Loading...
HomeMy WebLinkAboutHUNTINGTON BEACH PARKING AUTHORITY - 1968-09-301- . LN LJ� A G R E E I -I E 'N T THIS AGREEMENT, entered into by acid between the CITY OF HUNTINGTON BEACH, a municipal corporation, her-eitiafter called CITY, and the HUNTINGTON BEACH PARKING AUTHORITY, hereinafter called AUTHORITY: 4:ITNESSETH: WHEREAS, AUTHORITY has sold bonds for the construction of parkin.,, facilities and related and incidental facilities in the Parking Authority Project in C ftY, and said facilities have been constructed, and .a portion of the reinaining money in the acquisition and cons -ruction fund of AUTHORITY are not necessary to be transferred to the reserve fund of AUTHORITY, and AUTHORITY desires to use such funds for future improvements of the project as permitted by Resolution No. 5 of said AUTHORITY, and AUTHORITY needs administrative office space and the Director of Harbors, Beaches and Development of CITY is responsible for the operation of the project, and it is desirable tnat.such office space be constructed in con -- junction with the office spaces occupied by said Director of Harbors, Beaches and Development, and the estimated cost of providing administrative office space for AUTHORITY is Thirty Thousand and No/100 Dollars ($30,000.00). NOW, THEREFORE, CITY and.AUTHORITY do h•:.,eby mutually agree as follows: 1. CITY hereby agrees to construct additional office facilities of approximately 1200 square feet at the Harbors, Beaches and Development office located adjacent to the AUTHORIT.YtS project, said office facilities to be u3ed for ''the ada►inistration of the Ai1THORIT?' S project. 2. AUTHORITY shall pay to CITY the amount of Thirty Thoueand and Xo�100 Dollarz ($30,000.'00) upon execution of i this agreement; . Said amount sha.l.. he u:, structi.o►1 oil' foc.1.lit:'! . CITY I'`If. 11 . t• 1 ever, CITY bive s AUTHORITY th(-:� i-if t ci i� ^a-- ` a cilitiew for a per:i.od of turenty--five (2�)) ye-)r.. from and after date of final completion of construction of such fC-i- cilities. 3. CITY shall provide at its sole cost and expense all Insurance and utilities including water for said additional office space used by AUTHORITY. 4. CITY agrees to cow.ence the ;necessary proceedings for construction of said office facilities upon execution of this agreement,and agrees to complete such construction with due diligence. EXECUTED this / 7�'- day of ,�� 1970 . HUNTINGTON BEACH PARKING AUTHORITY Chairman .�.y .►y. ATTEST: Secrefdry CITY OF HUNTINGTON BEACH, a municipal corporation ATTEST: DON P. BONFA, City Attorney ATTEST: By Assistant City Attorney y forerk City of Huntington Beach ,r 9/23/68 'i t LEASE AGREEMEN'r This Agreement made as of the 30Pday of Sept: , , 1968 by and between the Parking Authority of the City of Huntington Beach (hereinafter sometimes referred to as the "Authority"), a public body corporate wind politic organized and existing under the laws of the State of California, and the City of Huntington Bench (hereinafter sometimes called the "City"), a municipal corporation of the State of California. WITNESSETH: WttrutEAs, the Authority is a public corporation created under and exercising its powers 1 .,suant to the [larking Law of 1949, Part 2 of Division 18, commencing at Section 32500, of the Streets and Highways Code of the State of California, and under said Law has the power to issue revenue bonds for the purpose of financing public parking facilities; and WHEREAS, the Authority proposes to acquire that certain land in the City of Huntington Mach, California (hereinafter sometimes called the "Site"), which is described in Exhibit A attached hereto, and to construct off-street parking improvements thereon; and WiwRCAS, the estimat-M cost and expense of said acquisition and improvement is S2,300,G00; and WHEREAS, the Authority proposes to issue revenue bonds in the principal amount of $2,300,000 for the purpose of the acquisition, construction and financing of said public parking facilities; and WHEREAS, under said Parking Law of 1949, and particularly Section 32957 thereof, the Authority has the power to lease said parking facilities to the City without the necessity of inviting bids; Now, TnI--RF.FORE, in consideration of the mutual promises and agreements herein contained, the parties hereto agree as follows: Section 1. Issuance iDnd Sale of Bonds. The Authority agrees that, as promptly as feasible following the date of this Agreemen!, it will use its best efforts to issue and sell revenue bonds in a principal amount whi_h, together with other available funds of the Authority, is estimated to be sufficient to make the acquisition referred to in the recitals hereof and in S,�ction 2 hereof together with the improvements mentioned in Section 2 hereof; and to pay other costs and expenses in connection with such acquisition and improvement including interest during construction. Said bonds are hereinafter sometimes referred to as the "revenue bonds" of the Authority. Section 2. Acquisition and Improvement of Site. The Authority agrees to acquire, with the proceeds of the revenue bonds and other available funds, the Site and to clear the Site and construct improvements thereon and perform all undertakings incidental or advantageous thereto so that the Site is reasonably suitable for use for parking purposes. Such acquisition shall be made as promptly as feasible and the Authority agrees to use its best efforts to acquire the Site in sufficient time to complete the improvements thereon not later than June 15, 1969. The City, acting on behalf of the Authority, shall construct, or cause to be constructed,. or in conjunction with, on the Site, the off-street harking improvements including improverncn.s for ingress and egress and other incidental improvements in accordance with the plans and specifications on file in the office of the City Clerk of the City including all add:nda thereto. The City shall be reimbursed for advances made, if any, for site and clearing. legal, financing consultant and engineering fees in connection with said acquisition and improvement from the proceeds of the revenue bonds. 1 i i 1 ' 9/23/63 The City may order chances in the work during construction without the consent of the Authority; provided, however, that unless sufficient additional funds are provided therefor (i) the cost of the improvements shall not exceed that which is established at the tune when the revenue bonds are issued by the Authority, and (H) the cost of change orders shall not exceed the reserve therefor established atsuch time. Authority shall take no action which extends t se period of construction beyond the potiod for which the Authority has funded interest on its revenue bonds unless sufficient additional funds -ire provided therefor. Any moneys remaining in the Construction Fund to be established under. the Resolution after the completion of the acquisition and improvement shall be applied by the Authorit; ns provided in the Resolution. Section 3. Lease of Parking Facilities. The Authority hereby leases to the City the Site together with the parking improvements cor.- structed thereon. The terra of the lease shall corllmenc,: on the date the Project is substantially completed and the Site is available for use by the City for parking purposes, or 7/l /69, whichever is earlier, and shall terminate on the date the reventw. bonds have been retired or provision for payment made. The City agrees to pay rental for such use in the amount of $171,500 during each fiscal year of this Lease Agreement 0wreinafter referred to as "rental"). Said rentals shall be due annually in advance on July Ist and shall be payable without penalty on or before July 31 of each fiscal year. When the rental commences on a date other than July 1st, the rental shall be prorated on a daily -,65-day year basis. Rental for the period commencing with the date the term commences and ending the following July Ist as the case may be shall be, payable within .30 days after the term commences. ection 4. Adjustment of Kent. The annual rental above set forth is based upon the schedule for -adjustment of rental, marked Exhibit B and made a part herenf. Such schedule is used for computing the yearly rental necessary for Authority to receive to enable it to pay the principal of and interest on its bonds so that they will c serviced and retired as set forth in the Resolution and furnish thn Authority with the necessary reserves. When the interest rate or rates on the Authority's Bonds are known, Authority and City shall recompute the annual rental in the sr,me manner, based upon said figures, and shall adjust the annual rental upwards or downwards to the new figure so determined. Section 5. Maintenance, Operation, Encumbrances, etc. The City shall, at its own expense, maintain during the term of the lease hereunder tlae Site and all improvements thereon in good order, condition and repair and shall pay all costs and expenses of operating the same as parking facilities, it being understood any agreed that the Authority is obligated to provide only the Site and the improvements thereon as expressly provided herein and has no obliga- tion to pay any cost or expense of any kind or character in connection with or related to the management, operation or maintenance of the parking facilities during the term of the lease hereunder. The City agrees to keep the Site and the improvements thereon free and clear of all liens, charges and encum- brances. The Authority agrees that, at the time the term of the lease hereunder commences, it will have fee title to the Site, subject to such conditions, reservations, exceptions and rights of way of record as do not substantially interfere with the use of the Site by the City for parking purposes. Section 5. 'Tuxes, Assessments, insurance, etc. As rental in addition to and after the commencement of the rental under Section. 2 (hereinafter referred to as "additional rcn_tal"), the City agrees to pay and discharge (1) all taxes and assessments, if any, of any type Ior character levied at any time during the team of the lease hereunder upon tho Site or any improvement thereon or upon the City's or the Authority's interest therein or upon the M t, 9/23/68 ' operation of the property leased or upon income or other revenue derived by the City or by the ' . Authority therefroin; (2) the insurance: premiums on all insurance required or permitted on the r+� property leased; (3) all costs and expenses which the Authority may incur including but not limited to fiscal agent's fees, costs and expenses of maintenance and operation as a result of any default by the City under this Agreement, including reasonable attorneys' fees and the costs and expenses of any suit or action at law to enforce the terms and conditions of this Agreement; and (4) ;amounts necessary to maintain a working capital fund of $1500 for the foregoing. The additional rental payable hereunder shall be paid by the City within ten (10) days after notice in writing from the Authority ' to the City stating the amount of additional rental then due and payable and the purpose thereof; ability for additional rental shall be limited to the balance due after :any provided, that the City's li i credits under the resolution issuing :he bonds of the Authority. Section 7. Source of Funds for Rentals. .., (a) Based upon reports and other evidence submitted the parties hereto have each determined and have agreed that the rentals payable by the City hereunder (including rentals payable under Sections 3, 4 and G hereof) represent fair rental values for the Site and improvements leased here- under. Said rentals shall be payable year by year as specified herein for and in consideration of the right of use and occupancy from year to year as granted by this Agreement and in consideration of the tit continued quiet use and enjoyment thereof during the term specified herein. YR (b) The City hereby agrees to take such actions as may be necessary to include and maintain in its budget for each fiscal year all rentals payable by the City during such fiscal year, to make the necessary appropriations for all such rentals and to provide the funds necessary to meet such appro- .' priations, it being understood that the Authority will pledge the rentals duc hereunder for the payment x and security of the revenue bonds, and the interest thereon, issued as specified in Section 1 hereof. Section 8. Additions and Improvements. t Tile City shall have the right during the term specified in this Agreement, at its own expense, to mart any additions to or imporvernents of the Site and improvements leased hereunder which do not j impair the utility thereof as par); ing places, to attach fixtures, structures or signs thereto, and to affix j' any personal property to the improvements on the Site. 'Title to all personal property so affixed shall 71 remain in the City. C Section 9. Insurance. Authority shall, daring the term of this Agreement, keep or cause to be kept a policy or policies a of insurance against loss or damage to the Site and the improvements thereon resulting from fire, lightning, vandalism, malicious mischief, riot and civil commotion and such perils ordinarily defined i as "extended coverage" and other perils as Authority and City may agree should be insured against on forms and in amounts satisfactory to each. City and Authority, as the case may be, shall be named a, an additional insured under such policies of insurance as the building contractor may be required by Authority to carry during the construction of the improvements. Nothing herein shall be construed to require the Authority to carry insurance with respect to equipment or fixtures of the property leased hereunder not provided by the Authority pursuant to the plans and specificatioo, for construction of the improvements. During the term of this Agreement, Authority shall keep or cause to be kept public liability and property damage policies protecting both Authority and City on forms an.', in amounts satisfactory to ' each. ? The Authority may also carry or cause to be carried such other insurance as is required by the :+ resolution providing for the issdance of the revenue bonds. 3 � 1 9/23/68 All prerriums and charges paid by Authority for ail of the afoir. aid insurance shall be paid to the Authority in accordance with the provisions of Section G. Any such premium for a periou partly within such period shall be prorated. At. theoption of the City any insurance required by Authority hereunder may be provided by the City. Notwithstanding the generality of the foregoing, the Authority shall not he required to maintain or cause to be maintained any insurance which is not available from reputable insurers on the open market or more insurance than is specifically referred to above. �s Section 10. Alintenrent of Rental. The rentals hereunder shall abate during any period in which by reason of any damage. or destruction there is a substantial interference with the use and occupancy by the City. If only , portion of the parking facilities is rendered so untenantablc, the rental shall abate in the proportion which the ' r parking capacity of such portion bears to the total parking capacity of the facilities immediately prior to such damage or destruction. Such abatemera shall continue for the period commencing with such destruction or damage and ending with the substantial completion by the Authority of the work or �., repair or reconstruction. In the event of any such damage or destruction, this Agreement shall continue ,. in full force and effect and the City waives any right to terminate this Agreement by reason of any such damage or destruction. 1, .� Section 11. Cit)'N Obligation to Operate. `f The City shall be obligated to so use and operate the perking facilities leased so as to afford to the 4 public the benefits contemplated by this Agreement and to permit the Authority to carry oil: its covenants to its bondholders, Section 12. Assignment and Sublease. Neither this Agreement nor any interest of the City hcrein shall, at any time after the date hereof, without the prior written consent of the Authority, be mortgaged, pledged, assigned or transferred by the City by voluntary act or by operation of la►w, or otherwise, except as specifically provided herein. The 3 City shall at all times remain liable for the performance of the covenants and conditions on its pan to be performed, 7otwithstanding any assigning, transferring or subletting which may be made. The City shall have the right to sublease or permit the use by others of all or any part of the facilities leased, '+ but nothing herein contained shall be construed to relieve the City from its obligation to pay rentals as provided in this Agreement or relieve the City from any other obligations contained herein. The Authority may issue its revenue bonds as contemplated by Section 1 hereof, may pledge to the payment of said bonds and the interest thereon the rentals to be received hereunder, and may make all necessary covenants for the protection and security of the bondholders. Section 13. Eminent Domain. If the whale of .he Site together with any improvements thereon, or %o much thereof as to render :he remainder unusuable for parking purpor::s, shall he taken under the power of eminent domain, then this Agreement shall terminate. In such event the r.nt provided hcrein shall abat.:. If less than 1 the whole of the Site, together with any improvements thereon, shall be taken under the power of l eminent domain, and the remainder is usuable for parking purposes, then this Agreement shall con- tinue in full force and effect as to such remainder and the parties waive the benefit of any law to the } contrary. In such event there shall be a partial ahatenr:nt of the rent hereunder in an amount equivalent to that portion of the rent hereunder for the portion taken which the parking capacity of the portion taken bears to the total previous parking capacity of the Site and the improvements thereon. o• .. .. .... ... ... ... � ,. .. ...-...emu...... ..w.r+rtr.....N ..—..ran........,....._ .. .. .. •' tom• . 9/23/68 Any award made in, eminent domain proceedings for Cite taking or damaging of the Site or the improvements thereon in whole or in part shall be paid to the Authority for the benefit of the holders Iof the outstanding revenue bonds of the Authority and shall be used as provided in the resolution tinder which the revenue bonds are issued. The City shall have no interest in or thereto and shall not be entitled to any part of such award. Section 1.1. Surrender of Leased Premises. Upon the expiration of this Agreement the City agrees that it sbiil surrender to the Authority all property then under lease hereunder, together with any improvements thereon, in stood order and condition and in a state of repair that is consistent with prudent use and conscienGous maintenance excej)t for reasonable wear and tear. Section 15. Right of Entry. The Authority and its designated representatives shall have the right to enter upon the leased property during reasonable business hours ( and in emergencies at all times). (i) to inspM the saute, (ii) for any purpose connected with the City's right:. or obligations under this Agreentcitt, and NO for all other lawful purposes. Section 16. Lions. The City agrees to pay, when due, all sums of money that may become due for, or purporting to be for, any labor, -_rvices, mait-rials, supplies or equipment alleged to have been furnished or to be furnished to or for the Cite in, upon or about the lensed property and which may be secured by any mechanics', materialmen's or ether lien against the leased property, and/or the Authority's interest therein, and will cause each such lien to be fully discharged and released at the time the performance of any obligation secured by any such lien matures and • or becomes due, provided, however, that if the City desires to contest any such lien, it may do so, but notwithstanding anv such contest, if any, such lien shall be reduced to final judgment and such judgment or such process as may be is ued for the enforcement thereof is not promptly stayed, or if so stayed and said stay thereafter expires, then and in any such event the City shall fortim ith pay and discharge said judgment. Section 17. 'faxes. The panties understand that the leased property constitutes public property free and exempt from all taxation; however, the Authority agrees to take whatever steps may be necessary, upon «•ritten request by the City, to contest any proposeu tax or assessment, or to take steps necessary to recover any tax or assessment paid. The City agrees to reimburse the Authority for any and all costs and expenses thus incurred by the Authority. Section 18. Quiet Enjoyment. The parties hereto mutually covenant and agree that the City, by keeping and performing the covenants and agreements herein contained, shall at all times darinf: the several terms, peaceably and quietly have, hold, and enjoy the leased property, without suit. trouble or hindrance front the Authority. Section 19. Law Governing. This Agreement ;;hall be governed exclusively by the provisions hereof and by the raw;; of the State of California, subject to the waivers, exclusions and provisions herein contained. Section 20. Notices. All notices. statements, demands, requests, consents, approvals, "uthorizations, offers, agreements, appointments er designations hereunder by either party to the other !;hail be in writing and shall be 9/23/G3 sufficiently liven and served upon the other party, if sent by United States registered mail, return receipt -#•questrd, postage prepaid and addressed as follows: City --- City Clerk, City Hall, Huntington Beach, California. Authority --- Clerk of the Authority --- At such address as Authority shall designate for such purpose. Section 21. Wuiver. • The waiver of ►he Authority of any breach by the City of any term, covenant or condition hereof shall not operate as a waiver of any subsequent breach of the saute or nny other term, covenant or condition hereof. Section 22. Defunit by City. If (a) the City shall fail to pay any rental payable hereunder within fifteen days from the date such rental is payable, or (b) the City shall fail to keep any such other terms, covenants or conditions contained herein for a period of twenty-five days after written notice thereof froth the Authority to the City, or (e) the Citv shall abandon or vacate the premises, or (d) the City's interest in this Agreement or any part thercof shall be assigned or transferred wi►m out the written consent of the Authothy, either voluntarily or by op --ration of law, or (e) the City shall tile any petition or institute any pro- ceedings where or whereby the City asks or seeks or prays to be adjudicated a bankrupt, or to be discharged from an), or all of its debts or obligations, or offers to the City's creditors to efi.-et a composition or extension of time to pay the City's debts, or asks, seeks or prays for a reorganization or to effect a plan of reorganization, or for a readjustment of the City's debts, or for any other similar relief, or (f) any such petition or any such proceedings of the saute or similar kind or character shall be tiled, instituted or taken against the City, then and in any of such events the City shall be deemed to be in default hereunder. If the City should, after notice of such default, fail to remedy any default with all reasonable dispatch, in not exceeding thirty days, then the Authority shall have the right, at its option, without any further demand or notice (i) to terminate this Agreement, if such termination is then permitted under the provisions of the resolution under which the revenue bonds are issued, and to re-enter the leased property and eject all parties in possession thereof therefrom, using all necessary force so to do, or (ii) to re-enter the leased property and eject all parties therefrom, using all necessary force so to do, and, without terminating this Agreement, re -let the leased property, or any part thereof, as the agent and for the account of the City upcn such terms and conditions as the Authority may deem advisable, in which event the rent received on such re -letting shall be applied first to the expenses of re -letting and collection, including necessary renovation an" alteration of the leased property, a reasonable attorney's fee, and any real estate commissions actually paid, and thereafter toward payment of all sums due or to become due to the Authority hereunder, and if a sufiicien. sum shall not be thus realized to pay such sums and other characs, the City shall pay the Authority semiannually any cumulative net deficiency existing on the date when rentals are due hereunder. The foregoing remedies of Authority are in addition to and not exclusive of any other remedy of Authority. Any such re-entry shall be allowed by tlu• City without let or hindrance and the Authority shall not be liable in damages for any such re- Pntry or be guilty of trespass. The term "re -let" or "re -letting" as used in this Section shall include, but not be limited to, re -letting by means of the operation by the Authority of the parking facilities and the collection of fees and charges for parking therein. Section 23. let Lease. This Agreement shall be deemed and construed to be a "net -net lease" and the City hereby agrees that the rentals provided for therein shall be an absolute net return to the Authority, free and clear of any expenses, charges or set -offs whatsoever. 6 9/23/68 t Section 24. Execution. «� This Agreement may b,. simultaneously executed in any number of counterparts, each of which a; when so executed shall be deemed to be an original, but all together shall constitute but one and the } same Agreement, and it is also understood and agreed that separate counterparts of this Agreement i may be separately executed by the Authority and the City, all with the same full force and effect as though the same counterpart had been executed siniultaneously by both the Authority and the City. Section 25. Validity. If any one or more of the terms, provisions, promises, covenants or conditions of this Agreement a shall to any extent be adjudged invalid, unenforceable, void or voidable for any reason whatsoever by r a court of competent jurisdiction, each and all of the remaining terms, provisions. promises, covenants and conditions of this Agreement shall not be affected thereby and shall be valid and enforceable to the fullest extent permitted by law. If for any reason this Agreement shall be held by a court of competent jurisdiction void, voidable, } or unenforceable by the Authority or by the City, or if for any reason it is held by such a colrrt that the covenants and conditions of the City hereunder, including the covenants to pay rents hereunder, is unenforceable for the full terns hereunder, then and in such event for and in consideration of the right of the City to Fossess, occupy and use the leased property, which right in Such event is hereby �# granted, this Agreement shall thereupon become, and shall be deemed to be, a lease from year to year under which the annual rentals herein specif►cd will be paid by the City. IN Wn Nu%s Wimptr.or•, the parties hereto have caused this Agreement to be executed and attested by their proper otlicers thereupto duly authorized. and their official seats to be hereto affixed, as of the day and year first above written. } CITY OF. I3YN NTINGT N BE CI :• t 7 V i !r _ Attest: ~! Mayor A §-Sa Wtant City 'erk (SEAL) PARKING AU'I'I-IORITY OF THE: ~� CITY r.�JNTIINGTON LE.A -I ti By Attest: -— Chairman Actingffetary (SUAL) • I HERM— APPROVE the form and legality of the foregoing Agreement this clay of 1968. City Attorney and ex officio # Attorney for the Parking Authority of the City of Huntington Beach :_ 7 r K ' 1 • 9/23/68 STATE OF CALIFORNIA COUNTY OF ORANGE S Oc to>�er before r Dolt Ax>xi Mai. Notary On thi:; 3...... d:ny of ..................... in tttc year 19ti8, tie re tine.................... Public, State of California, duly commissioned and sworn, crsonally appeared ..AlVit1 M.` Coen Ernes-t;ina Di.Fdblo ,� sr�; known to me to be the Mayor, and ............................................. known to me to be thcnly Clerk, respectively, of the C11-1- of: HUNTINGrost BEIACII, a municipal corporation that executed the within instrument, and known to me to be the persons who executed the within instrument on behalf of said ' municipal corporation therein named, and acknowledged to tine that such municip;! corporation executed the within instrument pursuant toa resolution of the City Council of said City of Ilunitington Beach. IN Wvrrrl:ss "'Imimor, 1 have hereunto subscribed my name and affixed my official seal on the day and year in this certificate first above written. Notary' Public, State of California .nuNw,�lu�rm�n>.��at.t,.,N...u.. 1..N,.t,mua,v... ., rt:.., ,.•1..1�«:pl:',at�l��u j (NOTARIAL SEAL) �Otl ANN MAUHA�L 1'"I. Of FIGS . My, c0i"(111rsian ExP110 )idol a$r 1971 ,w..lwrw,�l«Nwu:�w.....«,.,.1I...,rNNn,•u....wprat�,�{tteyyt�tr✓,yl%'Iw'N� STATE OF CALMORNIA S ss. COUNTY OF ORANGE On this 3...... day of October , in the year 1968, before me, Liu P.ru.. M rs..... Notary Public, State of California, duly commissioned and corn ersonally appeared Alvin 14. Coen a b o /Y t/ 4- - VKr4! IrrM known to me to be the Chairman and xne,S.t.i.ria ....�......, 'nown to me to be tgic respective y, of the Parking Authority of the City of Huntington Beach, a public corporation that executed the within instrument, and known to me to bit the persons who executed the within instrument on behalf of said sf public corporation therein named, and acknowledged to me that such public corporation executed the within instrument pursuant to a resolution of said Authority. 1N Wi rNEss WHEREOF, 1 have hereunto subscribed my name and affixed tiny official seal on the f day and year in this certificate first above written. (NOTARIAL SEAL) a --?I-. " lev Notary Public, State of California ..— ................... n w.w«, •.. u, n,..:.n:NU. 11/HNI..NMl11M1. fl. IINgYyN1114W LOU ftINN MARSHALL .•��i•r;�r NOTARY PUBLIC CALIFORNIA PI;i;;;,1,- AL WFICE IN MINGE COUNTY My. Commission Expires June 28, 1971 j: 9/23/68 EXHIBIT B PARKING AVTIAORITY 'OF THE CITY OF HUN TI GTON REACH Schedule for Adjustment or Rental Estimated total Project cost.................................................................... $2,090,718 Estimated interest during construction* ....................... S 120,750 Estintzted Reserve Fund ............... Sub-Total................................................................................. 209,282 Estimated Required Bond Issue ............................................. 52,300,000 ' Subject to adjustment under Section 4 for the purpose of adjusting the [rental. Interest cm the bonds during their life has been estimated at 5t/4% and tihall be adjusted pursuant to Section 4. Said ndiustment m:,y t-Ac into con- ,ideration the need to adjust the Schedule of Rental payments to fit the financial program of the C:ty and shall be subject to approval of the City; provided the Schedule of Rental payments (which may vary from year to year) shall be in any case at least sufficient to pay the principal and interest an the Bonds in any succeeding; year in accordance with the Resolution. ,i :s i DESCRIPTION OF LEASE ARFA FOR* THE PARKING AUTHORITY OF THE CITY OF HUIITINGTON BEACH 'Chat portion of fractional Section lei, Township 6, South Range II, West San Bernardino Base and Meridian as.shown on a snap recorded in Hook 51, Page 14 of Miscel.lsneous Maps Records of Orange County, California described as follows: Beginning at the southerly corner.of, Block 104 of Huntington Beach Tract in the City of Huntington Beach, County of Orange, State of California as, shown on a map recorded in Book .if Pale 36 of Miscellaneous maps Rec:ocds, of Oruiige County; thence south 41° 381 1811 west Z03.00 feet along the southwesterly prolongation of the southeasterly line of said Block 104 to the True Paint of 11egi`nning said point- lies on the southwesterly a right.of way line of the�Pacific Coast Highway;:thence southeasterly along 'the following described southwesterly right of way`of Pacific Coast Highway south 48° 211 4211 east 1,080.76.feet to a point on a'tangent curve concave to the -.northeast having a radius of 1,25.0.00 feet; thence southeasterly 107.4.4'feet along said curve through a central angle of 40 55.1 2311 to a point on a tangent tine; thence south 53' 171.1ill' east 108.26 feet along said.line to'a point on a tangent ruxve concave to the northeast haying a radius of 3,410.00 feet; thence southeasterly 79.87 feet along said, curve through a central angle of 1° 201 1711 to a point- on a 'tengent tine; thence south 54° 371 2811 'f east 735.71:eet along said line to a point on a tangent curve concave to the northeast having a radius_of 1,250.00 feet; thence southeasterly 101.10 feet (long said curve i through a'central angle of 40 381 0211to a point on a tangent line; thence south 590 151 30"east 388.34 feet along said line to a point on a tangent.curve concave to the southwest. having a radius of 1,150.00 feet; thence southeasterly 143.97 feet,along said curve through a central Angle of 7° 101 21f1 to a point.cn a tangent line; thence south 52`051 0911 east 1,753.49 feet along said line to a point on a tangent curve concave to the southwest having a radius of 4,950.00 feet; thence southeasterly 123.94 feet along said curve through a central angle of 1° 231 5611 to a point on a tangent line; thence south 50 -391 1311 east 227.51 feet along said. line to an angle point; thence south 49° 091 3511 east 230.63 feet to an Lingle point; thence south 52° 051 0911 east 106.16 feet to a point on a tangent curve concave to the southwest having a radius of 70.00 feet; thence southerly along said curve leaving the southwesterly right of way line of Pacific Coast Highway 04.00 feet through a central angle of 520 221 9711. to a point on a tangent line, said line being parallel with and 36.00 feet westerly measured at'right angles to the east line of said Section 14; thence south 0° 171 4811 west 172.69 feet to a point; thence north 52° 051 0911 west 265.80 feet to a point; thence north 49° 091 3511 west 50.00 feet to a point; thence south 40° 501 2511 west 43.94 feet- ' to a point; thence north 49' 091 3511 west 180.91. feet to a point; thence north 50° 391 1311 west 283.42 feet to a point; thence north 52' 051 0911 west 161.80 feet to a point thence north 37° 541 5111 east 35.00 feet to a point; thence north 52° 051 0911 west 300.00 feet to a point; thence south 37° 541 5111 west 35.00 feet to a point; thence north 520 051 0911 west 690.00 feet to a point; thence north 370 541 5111 east 35.00 feet to a point; thence north 52° 051 0911 hest 260.00 feet to a point: thence south 37' .j 541 5111 west 35.00 feet to a point; thence north 52° 051 0911 west 459.99 feet to a point; thence north 59° 151 30f1 west 182.66 feet to a point; thence north 300a41 3011 east 45.00 feet to a point; thence north 59° 151 30" west 41.58 feet to a point thence north 54° 371 2811 west 208.61 feet to a point; thence south 35° 221 3211 west 20.62 y feet to a point; thence north 54' 371 2811 west. 731.06 feet to a point; thence north 350 221 3.211 east 55.00 feet to a point; thence north 54° 37"2811 west 110.00 feet to a 4 point thence south 35° 221 3211 west 55.00 feet to a point; thence north 54° 37, 2811 west 280.00 feet to a point; thence north 35° 221 321, east 70.00 feet to a point; thence north 54° 371 2811 went 163.00 feet to a point; thence north 35° 22, 3211 east 40.00 feet to a point; thence north 54° 371 2811 west 192.00 feet to a point; thence south 35° 221 3211 west 110.00 feet to a point; thence north 54° 371 2811 west 43.23 feet to a point; thence north 4811 21" 4211 west 130.14 feet to a point; chence north 41' 381 1811 east 55.00 feet to a point; thence north 48° 211 4211 west 144.00 feet to a point; thence south 41.° 351 1811 west 55.00 feet to a point; thence north 48° 211 4211 west 300.71 feet to a puznt; thence north 41' 381 1811 east 117.00 feet to a point; thence north 48' 211 4211 west 211.00 to a point on the southwesterly prolongation of t11e southeasterly line of said Block 104; thence north 41' 381 18" east 88.00 feet along said line to the True Point of Beginning.