DATE: July 17, 2018
SUBJECT:
Title
ORDINANCE APPROVING SUBSTANTIALLY THE FORM OF GROUND LEASE BETWEEN THE DISTRICT AND RIDA CHULA VISTA, LLC FOR THE RESORT HOTEL AND CONVENTION CENTER PROJECT LOCATED IN THE CITY OF CHULA VISTA, FOR A 66-YEAR TERM, WITH CONDITIONS
Body
EXECUTIVE SUMMARY:
The San Diego Unified Port District (District), the City of Chula Vista (City) and RIDA Chula Vista, LLC (RIDA) executed a disposition and development agreement (DDA) for the development of a 1,600-room resort hotel and convention center (RHCC) and the surrounding public infrastructure (the Phase 1A Infrastructure) (collectively, Project) located on approximately 36 acres of land within the Chula Vista Bayfront (CVB) in the City (Site). After over three years of collaboration between RIDA, the City and the District, the District and City approved the DDA in a joint meeting between the City Council and the Board of Port Commissioners (Board) on April 24, 20181, and the DDA became effective May 7, 2018. The DDA outlines the steps that must be completed before RIDA and the District will enter into a ground lease for the Site. Since the Board authorized the DDA on April 24, 2018, RIDA and District and City staff have been working diligently to implement the various steps set forth in the DDA including furthering the design of the RHCC and the design of the Phase 1A Infrastructure, and most importantly, finalizing the form of ground lease for the Site that is attached as Attachment B (Form Lease) which is the subject of this agenda. Once all of the conditions precedent set forth in the DDA are met, including the securing of both the public and private financing, the close of escrow will occur and the Form Lease will be executed as part of the closing. Staff will return to the Board in the coming months for the Board's consideration of any items needed to satisfy the requirements under the DDA, such as approving any Project design elements and any subleases, such as the sublea...
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