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HomeMy WebLinkAbout88-31 - Balboa Yacht Basin RedevelopmentRESOLUTION NO. 88- 31 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING AN AMENDMENT TO THE AGREEMENT WITH THE STATE TO PROVIDE FUNDING FOR THE REDEVELOPMENT OF THE BALBOA YACHT BASIN AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AMENDMENTS TO THE AGREEMENT. . WHEREAS, the City of Newport Beach has entered into a contract with the California Department of Boating and Waterways for loans in the sum of $3.3 million to rebuild the Balboa Yacht Basin; and WHEREAS, these loans currently bear interest at the rate of 7.9% per annum; and WHEREAS, the State of California has approved a reduction, in the interest rate on outstanding loans from 7.9% to 6% retroactive to August 1, 1987; and WHEREAS, this interest rate reduction would, if approved by the City of Newport Beach, result in a total interest saving of approximately $62,000 for the first year and slightly less each succeeding year of the loan. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the Mayor and City Clerk are authorized to approve an amendment to the City's contract with the California Department of Boating and Waterways for the Balboa Yacht Basin reconstruction loan to reduce the interest rate on the loan from 7.9% to 6% retroactive to August 1, 1987. ADOPTED this 25th day of ATTEST: I City Clerk C- 23;7,:.