DATE: February 11, 2021
SUBJECT:
Title
ORDINANCE AUTHORIZING:
(A) AMENDED AND RESTATED JOINT COMMUNITY FACILITIES AGREEMENT WITH THE CITY OF CHULA VISTA FOR THE CHULA VISTA BAYFRONT PROJECT SPECIAL TAX FINANCING DISTRICT, WITH CONDITIONS; AND
(B) THE VOTE OF THE DISTRICT IN FAVOR OF PROPOSITIONS A (LEVY OF SPECIAL TAXES AT RATES NOT TO EXCEED 5.5% OF RENT CHARGED ON HOTEL PROPERTY AND CAMPSITE PROPERTY) AND B (EXPANSION OF LOCATION OF IMPROVEMENTS AND SERVICES) RELATED TO THE CHULA VISTA BAYFRONT PROJECT SPECIAL TAX FINANCING DISTRICT.
RESOLUTION AUTHORIZING:
(A) THIRD AMENDED AND RESTATED REVENUE SHARING AGREEMENT WITH THE CITY OF CHULA VISTA AND THE AUTHORITY, WITH CONDITIONS; AND
(B) SUPPORT AGREEMENT WITH THE CHULA VISTA BAYFRONT FACILITIES FINANCING AUTHORITY, WITH CONDITIONS, FOR THE PUBLIC FINANCING OF THE CONVENTION CENTER AND PHASE 1A IMPROVEMENTS IN THE CITY OF CHULA VISTA
Body
EXECUTIVE SUMMARY:
The District and the City of Chula Vista (City) have been working collaboratively for decades to plan and implement the Chula Vista Bayfront Master Plan (CVBMP). Since 2014, the District and the City have been working to deliver the catalyst project for the CVBMP, an approximately 250,000 square foot convention center (Convention Center) and an up to 1,600 room resort hotel (Resort Hotel) to be located on Parcel H3 of the Chula Vista Bayfront Master Plan CVBMP (Attachment A). The catalyst project also requires the construction of extensive public infrastructure to the areas surrounding Parcel H3 (Phase 1A Improvements). RIDA Chula Vista, LLC (RIDA) was selected as the developer of the Resort Hotel and Convention Center through a Request for Qualifications. At the early stages, and in light of an overall project cost in excess of $1.1 billion, it was determined that in order for the Convention Center and Phase 1A Improvements to be financially feasible, the City and the District would need to make a "Public Contribution" for the construction of ...
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