NEWPORT BEACH, Calif.—Newport Beach City Council is moving forward with the formation of an assessment district for the undergrounding of utility lines in the public right of way, involving a 50-block area of central Balboa Island. The project is estimated to cost $32.8 million in construction and financing costs. Parcels will be assessed according to size with costs estimated, on average, to be $34,000 per parcel for owners. According to the city’s underground utilities assessment guidelines, 30 days after the close of a public hearing, property owners have the option to pay the full amount or a portion of the assessment amount in cash, or wait until construction is close to starting. Bonds will be sold for any unpaid portion of the assessment and a lien will be placed on the property until the bond is fully paid. The undergrounding project, which was proposed by a group of residents seeking …