DATE: November 5, 2019
SUBJECT:
Title
RESOLUTION AUTHORIZING AMENDED AND RESTATED REVENUE SHARING AGREEMENT WITH THE CITY OF CHULA VISTA, 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. 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 Amended and Restated Chula Vista Bayfront Master Plan Financing Agreement2 (Financing Agreement) for the CVBMP was approved by the Board in 2017 and the Disposition and Development Agreement was entered into among RIDA Chula Vista, LLC (RIDA), the District, and the City on May 7, 2018 (DDA)3, each setting forth the framework and mechanism to design, finance, and construct the resort hotel and convention center (RHCC) and surrounding public infrastructure (Phase 1A Infrastructure). The RHCC and the Phase 1A Infrastructure are collectively referred to herein, as the "Project".
The RHCC, located on approximately 36 acres of land within the CVBMP (Site), is the catalyst project for the CVBMP with the goal to not only provide a world-class hotel and convention center to the region, but also provide a vehicle to build future parks, restore sensitive habitat, and construct public infrastructure. The DDA sets forth the necessary steps for the District, the City, and RIDA to issue financing for the Project and commence construction of the Project, ultimately leading to a ground lease and related subleases for development and operations of a world-class hotel and convention center. In the process...
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