HomeMy WebLinkAbout2020-09-15 Item 10 - 20-0338 Bayfront
Chula Vista Revenue Sharing AgreementSecond Amended and Restated Bayfront
Chula Vista Bayfront Key Actions 2 Restated RSAAmended & nd 2Port approves •SeptemberRestated RSAAmended & nd 2Port approves •SeptemberapprovedBayfront CFD •FebruaryapprovedBayfront
CFD •February 2020 Bayfront CFD•JCFAapprove City & Port •Restated RSAAmended & Approve City & Port •NovemberBayfront CFD•JCFAapprove City & Port •Restated RSAAmended & Approve City
& Port •NovemberAgreementParticipation County County approve City, Port & •OctoberAgreementParticipation County County approve City, Port & •October 2019(RSA) Agreement Sharing Revenue
Original approve City & Port •with RIDAapprove DDA City & Port •April(RSA) Agreement Sharing Revenue Original approve City & Port •with RIDAapprove DDA City & Port •April 2018 with
RIDALOIapprove City & Port •AgreementFinancing Restated Amended & Port approves •Junewith RIDALOIapprove City & Port •AgreementFinancing Restated Amended & Port approves •June 2017
AgreementFinancing Restated Amended & City approves •NovemberAgreementFinancing Restated Amended & City approves •November 2016 AgreementFinancing Original approve City & Port •MayAgreementFinancing
Original approve City & Port •May 2012 CVBMP FEIRapprove City & Port •MayCVBMP FEIRapprove City & Port •May 2010
Costa Vista RV Park 3 Construction Progress Photos
Sweetwater Path & 4 Construction Progress Photos Promenade
Contributions by Agency: Port District 5$3.5 million38–Lease Years 25 $3.0 million24 –Lease Years 20 $6.0 million19–Lease Years 15 $5.0 million14–Lease Years 5 $ 04–Lease Years 1 District
Support PaymentsCosta Vista RV Park (New RV Park)•(Temporary RV Park)TUOPRV Park •Chula Vista RV Park (Original RV Park)•California Yacht Marina•Chula Vista Marina•Marine Group Boat
Works•Ground Lease RevenuesGround Lease RevenuesRHCC Project RevenuesExisting Revenues
Contributions by Agency: City 6(FY2016 + 3%)PMSACosta Vista RV Park (New RV Park)•(Temporary RV Park)TUOPRV Park •Chula Vista RV Resort (Original RV Park)•TOTBayfront Special Tax District
(5%)Sales TaxIncremental Property TaxRHCCTOTRHCC Project RevenuesExisting Revenues
Revenue Waterfall Priority Post Close of Escrow 7 50/50To District and City, Split Remaining Revenues8One Year Additional Debt Service Reserves or Reserve Fund Insurance PolicyTo JEPA,7and
City, Reimbursement of General Fund Contributions (After Close of Escrow)To District6and City, Reimbursement of General Fund Contributions (Through Close of Escrow)To District5of 73.6%
of Actual Bayfront Fire Services CostsTo City, Reimbursement4To City, Reimbursement of Special Tax District Funds for use toward the parking garage (if any)3To District and City, Reimbursement
of any County Contribution (if any)2District, Reimbursement of its Annual Support PaymentsTo1
Other Provisions: Existing Revenues Prior to Close of Escrow 8 contributionNo interest to accrue to the Existing Revenues between July 1, 2018 and •Contribution to the JEPA to occur
prior to posting the Preliminary Official Statement•as of FY2020CAFRsFunds to be reported as restricted in ••
Other Provisions: Pre 9 timeframeFair share allocation of expenses if close of escrow does not occur within DDA •Close JEPA Expenses-Other Pre•City Plan Review and Permitting Fees for
Phase 1A Infrastructure•Close Design Services for Phase 1A Infrastructure-RIDA Pre•Close Expenses-
Resolution 10 PUBLIC INFRASTRUCTURE)(CHULA VISTA BAYFRONT RESORT HOTEL AND CONVENTION CENTER AND RELATED BETWEEN THE CITY OF CHULA VISTA AND THE SAN DIEGO UNIFIED PORT DISTRICT SECOND
AMENDED AND RESTATED REVENUE SHARING AGREEMENT BY AND RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A