HomeMy WebLinkAbout10051 - Balboa Yacht Basin RedevelopmentRESOLUTION NO. 10,051
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE FILING OF A
LOAN APPLICATION TO THE DEPARTMENT OF BOATING
AND WATERWAYS IN THE AMOUNT OF $2.5 MILLION
DOLLARS FOR THE REDEVELOPMENT OF THE BALBOA
YACHT BASIN AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE THE LOAN AGREEMENT
WHEREAS, the State Department of Boating and Waterways
provides loans to cities, counties and districts for the develop-
ment of small craft harbor facilities; and
WHEREAS, the City of Newport Beach is desirous of
developing the proposed boating facilities to meet the needs of
the boating public in the surrounding area; and
WHEREAS, the City of Newport Beach has conducted a
feasibility study which showed the proposed project to be
engineeringly and financially feasible and economically
justified; and
WHEREAS, the City of Newport Beach understands that the
marina berthing facilities may be operated by the City of Newport
Beach or privately if the concessionaire develops the berths and
this option was analyzed and considered in the decision - making
process; and
WHEREAS, the City of Newport Beach has surveyed the
berthing rates of other marinas in the area and agrees to charge
competitive berthing rates at the proposed marina and agrees that
the berthing rates shall be adjusted annually on the basis of the
Consumer Price Index or other more accurate or relevant indices.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that the City of Newport Beach agrees
to accept the loan and hereby authorizes the Mayor and City Clerk
to sign the loan agreement for the aforesaid purpose.
ATTEST:
City Clerk
ADOPTED this 26thday of May , 1981.
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HRC /pr
5/26/81