DATE: October 8, 2019
SUBJECT:
Title
RESOLUTION AUTHORIZING THE CHULA VISTA BAYFRONT PROJECT FUNDING AGREEMENT BY AND AMONG THE COUNTY OF SAN DIEGO, THE CITY OF CHULA VISTA, THE SAN DIEGO UNIFIED PORT DISTRICT AND THE CHULA VISTA BAYFRONT FACILITIES FINANCING AUTHORITY FOR A $25 MILLION CONTRIBUTION, WITH CONDITIONS
Body
EXECUTIVE SUMMARY:
The Chula Vista Bayfront Master Plan1 (CVBMP) is the result of a decade-long joint planning effort by the San Diego Unified Port District (District), the City of Chula Vista (City), and a broad coalition of stakeholders. Phase 1A of CVBMP includes the resort hotel and convention center (RHCC), located on approximately 36 acres of land within the CVBMP (Site), and is the catalyst project for the Chula Vista Bayfront (CVB) with the goal to not only provide a world-class hotel and convention center to the region, but also provide a revenue vehicle to allow the District and the City to build future parks, restore sensitive habitat, and construct public infrastructure on the CVB. The RHCC and the public infrastructure component of the Phase 1A (Phase 1A Infrastructure) are collectively referred to herein, as the "Project". The District and the City are collectively referred to as, the "Public Entities". The Phase 1A Infrastructure includes items such as Harbor Park, Sweetwater Signature Park, improvements to E Street, F Street, G Street, and H Street, Gunpowder Point Drive Relocation, the Sweetwater Buffers, the H-3 Utility Corridor and Site Prep, and the G Street Sewer Pump Station.
On April 24, 2018, the District and the City approved a Disposition and Development Agreement (DDA) with RIDA Chula Vista, LLC (RIDA) that outlined the steps necessary to enter into the lease of the Site and start construction of the Project ultimately leading to the development and operations of a world-class hotel and convention center. Details of the Project financing, specifically the contribution by the District and the City (Public Fin...
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