HomeMy WebLinkAboutRDA Reso 1998-1606 AGENCY RESOLUTION NO. 1606
(COUNCIL RESOLUTION NO.192! 7)
JOINT RESOLUTION OF THE CITY C::)UNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVING AN EXCLUSIVE NEGOTIATING l 3REEMENT SUBJECT
TO OWNER PARTICIPATION RIGHTS WITH TUCHSCHER
DEVELOPMENT ENTERPRISES, INC. REGAF )lNG DEVELOPMENT
OF A MIXED USE DEVELOPMENT ON rile MIDBAYFRONT
PROPERTY CONTINGENT UPON A SIGNEE AGREEMENT WITH
CHULA VISTA CAPITAL AND ~TUCHSCI~ER DEVELOPMENT
ENTERPRISES, INC.
WHEREAS, representatives of Tuchsche' Development Enterprises, Inc.
("Developer") are proposing to develop the Midbayfront pre perty with a 2.7 million square foot
mixed use project comprised of resort, multi-family resident al, R&D/office, entertainment/retail,
and active park and open space; and
WHEREAS, the proposed project area is 126.8 acres and is comprised of 15 parcels,
including 5 parcels owned by the Redevelopment Agency an(I 1 parcel owned by the City of Chula
Vista; and
WHEREAS, the Developer has requested an Ex :lusive Negotiating Agreement (ENA)
with the Agency/City for one year, with an option for a six i nonth extension, in order to develop
plans, pursue entitlements, secure financing and negotiate a Disposition and Development
Agreement; and
WHEREAS, the Agency/City is willing to ente' into an ENA due to the high quality
of the proposal and its potential to eliminate blighting condi :ions in the Bayfront Redevelopment
Project Area, in addition to serving as a catalyst for developrr ent of the remainder of the Bayfront;
and
WHEREAS, the ENA, in compliance with Stale Law, provides for the extension of
owner participation rights to all property owners and tenan s which are party to the ENA.
NOW, THEREFORE, BE IT RESOLVED the City Coun il and Redevelopment Agency of the
City of Chula Vista do hereby (1) approve the Exclusive Neg )tiating Agreement subject to owner
participation rights with Tuchscher Development Enterprises, Inc. in the form presented and
authorize and direct the Mayor/Chair to execute same, conti lgent upon a signed agreement with
Chula Vista Capital and Tuchscher Development Enterprise~, Inc., and (2) direct staff to extend
Owner Participation Rights in accordance with State law ~d the requirements of the Bayfront
Redevelopment Plan.
Presented by Appro~ as to form by
Director of Community Development tt ~rney and Ag ttorney
Resolution No. 1606
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 17th day of November, 1998 by the following vote:
AYES: Members Padilla, Moot, Salas, and ChaidMayor Horton
NOES: None
ABSENT: Rindone
ABSTENTIONS: None
Shirley Horte'n
Chairman
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1606 and that the same has not been amended or repealed.
Dated: November18, 1998 ~ ~
Chds Salomone
Executive Secretary