DATE: June 20, 2017
SUBJECT:
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RESOLUTION AUTHORIZING A NON-BINDING LETTER OF INTENT (LOI) WITH RIDA CHULA VISTA, LLC AND THE CITY OF CHULA VISTA FOR A RESORT HOTEL AND CONVENTION CENTER WITHIN THE CHULA VISTA BAYFRONT
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EXECUTIVE SUMMARY:
The Chula Vista Bayfront Master Plan1 (CVBMP) (Attachments A and B) is the result of a decade-long joint planning effort by the San Diego Unified Port District (District), the City of Chula Vista (City), Pacifica Companies LLC (Pacifica), and a broad coalition of stakeholders. The CVBMP was collaboratively planned through an extensive public participation program that included over 100 community meetings and resulted in a comprehensive Environmental Impact Report (EIR) and Port Master Plan Amendment, which was approved by the Board of Port Commissioners (Board) in May 2010 and certified by the California Coastal Commission (CCC) in August 2012. The financing agreement2 (Financing Agreement) for the Chula Vista Bayfront (CVB) was approved by the Board in 2012 and set forth the framework for the financing and development of the public improvements and infrastructure within the CVB by the District and City, referred to collectively herein, as the "Public Entities". The Amended and Restated CVBMP Financing Agreement (Amended and Restated Financing Agreement) was adopted by the City in November 2016 and will be considered by the Board on June 20, 2017.
After two years of negotiations with RIDA Chula Vista, LLC (RIDA), the District and the City staffs believe that an important interim step is to enter into a nonbinding Letter of Intent (LOI) for development of the resort hotel and convention center (RHCC), the catalyst project for development of the CVB. Attachment C includes the complete LOI executed by RIDA. Staff recommends that the Board approve the LOI because in RIDA and the City, the District has found the right partners that are ready to move forward with the implementation of the CVBMP; the project economi...
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