Newport Beach : Commercial Rents to Double in Tidelands
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The cost of renting commercial space in the Newport Beach tidelands will more than double next year in the first such increase in almost 10 years.
The new annual rental will be 22 cents per square foot, up from 8.5 cents, in line with a recent appraisal of fair market value in the affected areas, which total more than a million square feet along docks and piers in the coastal tidelands. The 8.5-cent figure had been in effect since the last appraisal in 1980.
Approved by the City Council earlier this week, the increase will affect 65 holders of commercial pier permits--most of them sailing clubs, sport fishing companies and charter operations, according to Marine Director David Harshbarger. The additional $269,000 generated by the rent increase will help offset the cost of policing and maintaining the harbor and tideland areas.
City officials will adjust the rental fee annually to reflect fluctuations in the Consumer Price Index, and will make new appraisals every 10 years.
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