Beacon Bay, 16 - Laserfiche WebLink

BEACON BAY LEASE THIS BEACON BAY LEASE ("Lease") is entered into as of the )Ugday of October, 2016 ("Effective Date"), by and between the City of Newport Beach, a California municipal corporation, tidelands trustee, and charter city ("Lessor' or "City'), and Gregory Joseph Skjonsby and Mary Johanna Skjonsby, Trustees of The Skjonsby Family Trust dated July 16, 2001 ("Lessee"). Lessor and Lessee are sometimes individually referred to herein as "Party" and collectively as the "Parties." RECITALS A. Lessor, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978, as amended ("Beacon Bay Bill"), holds the right, title, and interest to certain tidelands and uplands commonly known as Beacon Bay and generally depicted in Exhibit "A" attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the 'Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. As required by the Beacon Bay Bill, the consideration to be received by the City for the residential leases is the fair market rental value of such lots as finished subdivided lots with streets constructed and all utilities installed. D. On November 3, 1987, a majority of the electors in the City approved a measure authorizing the City Council to enter into residential leases in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of the electors in the City approved Measure M authorizing the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors and the Beacon Bay Bill, leased out the residential lots within Beacon Bay for fifty (50) year terms. G. Lessor and Lessee desire a new residential lease for Beacon Bay with a new fifty (50) year term and new provisions that are reflective of current conditions. H. City has determined this Lease is consistent with the Beacon Bay Bill, the City's Charter, General Plan, Zoning Ordinances, and all other applicable state and local laws. I. The California State Lands Commission reviewed the form of this Lease and the range of consideration to be received by the City and determined that the Lease is in conformance with the provisions in the Beacon Bay Bill.