DATE: November 9, 2021
SUBJECT:
Title
DISCLOSURE TRAINING RELATING TO THE CHULA VISTA BAYFRONT FACILITIES FINANCING AUTHORITY REVENUE BONDS TO FUND THE PUBLIC INVESTMENT IN THE CONVENTION CENTER AND PHASE 1A IMPROVEMENTS
Body
EXECUTIVE SUMMARY:
Since 2014, the District and the City of Chula Vista (City) have been working to deliver the catalyst project for the Chula Vista Bayfront Master Plan (CVBMP), an approximately 275,000 net usable square foot convention center (Convention Center), a parking garage (Parking Improvements), and an up to 1,600 room resort hotel (Resort Hotel) to be located on Parcel H3 of the CVBMP; which also requires the construction of extensive public infrastructure (Phase 1A Improvements) within Parcel H3 and areas surrounding Parcel H3. RIDA Chula Vista, LLC (RIDA) was selected as the developer of the catalyst project through a Request for Qualifications. In light of an overall project cost in excess of $1.1 billion, it was determined at the early stages, and 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" to fund a portion of the costs of construction of the Convention Center and Phase 1A Improvements.
The District and the City formed the Chula Vista Bayfront Facilities Financing Authority (Authority) to finance most of the Public Contribution through the issuance of revenue bonds (Authority Bonds). The Authority Bonds will be offered for sale to the public. In connection with the offering of the Authority Bonds to the public, a disclosure document, known as a preliminary official statement (sometimes referred to as a POS) will be prepared. The preliminary official statement will contain information regarding the finances and operations of the Authority, the City, the District, RIDA, and the Bayfront Project Special Tax Financing District (Financing District). When municipal bonds are offered to investors in a pub...
Click here for full text