAGE DEVELOPMENT
CORPORATION, a Nevada corporation, and GEORGE AND WILLIAM HOLSTEIN
CO., INC., a California corporation.
Dated: January 2, 1969
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GEORGE AL HOLSTEM a SONS f GENERAL CONTRACTORS ■ "THRIFT CORNER' -170 EAST 17TH ST., COSTA MESA, CALIF, D(W8 (714) 0014M
January 14, 1969
Mr. George Papas, Financial Director
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92660
Re: The Bluffs' Assignment to
I.D.H., A Joint Venture
Dear George:
I am enclosing herewith a copy of an assignment of The Bluffs' Reimbursement
Agreement due from the city of Newport Beach dated January 2, 1969. The
joint venture referred to in the assignment is I.D.H. It would be greatly
appreciated if you would amend your Reimbursement Agreement so that I.D.H.,
A Joint Venture can reflect this assignment and show as the payee on all
your future warrants.
If this assignment does not meet with your requirements, it would be appre-
ciated if you would advise us so we may provide you with any additional
documentation which might be required. If you are in agreement with the
requirements, your acknowledgement of receipt and approval of this document
will be sufficient.
Very truly yours,
GEORGE M. HOISTE SONS
N. Ewart, Jr.
Controller
cc: William S. Holstein
EIVED AN1� APPROVED
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ABOVE r.ra•'M,:fJT AP_ROVED CiY:
CITY ! :l; {.: y � y: �-
AS T.. George Pa s, Finaneial Di ct i
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CITY OF NEWPORT BEACH
CITY ATTORNEY
Department
TO: George Pappas
Finance Director
FROM: City Attorney
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DATE: January 24, 1969
SUBJECT: Bluffs Assignment to IDH, a Joint Venture
As requested by my letter dated January 17, 1969, a copy
of which was routed to you, we have received a corrected
copy of the assignment of The Bluffs' Reimbursement
Agreement with the City to IDH, a Joint Venture.
I have indicated my approval of the form and am returning same
to you.
THS :mh
Encl.
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TULLY H SEYMOUR
City Attorney j
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GEORGE M. HOLSTEIN A SONS ■ GENERAL CONTRACTORS IS "THRIFT CORNER" -170 EAST 17TH ST., COSTA MESA, CALIF, 82627 ■ (1141 642-666
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January 21, 1969
City of Newport Beach
3300 Newport Blvd
Newport Beach, California 92660
Attn: Mr. Tully Seymour
Dear Mr. Seymour:
Re: THE BLUFFS Assignment to IDH, A Joint Venture
Per your request I have corrected the Assignment
of the City Reimbursement Agreement to THE BLUFFS
to show Assignee as IDH, a Joint Venture, between
IDS Mortgage Development Corporation, a Nevada
Corporation, and George and William Holstein Co.,
Inc., a California Corporation.
Enclosed is a copy of this Assignment for your files.
Please have all future warrants show IDH, a Joint
Venture, as payee.
Very truly yours,
THE BLUFFS
William S. Holstein
WSH:jd
Enclosure
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1'. REStlLUT-LO N ;4N. 6204 .
21 A RESOLUTION OF %ME CITY COUNCIL OF THi PITY OF
3$1POItT BEACH ek1 T"IZING M MOUTION OF A-IV
3 f AMEI3t1 ENT TO RE!%B0 NT AGWAMM $ET4r'EEN THE
4 CITY OF A1RWPM, -' BELCH AXD TH E BLIiM
5 6d`eL&ZAS, the t;ity of Newport Beach and The Blu ffs are
6) � pa.= to a Reimbursement Agreement dated the 17th dap of dune,
;vc:r t:lw i,,, zovement of Eastbluff Park; and
`HEkW, avid agreement makes no provision for the re-
9 ! ilbur3:�z;eztt of the Developer for the cost of preparing plans and
10 specifications for the improvement of said public park site, and
is the mutual desire of the parties to amend said agreement to
12J1 PrOvlcl:•e for such reimbursement; and
13II
, :'ice 85 there has been presented to the City Council are
14 ,' eri t to Ra mburs€m -31:t Agreement Between the City of Newport
1511 -ieac.h and The Bluffs revising paragraph S of said r %simbursaaent
161 Agreemen,, to provide thga' the City will reimburse the Developer
171 for the cease of cde.ign ng area preparing plans and specifications
18!i for the project if a contract for the project is awarded; and
19 WHFAUAS, the City Council has considered the terms and
201 conditions of said agreement and found them to be reasonable and
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21ii equitable;
22j1 NOW, THEREFORE, BE IT RESOLVED that said agreement be
231,1 approved and the Mayor and City Clerk are hereby authorized. and
2411 directed to execute the same on behalf of the City of Newport Beach,
25!; ADOPTED this 9th day Of August 1965«
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ITT r:ST,. mayor
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1 AMENDMENT TO REIMBURSEMENT AGREEMENT
BETWEEN THE CITY OF NEWPORT BEACH AND THE BLUFFS
2 —._ .
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31 THIS AGREEMENT, made and entered into this `�U` day of
4' August, 1965, by and between the CITY OF NEWPORT BEACH, a municipal
5�1 corporation, hereinafter referred to as "City ", and THE BLUFFS, a
61 limited partnership, hereinafter referred to as "Developer ";
7 WITNESSETH:
8II WHEREAS, the parties hereto have heretofore entered into
9111i``a Reimbursement Agreement dated the 17th day of June, 1965; and
10l WHEREAS, it is the mutual desire of the parties to amend
11 the agreement to provide for the reimbursement of Developer for the
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12 cost of preparing plans and specifications for the improvement of
13 the public park site located in the Eastbluff area of the City;
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14 NOW, THEREFORE, it is mutually agreed between the parties
15 that paragraph 5 of said Reimbursement Agreement is hereby revised
16 to provide as follows:
17 "5. Upon the award of the contract for the construction
of the improvements, the Developer shall pay to City a sum
18 equivalent to the amount of money which the City is obligated
to pay to the successful bidder for completion of the project.
19 Payment to the City may be made by an irrevocable letter of
credit in a form acceptable to the City Attorney. City agrees
20 to reimburse Developer for the costs of designing and pre-
paring plans and specifications for the project if a contract
21 for the project is awarded. The exact amount of money to be
reimbursed to Developer shall be based upon an itemized state -
22 ment in a form acceptable to the City; however, said reim-
bursement shall not exceed the sum of $ /O S OO.OQ"
23
2411 IN WITNESS WHEREOF, the parties hereto have executed this
25 agreement as of the day and year first above written.
26 CITY OF NEWPORT BEACH
27 1 ATTEST: -- ° /G��' -r�i4 r
28 s , . �.,. , u- . �c.� Mayor
29 City Clerk CITY
APPROVED AS TO FORM:
30
31 /Ve ity Attorney
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THE BLUFFS
By
is ut ori�gent
DEVELOPER
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RESOLMION NO. 6167
A RESOLUTION OF THE CITY COUNCIL Of THE CITY OF
NXWPORT BEACH AUTHORIZING THE EXECUTION OF A
REIMBURSEMENT AGREEMENT WITH THE KX"S FOR THE
IMPROVEMENT OF EASTBLUFF PARK
WHEREAS, the City of *wport Beach is the owner of a park
site in the Eastbluff °-rea of the City Where the resod exists for a
public park; and
WHEREAS, The Bluffs, the developer of a planned residen-
tial casaaunity in the area surrounding said park site, has offered
to loan the City sufficient funds to pay for the improvement of
said park site as a public park and the City is willing to reimburse
said developer from the tax revenues accumulated in a special capita
outlay fund pursuant to Chapter g of Article VI of the Newport Beach
Municipal Code; and
WHEREAS. there has been presented to the City Council a
,reimbursement agreement between the City and The Bluffs providing
for the improvement of said public park and payment therefor as
Ihereinabove mentioned; and
WHEREAS, the City Council has considered the terms and
conditions of said agreement and found them to be reasonable and
equitable;
NOW, THEREFORE, BE IT RESOLVED that said reimbursement
agreement be approved and the Mayor and City Clerk are hereby
authorized and directed to execute the same on behalf of the City
of Newport Beach.
3011 ATTEST:
31
32
ADOPTED this !'.' day of _ , 1965.
Mayor
y.... er.
THS:mec
6/16/65
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REIMBURSEMENT AGREEMENT
THIS AGREEMENT, made and entered into this day of
, 1965, by and between the CITY OF NEWPORT BEACH, a
municipal corporation, hereinafter referred to as "City ", and THE
BLUFFS, a limited partnership, hereinafter referred to as "Devel-
oper ";
WITNESSETH
WHEREAS, a need exists in the Eastbluff area of the City
of Newport Beach for a public park; and
WHEREAS, The Irvine Company has conveyed to the City a
park site consisting of 13.70 acres of unimproved land located in
the Eastbluff area of the City which is shown on Exhibit A attached
hereto and made a part of this agreement; and
WHEREAS, Developer is in the process of building a planned
residential community in the area surrounding said park site on land
which it has leased from The Irvine Company; and
WHEREAS, Developer is interested in having said park site
improved as a public park as soon as possible and has submitted a
proposal to City to loan the City sufficient funds to pay for the
cost of improving said park site as a public park in accordance
with the City's requirements and in conformity with the proposed
development plan for Eastbluff Park which is attached hereto as
Exhibit B and made a part of this agreement; and
WHEREAS, the City has adopted Ordinance No. 1091, adding
Chapter 8 to Article VI of the Newport Beach Municipal Code, which
levies an excise tax on all new buildings constructed in the City
and provides that the proceeds from the tax shall be paid into a
special capital outlay fund which may be used for the purpose of
constructing improvements in and equipping public parks; and
WHEREAS, the City proposes to reimburse Developer for
the funds advanced to the City for the improvement of the Eastbluff
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Park site from the tax revenues accumulated in said capital outlay
fund;
NOW, THEREFORE, in consideration of the mutual promises
and conditions herein contained, it is agreed between the parties
as follows:
1. Developer agrees to design and to prepare plans
and specifications for the development of a public park on the
site shown on Exhibit A in conformity with the general plan of
development as shown on Exhibit B. Developer will cause plans
and specifications to be prepared for the following improvements:
(a) Grading
(b) Drainage
(c) Automatic sprinkler system
(d) Landscaping
(e) Driveways, walks and paths
(f) Restroom building with complete equipment
and connections to public utilities
(g) Baseball diamond and backstop
(h) Ground lighting
2. The plans and specifications will be submitted to
the City, together with cost estimates for each phase of the im-
provement work. After review by the City administrative staff,
the cost estimates, plans and specifications shall be submitted
to the City Council for its consideration. If the cost estimates,
plans and specifications are mutually acceptable to the City Coun-
cil and the Developer, the City will then proceed to prepare the
documents necessary to call for public bids for the improvement
of Eastbluff Park, hereinafter called the project, which shall be
subject to written final approval by the Developer. Following
such approval, City will proceed to call for public bids for the
project in accordance with the requirements of Section 1110 of
the City Charter relating to contracts on public works.
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3. Either party shall have the right to terminate this
agreement upon ten (10) days` written notice to the other party at
any time prior to the written approval of the bid documents by the
Developer. In the event of termination, the City shall incur no
liability to reimburse the Developer for any costs it has expended
and each party shall assume its own costs.
4. It is mutually agreed by the parties that Developer
may submit a bid for the improvement project; however, the con-
tract will be awarded to the lowest responsible bidder. The City
Council reserves the right to reject all bids, if it determines
that the amount of said bids is excessive, and to abandon the
project or to order the plans and specifications revised. If the
City Council orders the plans and specifications to be revised,
the procedure outlined in paragraph 2 shall again be followed.
5. Upon the award of the contract for the construction
of the improvements, the Developer shall pay to City a sum equiva-
lent to the amount of money which the City is obligated to pay to
the successful bidder for completion of the project. Payment to
the City may be made by an irrevocable letter of credit in a form
acceptable to the City Attorney.
6. Developer agrees to assume responsibility for the
cost of the following portions of the drainage improvements shown
on the plans:
(a) 40 feet of pipe extending westerly from the
westerly property line of Vista del Oro.
(b) The outlet structure at the end of the pipe
extending westerly from Vista del Oro.
(c) The inlet structure at the westerly end of
the park.
(d) The improvements carrying storm water from
the inlet at the westerly end of the park to the bay.
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The costs of the above drainage improvements will not be included
in the amount to be reimbursed to Developer by the City. The cost
of the remaining drainage improvements within the park is under-
stood to be the responsibility of the City, and will be included
in the amount to be reimbursed.
7. In consideration of the payment to be made to City
by Developer, City agrees to diligently proceed to collect from
the owners or developers of property within the City of Newport
Beach the excise tax created by and set forth in Chapter 8 of
Article VI of the Newport Beach Municipal Code and to reimburse
Developer from the capital outlay fund described in Section 6810
of the Newport Beach Municipal Code, without interest or any other
added charges of any kind, upon the following basis;
(a) Upon completion of the improvements and
their acceptance by the City Council, the City will
pay the Developer an amount of money equivalent to
20% of the total sum loaned to City by the Developer.
(b) The balance of the amount owed to the De-
veloper shall be paid in ten (10) equal installments
payable semiannually over a five -year period. The
first semiannual payment shall be due and payable
six (6) months after the acceptance of the completed
improvements by the City Council. However, in the
event there are not sufficient funds available in the
capital outlay fund created by Section 6810 to com-
pletely reimburse Developer within the aforesaid five -
year period, the time for payment shall be extended
until such funds become available.
Developer may upon reasonable demand make an audit of
the revenue collected as excise taxes pursuant to Chapter 8 of
Article VI of the Municipal Code, at its sole expense, to determine
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the amount of tax money collected by the City and the amount avail-
able for reimbursement to it. City agrees that the hereinabove-
described payments to Developer as they become due shall be a first
charge upon said capital outlay fund and shall have priority in
payment over any other projects which are being financed from said
fund.
8. The obligation of the City under this agreement to
reimburse Developer shall not be a lien, charge or encumbrance,
legal or equitable, on any City property or upon any of the income
receipts or other revenues of the City, other than those specific
revenues derived from the excise tax placed upon property devel-
opment by Chapter 8 of Article VI of the Municipal Code.
9. In entering into this agreement the parties recog-
nize the fact that the present City Council cannot guarantee that
a future City Council will not repeal the excise tax set forth in
Chapter 8, Article VI, of the Newport Beach Municipal Code; they
also acknowledge that said excise tax could be repealed by a vote
of the people through an initiative measure or that said tax could
be eliminated by a legal action in the courts. However, the City
Council desires to state as a matter of policy that it recognizes
a strong moral obligation on the part of the City to continue
said excise tax in effect until the Developer is fully reimbursed
for the funds loaned to the City in accordance with the terms of
this agreement.
IN WITNESS WHEREOF, the parties hereto have executed
this agreement as of the day and year first above written.
CITY OF..,NEGIPO�tT ,iEAJ
ATTEST: By ��. (` {
Mayor
City Clerk CITY
APPROVED AS TO FORM: THE BLUFFS
/ 4-A4 Z/ By
Cit ttorne Its Authorized Agent
DEVELOPER
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DRAWING NO. 2 /W- 5057`L -. ..
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R.E. NO.)--'C'06
DRAWING NO. 2 /W- 5057`L -. ..
EXHIBIT A
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TO: Finance Director
FROM: City Clerk
SUBJECT: Contract
Contract No. 972
0
Date August 16, 1965
Authorized by Resolution No. 6167 adopted on June 17, 1965
Date Mayor and City Clerk executed Contract
Effective date of Contract June 17, 1965
Contract with The Bluffs
Address P. O. Box 1278
June 17, 1965
Newport Beach, California
Brief description of Contract Reimbursement Agreement with The Bluffs
for the improvement of Eastbluff Park.
Amount of Contract
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CitA Cle
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TO: Finance Director
FROM: City Clerk
SUBJECT: Contract
Contract No. Amendment to Contract No. 972
Date August 16, 1965
Authorized by Resolution No. 6204 , adopted on August 9, 1965
Date Mayor and City Clerk executed Contract August 12, 1965
Effective date of Contract August 9. 1965
Contract with The Bluffs
Address P. O. Box 1278
Newport Beach. California
Brief description of Contract Amendment to Reimbursement Agreement
with The Bluffs for the improvement of Eastbluff Park to pro-
s for the cost of preparing plans and specifications to e veloper.
Amount of Contract Not to exceed the sum of $10, 500.
City Jerk
To
From
CITY OF NEWPORT BEACH
City Clerk
City Attorney
CITY ATTORNEY
D : Q TRENT
August 6, 1965
Subject: Amendment to Reimbursement Agreement with The Bluffs
The attached resolution, if adopted by the City Council, will
authorize the execution of an Amendment to Reimbursement Agreement
Between the City of Newport Beach and The Bluffs. A copy of said
proposed amendment is also transmitted herewith. This amendment
would revise paragraph 5 of the Reimbursement Agreement between
the City and The Bluffs dated June 17, 1965, to provide for the
reimbursement of the Developer for the cost of preparing the plans
and specifications for the improvement of Eastbluff Park which was
not included in the original agreement.
The document has been sent to Mr. Paul Rife to obtain its execution
on behalf of The Bluffs. It is anticipated that it will be received
in time for presentation to the City Council at the meeting on
August 9.
Tu
Tully Jr. Seymour!
THS :mec City Attorney
Encs.
cc - City Manager
Public Works Director
P.B. & R. Director
Finance Director
C 0 U hl;, i L: A2.Gc�.c�.k1
DISPOSITION: /%1— '''y`��.
GLn, cLYn
FILE: �GV�c
Mr. Paul Rife
The Bluffs
2414 Vista Del Oro
Newport Beach, California
Dear Paul:
0
NEWPORT BEACH
July 30, 1965
City Han
3300 W. Newport Blvd.
Area Code 714
673.2110
Transmitted are the original and two copies of the
agreement we discussed over the telephone which
would make provision for reimbursement of The
Bluffs for costs incurred to design and prepare
plans and specifications for the proposed Eastbluff
Park. You will note that the amendment provides a
blank space for the maximum amount to be reimbursed
to the Developer by the City. As I recall, the
figure you mentioned was $6,000..- If my recollection
is correct, that figure should be inserted in the
blank.
It is anticipated that the amendment will be presented
to the City Council for its consideration at the meet-
ing of August 9. Therefore, if the wording meets with
Mr. Holstein's approval, we request that he execute
the agreement in duplicate and return it to this office
several days in advance of the meeting so that we can
place the matter on the Council agenda.
Very truly yours,
Tully 0 Seymour
THS :mec City Attorney
Encs.
4
To:
From:
Subject:
0 6
CITY OF NEWPORT BEACH
CITY ATTORNEY
DEPARTMENT
City Clerk
City Attorney
June 17, 1965
Reimbursement agreement for Eastbluff Park improvement
The attached resolution, if adopted by the City Council, will
approve the reimbursement agreement with The Bluffs for the im-
provement of Eastbluff Park and authorize its execution on behalf
of the City.
Six copies of the proposed agreement, which the Financing of
Capital Improvements Committee is recommending to the Council
for approval, are also transmitted. You will note that Exhibits
A and B described in the second and fourth "WHEREAS' clauses are
not included. These should be obtained and attached to the agree-
ment.
THS :mec
Encs.
cc - City Manager
Public Works Director
P. B. & R. Director
Finance Director
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Tully Se Seym
City Attorney
P=?': 1
RE V
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G{lY (rF
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CITY OF NEWPORT BEACH •
June 16, 1965
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: Financing of Capital Improvements Committee
SUBJECT: EASTBLUFF PARK PROPOSAL
RECOMMENDATION: Approve reimbursement agreement with The Bluffs
for the development of Eastbluff Park and authorize
its execution by the Mayor and City Clerk.
DISCUSSION: Attached is a proposed reimbursement agreement for
the development of Eastbluff Park as prepared by the
City Attorney. This agreement has been reviewed by
this committee with The Bluff's representatives and
approved by both parties.
This matter is being referred to you for consideration
at this time because Council action on it will affect
budgeting for the 1965 -66 fiscal year. The proposed
budget anticipates development of the Park as proposed
by The Bluffs:and approved in principle by the Council.
Please note that this agreement provides that the
Park development plans and specifications be submitted
for public bid.
The agreement also provides that the annual payments
due The Bluffs shall be a first charge on building
excise tax revenues and take priority over all other
projects financed by these revenues.
Execution of this reimbursement agreement will authorize
the devel6per:to finalize the Park development plans
and specifications for their submission to the City
Council for its consideration and action.
Financing of Capital Improvements Committee
Doreen Marshall, Chairman
Dee Cook
Donald E. Elder
cc: City Manager /
City Clerk Y
C -972
See Contract File for
Landscaping details