DATE: May 8, 2018
SUBJECT:
Title
CONTRIBUTION AND REIMBURSEMENT OF DEVELOPMENT IMPACT FEES RELATED TO THE LANE FIELD SOUTH PROJECT LOCATED IN THE CITY OF SAN DIEGO
A) RESOLUTION AUTHORIZING CONTRIBUTION AGREEMENT BETWEEN THE DISTRICT AND THE CITY OF SAN DIEGO FOR DEVELOPMENT IMPACT FEES IN THE AMOUNT OF $2,181,407.74 RELATED TO THE LANE FIELD SOUTH PROJECT LOCATED IN THE CITY OF SAN DIEGO, WITH CONDITIONS
B) RESOLUTION AUTHORIZING REIMBURSEMENT AGREEMENT BETWEEN THE DISTRICT AND LFS DEVELOPMENT, LLC FOR DEVELOPMENT IMPACT FEES IN THE AMOUNT OF $2,181,407.74 RELATED TO THE LANE FIELD SOUTH PROJECT LOCATED IN THE CITY OF SAN DIEGO, WITH CONDITIONS
Body
EXECUTIVE SUMMARY:
The District entered into a 66-year Lease1 (Lease) with LFS Development, LLC (Lane Field South) on May 4, 2016 to operate a 400-room single-branded Intercontinental Hotel located between Pacific Highway and North Harbor Drive, north of Broadway, in the City of San Diego (City). Lane Field South requested assistance from the District with securing a reimbursement of the Development Impact Fees (DIF) Lane Field South paid to the City to obtain building permits in connection with the development of the InterContinental Hotel, public parking, and public park/plaza on the Lane Field South property. As part of the Lease, Lane Field South was required to build a 55 foot setback park from West Broadway (Broadway Setback Park) and the 271 public parking spaces required by the Coastal Development Permit for the development of Lane Field South and Lane Field North (Parking Spaces, together with the Broadway Setback Park are collectively referred to as, the South Public Improvements). Contribution from the City's Downtown Development Impact Fee Fund for the South Public Improvements is provided in the 2015 Downtown Public Facilities Financing Plan. The City is willing to contribute the DIF paid by Lane Field South to the District in the amount of $2,181,407.74 (LFS DIF Amount) because the amount...
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