DATE: November 1, 2018
SUBJECT:
Title
RESOLUTION AUTHORIZING ENTERING INTO AN AGREEMENT THAT THE CITIZENS INITIATIVE "FOR A BETTER SAN DIEGO" HAS QUALIFIED AS A BALLOT MEASURE AND THAT THE CORRESPONDING CONDITIONS PRECEDENT IN THE PURCHASE AND SALE AGREEMENT (SECTIONS 6.1.1 AND 7.2.1) ENTERED INTO BY AND AMONG THE SAN DIEGO UNIFIED PORT DISTRICT, THE CITY OF SAN DIEGO AND FIFTH AVENUE LANDING, LLC HAVE BEEN SATISIFIED.
Body
EXECUTIVE SUMMARY:
Over the past decade, there have been extensive planning, design, and financing efforts towards the completion of a Phase III Expansion of the San Diego Convention Center (Convention Center). The Phase III Expansion site is located on San Diego Unified Port District (District) tidelands bayward of Convention Way and is also located on land currently leased by Fifth Avenue Landing, LLC (FAL), often referred to as the "Arc Lease Premises" and the "Marina Landside Area" (collectively, FAL Premises). A site plan depicting the area of the proposed Phase III Expansion has been included as Attachment A.
On June 21, 2018, the District, the City of San Diego (City) and FAL (collectively, Parties) entered into a Purchase and Sale Agreement (PSA)1 in anticipation of a citizen's initiative titled "For a Better San Diego" (Initiative), which proposes a special tax measure to increase the City's transient occupancy tax and dedicate the resulting revenues for specified public benefits, including the financing and construction of the Phase III Expansion. The PSA, subject to various conditions precedent, will give the City control of the FAL Premises, which makes up the majority of the Phase III Expansion site. Sections 6.1.1 and 7.2.1 of the PSA include conditions precedent that the Initiative qualifies as a ballot measure and that the City give FAL and the District notice of the qualification by August 20, 2018 (collectively, Ballot Qualification Condition).
Prior to Ballot Qualification Condition's August deadline, a sample o...
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