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HomeMy WebLinkAbout2017/06/20 - Item A - Presentation6/20/2017 ChWa Vista Bayfront o Historic District Tidelands = ! PORTe i —mw t plr;- r m �t6n rer +,� �•�ryj} c ^, • a• �-• _. ,� .r +t � �„ 'r r ���+�` �uyTS' �tiitll;yy„715�9�i teaw a.�r�,lr!`•G ("`�yjlal*� •a•�'uri�'{Sxi�, �z •.�Iv '�"`.y, "' `� *i �y n �` �1p� a,,� mltk,dEq�—rte-�ss—�i„r�'����rntT rr' .r�•Y�S� x u -+ �'"` ' q �!}6}E �N,l.�it "� � �� ,,�'� �3 �.� °,�!1 ��•�s++s�`..�'.44„a't � s: �; Pr. V7DA49! vas YY •' Wf)E YV �a[`Y:p nY i "� t y 'aF[88 'Y i e. vim,ab Chuld�Maiu a um est Y w -� Stilt Po tls Y Idll e .. - '. it •• � T �k� .��•Sv�DiegoBay, � Bayfront Assembled { r� w` '�+ F.'. �+ ", ,s 71 r� �• � ✓ t tit ,¢t s. r Fit•.. t aur #h •dam � � �.�,�'+ -^ �,' � � �,� � � i Planning Process • Joint planning effort by Port and City of Chula Vista • Collaboration with Pacifica Companies • Driven by community input Settlement Agreement • Wildlife and habitat • Energy efficiency • Building design • Public participation • Parks and Recreation • Job Quality Entitlements • Environmental Impact Report Certification —May 2010 • State Lands Commission Approval —December 2010 • Coastal Commission Approval —August 2012 6/20/2017 2 h Chula Visna Bayfront diaster plan Public Access and Open Space PORTd Chula Vista Bayfront Master Plan Public Amenities - Promenades PORTo zu: wcco 6/20/2017 G . � ' FA 6/20/2017 ChtL a Vista Bayfront— Decades of Change ,. < -,,�- ' ;�-fir•, _fix`✓ �r-^'�J �v � +,i•" ^�-s. Request for Qualifications e Issued RFQ June 30, 2014 o Completed international marketing campaign • RIDA Selected October 14, 2014 = PORTa irk .H-3 PARCEL„ 6/20/2017 MDA' : } Quaffications Completed similar � �� r''tw? size projects� Champions Gate Secured equity and debt for similar size projects.x { Embraced Chula Vista Bayfront vision r; }- E and partnership �.,``r F� 'Vol s u1�' V srn c Sa ' Gaylord Aurora PMT 7' y • 1,450 hotel rooms (Private) • 275,000 SF usable convention and meeting space (Public/Private) Y Retail space and resort amenities (Private) C 1,500 parking spaces (Public) • Phase 1A infrastructure (Public) pm.* 6/20/2017 I... ;..................... tnlT�.t.�n^cSe�'mfO gym. tc'S3•'J��.G t4d C' '7•.�=f l � FT'tY earn a®la»DO'1Q. .... �s 'W3.6" •,;.y�MtiF. I64 - � J � �` ' i L �}:� t - ij}�JI- �f..S�i• •v .�' k„ IIIII `--,�� �u�7c�'w.• ;s i4 �_a` kd..fP�:, 1 •s .�. =..i*�' c ?�� ,a.�A.�.f 1. 7 6/20/2017 z 4 ,:p' - '.loy.6 Cny ,k,.,yi.�, '��'Tt'.; q �✓" lil u� -asn TF rya �,i yl fi rS vS .ca°' k t .S .r i c �� � ._ A * �6+ r .�J{t s `�^.:3 - r•.r ,,wQ oar ^•c�a � �.,��,'��' � ,v( Mi• ��` f` ' 'y� ! s {� „+J�..7t r ` ., � .r •� ,,f rt!�^•a—� 1 f ..._,1 � � x !'k .s�i�� n �("fryer, 7�tAu�j •� 4y ��� �11��# �� _ _ � � 1.w• .i. {,7+tr *ri }/L y��,+:..����X. J r •. ,'.4ESC'-�•�� r'�aY i�k ��� 1 r9 •� ."i✓ � z .QYt 3� '� ;.�.�r2'i` L ,,{`{ ��// ' s r l [ �} `Pe t;6�+ p r �r�...It �i�.•tr r,ny `+( t.i raF� �w. r—'f ; t ,✓V (( `� m •• --++� OQO - • 'gip •l i' `, 7 1'xA k,�• r fi _" F.`�1' ,(� • —ars Y Zti!eegr�A�ig%� S .� R k�..- .. y+3 y✓ rP�7•s m' j. i MIT) pie •aiaa a e� em �� I � /�i 1 ' �. '. e, .�; < `:; � �s ,. Vp.�,m..�.�a:-..---y.�.•-� Ze VIF T r't rfti^(!' .pK-}��'�•KT� yF s! ` t 7 ,LY) �.i'{a t+ i � •F- �' . r?i ii �.' x .{ � �'� fr 1 h� ..J� r�: 3 '�•'tr nz, +.-sn tr � '� . lf`SF.. ( � -r�: 1 {C �h� " , J ,•�' r ,.. ^S r ,. w .. +. - a Aea P7 PORTTO Conceptual Site Plan 15 - (; y c J t*` ✓-i '�,�� k� r r 2�.' Y � j ra. , r Due Diligence ! . + • Revenue Analysis: CBRE Hotels (formerly PKF) • Development Cost Analysis: Jones Lang LaSalle (JLL) • Feasibility and Financial Gap Analysis:�! Keyser Marston associates (KMA)� `l; n, ,f',I " '�. J�1,t-�ti'19W r�' • Investment Banking and Bond underwriting Services: JP Morgan Yi,� , �� i r� { g + !!1 •a �' Securities (JP Morgan)` PORTw 54N DIEGO 1( 6/20/2017 Projected Project Cost Cy, y� Powa Existing Lease 3 s�.�Transient DIF Revenues �,._ Occupancy Tax ' EIFD Project Lease .; Xul Revenues ©" Municipal Services Revenue -:, - t,, Revenue Agreement Annual Contribution s o m PAD Fees F Pacifica Land Exchange SDG&E Jam:. � ��.. ��� ��G.. ��r_.� � _.�� ^^•':ter � = '.,_ ¢• t - u� Convention Center � Bayfront Infrastructure i PORTa sa`+arco Joint Powers RIDA Total Authority (JPA) Hotel/Convention Center $688.0 M $225.0 M $913.0 M ,.. Infrastructure ---- $56.3 M $56.3 M ( Parking ---- TBD TBD p; Total $688.0 M $281.3 $969.3 M Cy, y� Powa Existing Lease 3 s�.�Transient DIF Revenues �,._ Occupancy Tax ' EIFD Project Lease .; Xul Revenues ©" Municipal Services Revenue -:, - t,, Revenue Agreement Annual Contribution s o m PAD Fees F Pacifica Land Exchange SDG&E Jam:. � ��.. ��� ��G.. ��r_.� � _.�� ^^•':ter � = '.,_ ¢• t - u� Convention Center � Bayfront Infrastructure i PORTa sa`+arco Project Benefift Chula Vista Jobs: 3,100 Construction 3,700 On-going Economic Impact: $1.2 Billion Construction $390 MillionNear On -Going Surplus Revenues*: District — $47.5M City — $44.5M seei P0 RTO SAN Mw Regional Jobs: 16,000 Economic Impact: $1.7 Billion Airport Traffic: 1.2% - 1.9% increase in airport arrivals Letter ®f intent Term — 4 Years with three, 1 -year extensions 80/20 split on Net Operating Income after 11% return to RI DA Standard Port Ground Rent after Year 37 District to receive 10% parking revenues on hotel parking and 100% on public parking G 1 -year exclusive right to negotiate on H23 for additional rooms Right to comment on future development projects on adjacent parcels i PORTa w NEW 6/20/2017 10 Next Steps Negotiate and Execute Disposition and Development Agreement Implement Schedule of Performance E* Joint Powers Authority Financing and Infrastructure RIDA Financing and Construction Negotiate and Execute Ground Lease Development of Project Development of Public Infrastructure PORTa 0 0` 0 0 ZEE� I �, .Y _ „��j ii'3�,.ez��-�� its pap. .,•o+a-a.,`-�,aS'; •-'�a`w ."`..'.!illi=_ i - - RESOLUTION AUTHORIZING A NON-BINDING LETTER OF INTENT (LOI) WITH RIDA CHULA VISTA, LLC AND THE CITY OF CHULA VISTA FOR A RESORT HOTEL AND CONVENTION CENTER WITHIN THE CHULA VISTA BAYFRONT PORTa s w Te 6/20/2017 11