HomeMy WebLinkAbout2003-51 - Sale of Ackerman PropertyRESOLUTION NO. 2003- 51
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH AUTHORIZING THE CITY MANAGER TO
EXECUTE REQUIRED DOCUMENTATION FOR SALE OF
THE ACKERMAN PROPERTY
WHEREAS, the City of Newport Beach ( "City ") inherited property located at 2114 - 2112
West Ocean Front and 106 - 110 22 "d Street on October 19, 1993 ( "the Ackerman
Property ") pursuant to the provisions of the Carl Ackerman Family Trust. The Trust
provided that 60% of the income from the Ackerman Property be given to the University of
California, Irvine, Irvine Foundation for scholarship purposes for needy, qualified students.
WHEREAS, the Ackerman Property was given to the City subject to a December 18,1992,
15 year lease with 2116 Ocean Front Associates, a California limited partnership, with an
Option to Purchase. On August 8, 2003, 2116 Ocean Front Associates exercised the
option in accord with the provisions of the Lease.
NOW, THEREFORE, BE IT RESOLVED as follows by the City Council of the City of
Newport Beach:
Authorize the sale of the Ackerman Property to 2116 Ocean Front Associates and
authorize the City Managerto execute all documents associated with the Option to
Purchase the Ackerman Property, with 60% of the net proceeds of the sale to be
paid to University of California, Irvine Foundation.
When the sale is complete, direct the City Managerto establish a lifetime annuity or
other investment of the City's proceeds to the City in a mannerthat dedicates 75%
of interest income to high -tech library equipment and 25% to scholarships for
"needy, qualified students."
Direct the City Manager to review and report back to City Council on any
recommended changes to the administration of the scholarship portion of the
Ackerman Fund.
Adopted this 9th day of September, 2003.
ATTEST:
CITY CLERK
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
I, LaVonne.M. Harkless, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2003 -51 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council. duly and regularly held on the 9th
day of September, 2003, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, Proctor, Ridgeway, Webb, Nichols, Mayor Bromberg
Noes: None
Absent: Adams
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 10th day of September, 2003.
(Seal)
y j'7
City Clerk
Newport Beach, California