HomeMy WebLinkAbout2014-12-02 Items 11, 12 & 13 Written Communications _ � ' .� 1-ECVYIS �� � � Z �1 � �J
� _ Wri�}cv� Covnrnunica.�i v�s
�
SSBT LCRE V, LLC
One Lincoln Street (SFC 9)
Bosfon, Massachusetts 02111-2900
December 1, 2014
Mr. Gary Halbert
City Manager
City of Chula Vista
276 Fourth Avenue
Chula Vista, CA 91910
Understanding Regarding �Ilage 10
Dear Mr. Halbert:
This letter is to confirm tlie understanding between the City of Chula Vista and
SSBT LCRE V, LLC ("SSBT"), fhe property owner, regarding the consequences if the
contemplated Agreement for Exchange of Properfy between the City, SSBT and the -
Otay Land Company, currentiy in draft form, regarding the exchange of certain parcels
of real property (the "Land Swap") is not execufed or impiemented.
SSBT entered into an Amended Land Offer Agreement with the City on July 8,
2014 whereby SSBT irrevocably agreed to dedicate two parceis of Iand, the University
Properry crontaining approximately 130.7 acres for university use and the Active
f2ecreation ProPerfy containing approximately 22 acres for recreational use. The
Amended Land Offer Agreement confemplated that the Land 5wap would be
consummated and the property received by SSBT in the Land Swap would be
developed pursuant to fhe proposed Village 10 Tentative Map.
The Land Swap envisioned, among other things, an exchange of parcels of
approximately the same size, The Ciry would convey Parcel C fo Otay Land Company
in exchange for Parcel B. The City would convey Parcel A and Parcei B received from
Otay Land Company to SSBT.
The intended net result of the Amended Land Offer Agreement and the Land
Swap was that the City end up with 375 acres of property for university use and SSBI�
end up with 150.7 acres of developable property in Village 10.
If an agreement to implement the Land Swap is not executed or the Land Swap
is not implemented within a reasonable period following fhe approval of entitlemenfs for
Village 10, then fhe Deferral Plan confemplated by the en6tlements for Village 10 may
be implemented and the City will end up with more than 375 acres of property for
university use and SSBT will have less than 150.7 acres of developable property in
�Ilage 10.
M6T426053
� ' - � -
In this event, City staff and SSBT agree fo work together in good faith to identify
a parcel or paroels within the City owned property intended for university use that can
be conveyed by the City to SSBT to equitably adjust fhe acreage gained by the City and
lost by SSBT due to the failure of the Land S�vap. Further Ciry staff will work with SSBT
in good faith to entitle this adjustment property in a timely manner. SBBT acknowledges
and agrees that ihe ultimate approval and timing of any alternative land conveyance or
entiElement contemplated hereby shall remain subject to City Council approval,
exercising its full legal discretion.
Thank you for your efforts and demonstraied fairness in agreeing to this solufion.
Very Truly Yours
Q. ophie ng
for SSBT LCRE V, LLC
Agreed:
City of Chula�sta
BY .
a Hal e , ity ana r.
M65426053 ,