DATE: November 17, 2015
SUBJECT:
Title
RESOLUTION ADOPTING BPC POLICY NO. 774 TO ESTABLISH A POND 20 ECONOMIC DEVELOPMENT FUND
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EXECUTIVE SUMMARY:
From 2000 to 2015, the District conducted numerous public outreach meetings and professional evaluations to determine the highest and best uses for Pond 20. A Memorandum of Understanding (MOU) between the District, the City of Imperial Beach, and the City of San Diego served as a guiding document. The District has determined that mitigation banking and commercial development are the best uses for Pond 20. At the July 14, 2015 meeting of the Board of Port Commissioners (Board), the Board directed staff to designate approximately 11 acres for commercial development and approximately 80 acres for a wetland mitigation bank. Staff is in the process of reviewing responses to the Pond 20 Mitigation Bank RFP and intends to make presentation to the Board in December. The Pond 20 Economic Development Fund (EDF) will serve as a repository for the District's net proceeds from development on Pond 20 after reimbursement to the District for all costs, expenses, and a reasonable return on wetland credits purchased or on commercial development projects from Pond 20.
A Board Policy is required to establish the distribution of EDF funds to be equally split between projects in the City of Imperial Beach and the City Council District in the City of San Diego adjacent to Imperial Beach, which comply with the Port Act, and accomplish economic development and public improvement projects.
RECOMMENDATION:
Recommendation
Adopt BPC Policy No. 774 to establish a Pond 20 Economic Development Fund.
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FISCAL IMPACT:
This agenda has no fiscal impact. Future Board approval of projects using the EDF may have fiscal impact to the District and will be addressed at the time of consideration of such projects.
COMPASS STRATEGIC GOALS:
This agenda item supports the following Strategic Goal(s):
* A Port t...
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