DATE: December 10, 2019
SUBJECT:
Title
RESOLUTION APPOINTING A COMMISSIONER OF THE BOARD OF PORT COMMISSIONERS TO THE GOVERNING BOARD OF THE CONVENTION CENTER EXPANSION FINANCING AUTHORITY
Body
EXECUTIVE SUMMARY:
In 1996, the San Diego Unified Port District (District) and the City of San Diego (City) entered into a Joint Exercise of Powers Agreement (JEPA) to create the Convention Center Expansion Financing Authority (CCEFA) in order to provide financing for the 1998 Convention Center Expansion (Expansion). The JEPA's governing board consists of the Mayor of San Diego, the City Manager of the City (now the City's Chief Operating Officer), the District's Executive Director, and a member of the Board of Port Commissioners (Board).
In 1998, to facilitate financing for the Expansion, the District entered into an Expansion Lease between the District and the CCEFA. The CCEFA in turn entered into a Convention Center Facility Lease with the City. In 1998, the CCEFA issued Series 1998A Bonds (1998A Bonds) totaling $205 Million to finance the Expansion. The 1998A Bonds were secured by base rental payments under the Convention Center Facility Lease. To assist with the cost of the Expansion, the District agreed to pay the City $4.5 Million per year for 20 years. The District's annual support payments ended in June 2014.
In 2010, the City determined that it would be beneficial to refund all, or a portion of, the outstanding 1998A Bonds. On November 10, 2010, the Board, pursuant to Board Resolution 2010-161, authorized actions relating to refunding all or a portion of the CCEFA 1998A Bonds, including consenting to the execution and delivery of a 2010 Convention Center Facility Sublease, a 2010 Convention Center Facility Subordinated Lease, and a 2010 First Amendment to Convention Center Facility Lease, and approved other documents. Thereafter, in 2012, the City and District entered into an Expansion Lease relating to the $140,440,000 Convention Center Expansio...
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