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Home My WebLink About2018/04/24 2pm - Presentation 4/24/2018 A) RESOLUTION AUTHORIZING A DISPOSITION AND PORTofDEVELOPMENT AGREEMENT WITH RIDA CHULA SAN DIEGO VISTA, LLC AND THE CITY OF CHULA VISTA FOR A CHUa VISTA Project Scope INS IL PORTo RESORT HOTEL AND CONVENTION CENTER WITHIN THE CHULA VISTA BAYFRONT B) RESOLUTION AUTHORIZING A REVENUE SHARING AGREEMENT WITH THE CITY OF CHULA VISTA C) RESOLUTION ACCEPTING AN ECONOMIC DEVELOPMENT SUBSIDY REPORT REGARDING A HOTEL CONVENTION CENTER PROJECT '� - Agenda No. xx File No. 2018-0070 April 24, 2018 f �+5 Y ��•_ 4/24/2018 Gaylord Rockies F. a A ' I i IM DO PM- Project Cost Ole -. • 1 6 _r Developer District/City Total Private Public Investment Investment A. Hotel/Convention Center $7850 $240.0 $1,025.0 � - _ ,.._—•��:�� ., ,....,....- .ays: B. Infrastructure --- $63.2 $63.2 ." `"'gg ^` '•sa�T C. Parking Improvements --- $40.0 $40.0 D.Total $785.0 $343.2 $1,128.2 I .. . y PORTa .. �SAM oleo 2 4/24/2018 Responsibilities of Parties 7 4 Responsibilities of RIDA w • Private Investment- $785 Million • Design and Construction of Resort Hotel & Convention Center • Construction of a Portion of Phase 1 A Infrastructure c Preparation of the H3 Site after financing close i ward 3 4/24/2018 Responsibilities of Public Entities Public Entiti es Contribution Phase 1A Infrastructure $63 Million Contribution for Convention Center $240 Million pm- Disposition Disposition and Deve • • - - - - • Term: 4 Years with option to extend up to 3 Years (Total 7 Year Term) • Design and Development of Project n Aim • Responsibilities of Parties • Conditions to Close Escrow • Lease of Project Site Ta a 4 4/24/2018 Conditions to Close Escrow IRW NARROW— Project Financing Method of Financing — Conceptual Plan of Finance One-Time Contributions $46.41M $49M Existing Revenues $3.6M $2M Project-Generated Revenues' $ - 2 $23.8M Annual Support Payment $5M $ - 1 Figures shown reflect estimates as of Lease Year 9 2. District will forego ground rent payments from the Project through Lease Year 19, Estimated foregone rent from Lease Years 1-38 are estimated at$245M t coaTa 5 4/24/2018 vrOU(IlU Leese 5 • Ground Rent: o Lease Years 1-18: $0 o Lease Years 19-23: $3.01V! o Lease Years 24-38: $3.5M Lease Years 39-66: Standard % Rent • Additional Rent (1-38): NOI in excess of 11% of Developer's Contribution • Parking • Management Agreement Powa a Kevenue zinaring Agreement �. ._. TWO Priority Disbursement Description To District, Reimbursement of its Annual Contribution 2 To City, Reimbursement of 73.6% of Actual Bayfront Fire Services Costs 3 To District and City, Reimbursement of General Fund Contributions (Through Close of Escrow) 4 To District and City, Reimbursement of General Fund Contributions (After Close of Escrow) 5 To JEPA, One Year Additional Debt Service Reserves or Reserve Fund Insurance Policy 6 To District and City, Split Remaining Revenues 50/50 • Residual Revenues Expected in Lease Year 19 ft, h ... voaT 6 4/24/2018 Project Benefits Chula Vista Regional Jobs: ,.. Jobs: • 120 Construction --r- •2,200 Construction • 3,300 On-going •4,470 On-going Economic Output: Economic Impact: • $74.6 Million Construction •$1.3 Billion Construction SF • $329MillionNear On-Going •$475 Million/Year On-Going Surplus Revenues*: • District - $53.7M • City - $53.9M •At Lease Year 38 PORT& Next Steps Finalize Ground Lease (60 days) Coastal Development Permit (180 Days) Close of Escrow (18 Months) y �f M l i 4/24/2018 Recommendation �= District: A. Resolution Authorizing DDA B. Resolution Authorizing Revenue Sharing Agreement C A. Resolution Authorizing DDA B. Resolution Authorizing Revenue Sharing Agreement C. Resolution Approving An Economic Development Subsidy Report r Cwc�al�Rendenng i EXTRA SLIDES PORT, 8 4/24/2018 Gaylord HotelsT -- - Gaylord yy��yy _1 III; - aa t ---- _- Gaylord Opryland Gaylord National Gaylord Palms Phase 1A Infrastructure CITY INFRASTRUCTURE SOURCES AND USFS MATRIX fa.Sewer Ca>4 Ikveloper BFDI F Fundiol( (Xtlrr 1,p--d ian Esti�slrtt CrrdO F6 iMe� FI' iMe� Fundi P-eloper's Phase 1.4 Infranru�rin Improvements E Street(G Street to H Strew) 6.680.00K 4.050.000 580.OU0 _.0,0.X G Strw Cas tuxt 950'ON 430,000 110,000 410, H Street(Bay Blvd to Stmt A) 430. -70,000 - 160. 11 Street(Manna Pkwy to F.Street) 5.38170.K 3,350,000 - :i 130,OfX Ilwt x Park(Iniusl) 19.SIK1,(X 310,0.X) - 19,19(1,(XX H-3 Snte Rept' 6,000. - 6.OW.000 H-3 Utility Corndor16 1.530, 310.000 1.120.000 Subtotal 10.4'0.000 8.110.000 1.000.000 31.060.000 rmmmng Phare IA Infiasmeftire Impros•ements h Street(Bay Blvd to F Street) 3.970, - 60,OIX) 3.910.0. E Street(Lagoon Dme to G Street) 290. - - _1%.000 F Street(Bay Bled to F.Street) 1.53(I,(XX - 28(1(X111 1,250,(1X F Street(E Street to Gunpowder Pt Dr) 63U. SU,Wu 58U. Gutrp—der Point D-c Rekxm4an 1,360. - - I3w, S2 Swcctwster Sop kure Peek 7,6(X1,(KX - - 7,6110,(XX SP-1 Sweetwater Buffer(for S-1) _570.00C 2.570.00( SPA Sweetwater Buffer(for S-.) 1.16D.W 1,160. SP-2 Se l Wetlands 950. - - M.00( SPA SDG&E 60.00K 60. Subtotal 20.1-10,000 - 390.000 M-30.000 "30.000 'in•InJraslructurr Improswrernrs G Strut Sewer pMP Station 2640. —640.000 - otid &410.M 4A30M 4111.7"M .�.: POOMOd 9 4/24/2018 �•��f�WINf _ ..�. .. Ilk . 4 Conceptual Rendering r i — f S *IW WW f i r moi-'- _ - __• ••• ., r„ PORT o°' Conceptual Site Plan 20 10