HomeMy WebLinkAboutRDA Reso 2000-1672 RESOLUTION NO. 1672
RESOLUTION OF THE REDEVELOPMENT ,~ 3ENCY OF THE GITY
OF CHULA VISTA APPROVING OWN;R PARTICIPATION
AGREEMENT WITH FSRV, LLC, FOR THE )EVELOPMENT OF A
BEST BUY CONSUMER ELECTRONICS :UPERSTORE AT 75
NORTH BROADWAY; AUTHORIZING EXl ENDITURE OF AND
APPROPRIATING FUNDS FROM THE TOWN CENTRE II
PROJECT AREA FUND FOR THE PIJRCHASE OF THE
OPERATING COVENANT; AND AUTHORI: lNG THE GHAIR TO
EXECUTE SAID AGREEMENT
WHEREAS, FSRV, LLC, is the owner of the properly )cated at 75 North Broadway, which is
the subject matter of this resolution and which is depicted in the Locator Map attached and by this
reference made a part hereof; and
WHEREAS, Best Buy Inc., has entered into an agre~;ment with FSRV, LLC, to lease said
property and develop a consumer electronics superstore; and
WHEREAS, FSRV, LLC has presented a developmen plan for the development of the retail
facility and has submitted said plans for appropriate revi,;w and approval by City permitting
authorities; and
WHEREAS, the property consists of a 4.26 acre site which will a accommodate a 45,000
square foot facility and provide 261 parking spaces as requin ~d by the Chula Vista Municipal Code
Section 19.62; and
WHEREAS, the Environmental Projects Manager ha~; reviewed the proposed Project and
determined that the project may utilize the existing Final Envir )nmental Impact Report No. 94-02 for
the Broadway Plaza Project under CEQA; and
WHEREAS, the site for the proposed Project is located within the Town Centre II ·
Redevelopment Project Area under the jurisdiction and contr of the Chula Vista Redevelopment
Agency; and
WHEREAS, the project is consistent with the Implem ~tation Plan of the Agency adopted
pursuant to CRL Section 33490; and
WHEREAS, the Agency and City Council have cons~¢ ered the Agreement and believe that
the redevelopment of the property pursuant thereto is in the I: 9st interest of the City of Chula Vista
and the health, safety, and welfare of its residents, and in ~ccord with the public purposes and
provisions of applicable state and local laws and requirement., and
WHEREAS, the Agency's financial assistance to the 'oject is of benefit to the Project Area
and the surrounding development and is necessary effectuate the purposes of the
Redevelopment Plan by assisting the Agency in the elim ation of blight in the Project Area,
increasing economic activity, causing redevelopment and ecc,nomic improvement of the Property,
increasing employment opportunities within the Project Area, generating additional local revenues
and taxes with which the community can cause other rede/elopment projects and other public
benefit; and
Resolution No. 1672
Page 2
WHEREAS, the Design Review Committee reviewed and recommended that the
RedeveJopment Agency approve the proposed Project subject to the conditions listed in Exhibit B of
the Owner Participation Agreement; and
WHEREAS, the Redevelopment Agency of the City of Chula Vista has been presented an
Owner Participation Agreement, said agreement being on file in the Qffice of the Secretary of the
Redevelopment Agency and known as document RACO 00-01, approving the development of a
retail facility (consumer electronics) located at 75 North Broadway, depicted in Exhibit A and subject
to Design Review Committee conditions listed in Exhibit B of said agreement; and
WHEREAS, the Owner Participation Agreement includes the purchase by the Agency of an
operating covenant secured by a subordinate Deed of Trust; and
WHEREAS, purchase of said operating covenant is necessary for the implementation of the
project; and
WHEREAS, the funds provided by the Agency to purchase the operating covenant shall be
applied to City imposed Traffic Signal fee and Public Facilities Development Impact fee, both of
which provide public improvements that are necessary as a result of the project and of area wide
benefit.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula
Vista does hereby find, order, determine and resolve to:
1. Approve the Owner Participation Agreement with FSRV, LLC, to develop the
Best Buy Consumer Electronics Store, subject to the provisions as set forth in the
Owner Participation Agreement;
2. Authorize the expenditure and appropriation of $80,314.50 from the Town Centre
II Project Area Fund, to be secured by a Deed of Trust and Ten-Year Operating
Covenant.
3. Authorize Chair to execute said Agreement.
PRESENTED BY APPROVED AS TO FORM BY
Chris Salomone 'John//~l. Kaheny-
Director of Community Development Agehcy Attorney
Resolution No. 1672
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVEL(: PMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 13th day of June, 2000 by th,; following vote:
AYES: Members Davis, Moot, Padilla, Salas, ~d ChaidMayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shidey t
Chairm;
ATTEST: ~ ~
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopmel Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, t~ ~ and correct copy of Resolution No.
1672 and that the same has not been amended or repealed.!
Dated: June14,2000 ~.~ ~
Chds S~ omone
Executi~ Secretary