HomeMy WebLinkAboutReso 2012-078RESOLUTION NO. 2012-078
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE CHULA VISTA
BAYFRONT MASTER PLAN FINANCE AGREEMENT WITH
THE SAN DIEGO UNIFIED PORT DISTRICT
WHEREAS, the City of Chula Vista (City) and the San Diego Unified Port District
(District), in collaborative effort with the community began working on a comprehensive Chula
Vista Bayfront Master Plan (CVBMP) in 2002; and
WHEREAS, on May 18, 2010, the District and the City unanimously approved the Final
Environmental Impact Report (UPOD#83356-EIR-658; SCH No. 2005081077) for the CVBMP;
and
WHEREAS, the proposed Finance Agreement with the District is the first step in
implementing the CVBMP; and
WHEREAS, the Finance Agreement represents identifying financial resources and
partnership between the City and the District for financing the public infrastructure and
amenities included within the CVBMP; and
WHEREAS, the Finance Agreement pledges all District Ground Lease revenues, all City
Transient Occupancy Tax revenues, Tourism and Marketing District assessment revenues and all
City imposed Development Impact Fee revenues; and
WHEREAS, the Finance Agreement provides that the District will share financial
information provided by developers and that the City will be represented on selection
committees for selection of developers in implementing the CVBMP; and
WHEREAS, the financing of the Convention Center will involve along-term lease by the
City from the District; and
WHEREAS, the term of the lease will equal or exceed the maturity date of the revenue
bonds; and
WHEREAS, the District and City will cooperate to negotiate an agreement which will
grant the City a nonexclusive, joint use right or other interest in the CVBMP park areas for a
term of sixty-six years; and
WHEREAS, the District and the City will cooperate in good faith and use their respective
best efforts to negotiate an agreement for the provision of the fire station in connection with the
development of the CVBMP; and
Resolution No. 2012-078
Page No. 2
WHEREAS, the Finance Agreement also establishes that the District and City will have
the ability to recover costs from the proceeds of the revenue bonds for outside consultants to
perform certain agreed upon tasks such as mazket feasibility and economic studies to support
future Requests for Proposals or other proposal solicitations; and
WHEREAS, unless the Parties mutually agree otherwise, the Finance Agreement will
terminate upon the earlier often years from the effective date, or the failure of the District or the
City to provide approval of financing sources consistent with the Plan of Finance and within the
time frame set forth in the Master Calendaz; and
WHEREAS, the District and City will use the identified revenue sources in the
development of a Plan of Finance that will utilize all of the sources of funds minus operation and
maintenance costs to support financing the construction of the public improvements including
the Resort Conference Center; and
WHEREAS, the Plan of Finance will address how the flow of funds will secure and allow
the issuance of revenue bonds to support construction of the public improvements; and
WHEREAS, the Plan of Finance will involve the establishment of a Joint Powers
Authority (JPA) or another type of legal structure which the City and Port will have equal roles
in the governance of; and
WHEREAS, the City Council has reviewed the proposed activity for compliance with the
California Environmental Quality Act (CEQA) and has determined that the proposed Finance
Agreement was adequately covered in the previously adopted Final Environmental Impact
Report for the CVBMP.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista, that it hereby approves in the form presented, the Chula Vista Bayfront Master Plan
Finance Agreement with the San Diego Unified Port District and authorizes the Mayor to
execute the same, a copy of which shall be kept on file with the CityClerk.
Presented by
azy albe , P. ., AICP
Assistant ity Manager/Director of
Development Services
Approved as to form by
len R. oogins
ity Atto ey
Resolution No. 2012-078
Page No. 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 1st day of May 2012 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Castaneda, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
~~ v
Cheryl Cox, May
ATTEST:
~ o~
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2012-078 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 8th day of May 2012.
Executed this 8th day of May 2012.
Donna R. Norris, CMC, City Clerk