HomeMy WebLinkAbout2019/11/19 - Item 7 Presentation
Bayfront November 19, 2019 Public HearingConsolidated DistrictTax Financing Project Special
Resolutions Establish an appropriations limit for the Bayfront Districtiii.Authorize the Bayfront District to incur a bonded indebtedness; andii.Authorize the levy of special taxes in
the Bayfront District;i.electors to:Calling a special mail ballot election and submitting propositions to the qualified E.Deeming it necessary to incur a bonded indebtedness of the
Bayfront DistrictD.“Bayfront District”) and submitting the levy of special tax to the qualified electorsForming and establishing the Bayfront Project Special Tax Financing District
(the C.DistrictApproving a Joint Community Facilities Agreement between the City and the Port B.Approving an Amended and Restated Revenue Sharing AgreementA.
Amended and Restated RSA above 11% ROI)NOIThe Additional Rent (paid by RIDA, 20% of 3.$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 schedule:to exceed the following Payments, in an amount not Port District Support 2.Park lease buyoutto the actual amount of the existing
RV the Additional Rent and a credit equal d.Ground Lease, lessRHCCthe c.the Replacement RV Park; andb.the Interim RV Park;b.Other Ground Leases;a.derived from:Ground lease revenues
1.Port District Contributions
Amended and Restated RSA.BondsRevenuetheonservicedebtpaytousedamountthetolimitedDistrict,BayfronttheofproceedstaxSpecial5..revenues)PMSA(AgreementServicesMunicipalPort4..ProjectRHCCthebygenerated)MVL
Foflieu-inPTax(includingtaxpropertyIncremental3..ParkRVReplacementtheandPark,RVInterimtheProject,RHCCthebygeneratedbetotaxSales2..ParkRVReplacementtheandPark,RVInterimtheProject,RHCCthebygeneratedTOT
1.City Contributions
Amended and Restated RSA Residual Revenues after 1 through 7 above50/50City & Port District81 year debt service reserve/insurance for Revenue BondsN/AN/A7Existing revenues contributed
after close of escrowRata-ProCity & Port District6Existing revenues contributed at close of escrowRata-ProCity & Port District5CVBMPActual costs incurred providing fire services within
73.6%City4Actual funds expended by Bayfront District on Parking Garage100%City3Actual funds paid to County of San Diego ($25M contribution)PassuPari City & Port District2Port District
Support Payments100%Port District1DescriptionBasisReimbursePriority Residual Revenue Priorities After Debt
Amended and Restated RSA If unsuccessful, new #3 priority use of residual revenues effective.receive funds equal to actual Bayfront District contribution to parking garage. garage.
If Port District is successful in current rental car fee litigation, City will space parking -Bayfront District funds may be used for construction of 1,600•public infrastructureCounty
Funding Agreement $25 million toward –provision eliminated EIFD•expenses (not already reimbursed from Park Rent)O&MBayfront District available to reimburse both City and Port District
for •expensesO&MPark Rent available to reimburse both City and Port District for •Other Provisions
Joint Community Facilities Agreement.ImprovementsOthertheofreplacementandservicing,maintenance,operation,theFunding6.and;Improvements”)“Other(theDistrictPortorCitythebyperformedbeto,EIRCVBMPtheinspec
ifiedmeasuresmitigationbyrequiredifCVBMPtheoutside(b)or,CVBMPthewithin(a)eitherimprovements,publicotherofconstructiontheFunding5.;InfrastructureA1Phasetheofreplacementandservicingmaintenance,operatio
n,theFunding4.;GarageParkingtheofconstructiontheFunding3.;InfrastructureA1PhasetheofconstructiontheFinancing2.;ProjectRHCCtheofportionCenterConventiontheofconstructiontheFinancing1.Funding
Priorities
Phase 1A -H17G Street Sewer Pump Station16Public Utilities2 Sweetwater Signature Park-S15SDG&E4 -SP142 Seasonal Wetlands-SP132)-1 Sweetwater Buffer (for S-SP121)-1 Sweetwater Buffer
(for S-SP11Harbor Park (Initial)10Parks, Open Space and Recreation FacilitiesGunpowder Point Drive Relocation9F Street (E Street to Gunpowder Pt Dr)8F Street (Bay Blvd to E Street)7E
Street (Lagoon Drive to G Street)6E Street (Bay Blvd to F Street)5H Street (Marina Pkwy to E Street)4H Street (Bay Blvd to Street A)3G Street Connection2E Street (G Street to H Street)1Street
Improvements, Pedestrian and Bicycle Paths, and Storm DrainsImprovement Description Infrastructure
Initial 2019 dollars.1\]\[338,745,588 $Grand Total4,697,099 $Subtotal1,911,266 $3 Utility Corridor-H172,785,833 $G Street Sewer Pump Station1632,391,006 $Subtotal7,602,067 $2 Sweetwater
Signature Park-S1562,253 $SDG&E4 -SP141,012,920 $2 Seasonal Wetlands-SP131,302,092 $2)-1 Sweetwater Buffer (for S-SP122,907,645 $1)-1 Sweetwater Buffer (for S-SP1119,504,029 $Harbor
Park (Initial)10Parks, Open Space and Recreation Facilities21,657,483 $Subtotal1,216,153 $Gunpowder Point Drive Relocation9913,038 $F Street (E Street to Gunpowder Pt Dr)81,308,727
$F Street (Bay Blvd to E Street)758,414 $E Street (Lagoon Drive to G Street)64,086,510 $E Street (Bay Blvd to F Street)55,587,531 $H Street (Marina Pkwy to E Street)4416,759 $H Street
(Bay Blvd to Street A)3822,313 $G Street Connection27,248,039 $E Street (G Street to H Street)1Street Improvements, Pedestrian and Bicycle Paths, and Storm Drains40,000,000$Parking
Garage240,000,000 $Convention Center Facilities 1 Cost EstimateImprovement Description Cost EstimateImprovement Authorized
Initial 2019 dollars.1\]\[2,129,000 $Grand Total Services Budget400,000 $Subtotal400,000 $Circulator Shuttle13Transportation Services1,268,000 $Subtotal73,000 $Annual Capital Repair13190,000
$Associated Utilities12466,000 $Harbor Park1116,000 $10523,000 $Sweetwater Signature Park & Buffer9Parks, Open Space and Recreation Facilities461,000 $Subtotal216,000 $Annual Capital
Repair840,000 $Associated Utilities714,000 $Marina Way631,000 $J Street570,000 $H Street44,000 $G Street311,000 $F Street275,000 $E Street1Streetscape & Landscaping Maintenance 1 Cost
EstimateService Description EstimateService Cost Authorized
Recommendation Council open the consolidated public hearing2.CENTER AND RELATED PUBLIC INFRASTRUCTURE)DISTRICT (CHULA VISTA BAYFRONT RESORT HOTEL AND CONVENTION BETWEEN THE CITY OF CHULA
VISTA AND THE SAN DIEGO UNIFIED PORT AN AMENDED AND RESTATED REVENUE SHARING AGREEMENT BY AND RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING Council adopt Resolution
A1.
Bayfront Boundary MapDistrict