Newport Beach : City to Extend Lease of Balboa Bay Club
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The City Council has approved the Balboa Bay Club’s request for an extension and renegotiation of its lease with the city.
The council voted 6 to 0 this week to allow the club to continue to operate on city-owned land at 1221 W. Pacific Coast Highway. Councilwoman Jackie Heather disqualified herself from the vote because she owns a boat that is moored at the club.
According to City Manager Bob Wynn, the club’s lease, originally scheduled to run until 1998, will be extended another 12 years and will be in effect until 2010. In exchange for the extension, the club will pay the city a total of $17 million over the next 12 years, $9.2 million more than the club would have paid the city under the terms of the present lease. The club will pay a total of $41.2 million in rent to the city between now and 2010, Wynn added.
Club president Thomas Deemer said that the club had plans for development and improvements at its site but had not yet drawn up specific plans for the 25-year-period.
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