DATE: June 20, 2017
SUBJECT:
Title
RESOLUTION AUTHORIZING AMENDED AND RESTATED CHULA VISTA BAYFRONT MASTER PLAN FINANCING AGREEMENT BETWEEN THE SAN DIEGO UNIFIED PORT DISTRICT AND THE CITY OF CHULA VISTA
Body
EXECUTIVE SUMMARY:
The financing agreement1 (Financing Agreement) for the Chula Vista Bayfront Master Plan (CVB) was approved by the Board of Port Commissioners (Board) in 2012 and set forth the framework for the financing and development of the public improvements and infrastructure within the CVB by the San Diego Unified Port District (District) and the City of Chula Vista (City), known collectively as the "Parties". The development of public improvements and infrastructure is necessary for the implementation of the CVB in accordance with the certified Final Environmental Impact Report (FEIR)2 and Port Master Plan Amendment, and for the resort hotel and convention center (RHCC) to move forward together with other development within the CVB project area (CVB Project Area). As contemplated in the Financing Agreement, a subsequent plan of finance would further define and implement the financing contemplated by the Financing Agreement.
On May 6, 2014, the Board adopted a resolution authorizing the issuance of a Request for Qualifications (RFQ) for a resort hotel and convention center in the CVB Project Area. After considerable local, regional, national and international marketing efforts by District staff, City staff and District's consultant, Jones Lang LaSalle, RFQ 14-24 (District Clerk No. 62033) was issued on June 30, 2014. The responses to the RFQ were due on September 8, 2014. A response was received from RIDA Development Corporation (RIDA), with ARES Management, LLC as the financial partner, WELBRO Building Corporation as the general contractor and three well-qualified architectural firms, as architects. On October 14, 2014, the Board adopted a resolution selecting RIDA as the successful respondent to the RFQ.
Since the Financing Agreement wa...
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