HomeMy WebLinkAboutC-1382(A) - Cooperative financing for repainting street lights, Newport Centere��W ART i
o� @� CITY OF NEWPORT BEACH
CALIFORNIA
City Hall
CqIt/Polk r 3300 W. Newport Blvd.
Area Code 714
673 -2110
DATE Seotuber 30, 1971
TO: FINANCE DIRECTOR
FROM: City Clerk
SUBJECT: Contract No. C -1382a
Description of Contract _gg ygnaive Financing Agreement for re=dial
painting of light standards in Newport Center.
Authorized by Resolution No. 7530 , adopted on September 20, 1971
Effective date of Contract _atembgr 21- 1971
Amount of Contract See p =¢fie 2 and 4,
city
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CITY CLERK
September 23, 1971
CITY CLERK
AGREEMENT WITH IRVINE COMPANY
NL14PORT CENTER STREET LIaM MEDIAL PAINPING
Enclosed ase two signed copies of subject agreement for
transmittal to The Irvine Company and for your files.
:,aura Lagios
City Clerk
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AGREEMENT
THIS AGREEMENT, made and entered into this air r
day of 1971, by and between THE IRVINE COMPANY,
a West Virginia Corporation, hereinafter referred to as
"Company ", and the CITY OF NEWPORT BEACH, a Municipal Corpora-
tion, organized and existing under and by virtue of its Charter
and the Constitution and laws of the State of California, here-
inafter referred to as "City ";
WITNESSETH:
WHEREAS, the parties hereto desire to execute an
agreement providing for remedial painting of street light
standards within Newport Center, in the City of Newport Beach;
WHEREAS, City and Company propose to perform certain
remedial construction upon existing street light standards within
Newport Center, and the Project Limits being described as those
street light standards installed in conjunction with the first
phase street construction in Newport Center, and as shown on
the plat attached as Exhibit A.
NOW, THEREFORE, in consideration of their mutual
promises, the parties hereto agree as follows:
1. City agrees to prepare necessary plans and
specifications, advertise for bids and award a contract to
lowest responsible bidder for completion of aforementioned
remedial construction, all with the approval of the Public
Works Director.
2. City agrees to pay the first Five Thousand
Dollars ($5,000.00) of the contract amount, and Company agrees
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to pay an amount not to exceed Twenty Thousand Dollars
($20,000.00) making the maximum allowable cost under the terms
provided herein, Twenty -five Thousand Dollars ($25,000.00).
3. Company agrees to deliver to City, prior to award
of Contract by City Council, a check in the amount of Twenty
Thousand Dollars ($20,000.00), to be drawn upon as required in
the execution of the work. Any unused portion of said funds
shall be returned to Company upon final acceptance of the work
by the City.
4. In the event the combined Twenty -five Thousand
Dollars ($25,000.00) is insufficient to complete the required
remedial work within the Project Limits described above, the
cost participation formula of 80% Company and 20% City shall
apply when additional funds are available to the parties named
herein, for completion of the remaining remedial work.
5. Upon completion of the required remedial work on
any street light standard within the Project Limits described
above, City agrees to assume full responsibility for any
maintenance that may be required on such street light standards
in the future.
6. City agrees to require the Contractor to name
Company as an additional insured on the liability insurance
for the painting contract.
IN WITNESS WHEREOF, the parties hereto have executed
this agreement on the date first above written.
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APPRO AS TO
i
Dennis 0'-
Neil-Acting City Attorney
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9/2/71
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CITY OF NEWPORT BEA i4
By:
Mayor
ATTEST:
City Clerk J
..[[ CITY
THE IRVIl�$ / &MPAY
By:
By
S.
tie ASSISTANT SECRETAR
THE IRVINE COMPANY
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UPPER NEWPORT !AY
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A PJCSOLUTION OF TTii, CITYY CtlU.�1VI�L OF 'THR
CM OF RMFORT BEACH AUT11DPJ ',tW THE
E =101 OF AN AGRMWJM 11$' #ZM TIC
CITY 07 NEWPORT BEACH MW THE T RIVIN13
CCtt:PANY -,X C0111E1<Y"TIQN NI" RED :s iZt T
PAIRV,'.M OF STPAW LJOW gT'AffiW6RW
WHMRXW, , there has been presented to the City Council
of the City of Newport beach a certain agreement between the
City of Newport Seach and The Irvine Corquay providing for
remedial painting of street light stmnaards within Newport
Center +ind
WHZR&AS, the City Council has considered the terms
and conditions of said agreement and found theses to be fair
and equitabief
MW, THMMORS, BE IT R W:3 a that said agreement
for the accomplishment of tbo servicaas above described is ap-
proved, and the Flayor and City Cleric are hereby authorized
and directed to execute the same on'Dehelf of the City of
Newport Beach.
AWPTED this 20 th day of September, 1971.
iii ayor
ty Clerk