HomeMy WebLinkAbout88-73 - Street Improvement Installments & Annual Rateu
RESOLUTION NO. 88 -73
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH ESTABLISHING
NUMBER OF INSTATLMENTS AND ANNUAL RATE
OF INTEREST FOR STREET IMPROVEMENTS ALONG
31ST STREET BETWEEN VILLA WAY AND NEWPORT
BOULEVARD, CONTRACT NO. 2470.
WHEREAS, on August 10, 1987, the City Council received a
petition from the property owners representing 60.3% of the
front footage facing 31st Street between Villa Way and Newport
Boulevard requesting that the City construct street improvements
using the procedure set forth in Chapter 27 of the Improvement
Act of 1911.
WHEREAS, after public hearing, the City Council approved
the street improvements along 31st Street between Villa Way and
Newport Boulevard, Contract No. 2470 and established the number
of installments and annual rate of interest for the assessment on
the project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Newport Beach as follows:
1. The assessments for each lot based on lot area is as
follows:
Assessments for Each Lot:
Block 431
Lot 9
Lot 10
Lot 11
Lot 12
Lot 13
Lot 14
Lot 16
Lot 17
Lot 18
Block 331
Lot 16
Lot 18
Lot 19
Lot 20
Lot 21
Lot 22
Lot 23
Lot 24
Lot 25
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1,907.47
1,476.37
1,476.37
1,749.37
369.53
1,636.37
1,476.37
2,070.37
1,552.32
1,464.32
1,424.12
1,543.12
1,525.12
1,425.12
1,496.02
1,666.42
528.35
432.00
Lot 26 432.00
Lot 28 1,612.42
Lot 29 1,526.72
Lot 30 922.62
Total Assessment $ 29,712.87
2. The pay back period for assessments over $2,000 shall
be ten (10) years. The pay back period for assessment of $2,000
or less shall be five (5) years.
3. The rate of interest to be charged for each assessed
amount shall be 8% per annum.
ADOPTED this 11th day of July , 1988.
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CITY CLERK fe
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