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RESOLUTION NO. 2012 -92 <br />A RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF NEWPORT BEACH <br />SETTING RENT FOR LARGE COMMERCIAL MARINAS <br />LOCATED UPON TIDELANDS <br />WHEREAS, pursuant to the 1978 Beacon Bay Bill, as amended, ( "Beacon Bay <br />Bill ") the City of Newport Beach ( "City ") acts on behalf of the State of California as the <br />trustee of tidelands located within the City's limits, including Newport Harbor; <br />WHEREAS, Section 1(b) of the Beacon Bay Bill authorizes the City to allow third - <br />parties to use the tidelands for commercial purposes for a term not to exceed fifty (50) <br />years; <br />WHEREAS, the City allows marinas, as that term is defined in Newport Beach <br />Municipal Code ( "NBMC ") Section 17.01.030(J)(3), to operate upon the tidelands under <br />either a permit or a lease; <br />WHEREAS, this resolution shall only be applicable to marinas that occupy three <br />thousand square feet (3,000 sf) or more of tidelands and private waterways ( "Large <br />Commercial Marinas "); <br />WHEREAS, The Beacon Bay Bill, California Constitution Article 16, Section 6, <br />NBMC Section 17.60.060(D), NBMC Section 17.60.020(E), and City Council Policy F- <br />7(D) require the City to receive fair market rent from third parties using the tidelands; <br />WHEREAS, NBMC Section 17.060.060(D) vests the City Council with the <br />exclusive discretion to determine fair market rent based upon the findings of a City - <br />selected appraiser; <br />WHEREAS, an appraisal report by Rasmuson Appraisal Services, dated August <br />8, 2012, entitled "A Summary Appraisal of Newport Harbor Commercial Tidelands Fair <br />Market Rent Study, Newport Beach CA" and an appraisal report by Netzer & Assoc., <br />dated August 10, 2012, entitled Appraisal Report, Commercial Tidelands, Newport <br />Harbor, Newport Beach, California" were prepared and delivered to the City and have <br />been reviewed and considered by the City Council, which reports are part of the record <br />for this matter; <br />WHEREAS, the Rasmuson and Netzer reports concluded that the current fair <br />market gross revenue percentage rent for tidelands in Newport Harbor is between 17% <br />- 25% for marina slip uses, depending on certain variables; <br />-1- <br />