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<br />PROPOSER'S COMMENTS <br /> <br />Certified financial statements: The proposer principal and investors have more than ample funds <br />currently available for this project. Certified financial statements will be provided on or about August 1, <br />2009. <br /> <br />Under 1.6 Submittal Requirement #8: Parking for the pier is all but non-existent and continues to be so <br />until sound agreements are made with La Perla and Newport Beachside Resort. The reason being, if the <br />La Perla and Newport Resort are full, then there is no parking for Pier or beach customers. <br /> <br />Observations: Valet parking has its own built-in problems, insurance liabilities - street crossing dangers <br />- should the time come an outside contractor would be engaged. <br /> <br />If the Gift and Bait Shop would fall under the restaurant operation and open 24 hours. Custodial and <br />maintenance and security would become the cost of the operator. However, if the City shares revenue the <br />cost would be derived by an agreed formula. <br /> <br />In addition, as previously discussed, a general upgrade of the restaurant as it is today would be generally <br />"spruced-up" to become more representative of the City and the Newport Beachside Resort. <br /> <br />Questions: <br /> <br />1. Who is going to care for the Pier? ie. maintain the pier's outdoor restrooms, cleaning, security, etc. <br />2. The existing restrooms for ALL customers, public beachgoers and hotel guests <br />3. Who is responsible for pier lighting and upkeep? <br />4. Will there be additional parking created in Pier Park? <br />5. Who will pay the utilities ie. electric? <br />6. Will a concession unit (full kitchen) to be allowed out on the beach during restaurant construction? <br />7. Will the Newport share in cost of grease traps, in that their bar cookshack is connected with the Pier <br />Restaurant? <br /> <br />8. How will trash removal be handled and where will trash containers be stored? <br /> <br />Statement: <br />If the Gift & Bait Shop were to be a part of the restaurant operation; open 24 hours, extraordinary <br />expenses would be incurred. Utilities, care and maintenance, payroll, security, supplies are just some of <br />the added costs. <br /> <br />It's the proposer's feeling that the Gift & Bait Shop and Pier fees would not generate enough revenue to <br />off-set those additional costs. <br /> <br />Realistically taking that phase of the operation would be a courtesy to the City to have the cost absorbed <br />by the restaurant-bar operation. <br /> <br />As a fair assessment, it is not realistic for the City to expect a percentage of proposer's operation for a <br />minimum of five years. (See financial projection sheet) <br /> <br />3 <br />