HomeMy WebLinkAboutReso 2022-275 DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
RESOLUTION NO. 2022-275
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AMENDMENTS TO THE
FISCAL YEAR 2022/23 CAPITAL IMPROVEMENT PROGRAM
BUDGET, APPROPRIATING $96.4 MILLION FOR PROJECT
(GGV0267); AND AUTHORIZING INTERFUND LOANS NOT
TO EXCEED $39.1 MILLION FROM THE TRUNK SEWER
CAPITAL RESERVE FUND TO THE PUBLIC FACILITY
DEVELOPMENT IMPACT FEE FUND, THE DEVELOPER
CONTRIBUTIONS — ECONOMIC DEVELOPMENT FUND,
AND THE DEVELOPER CONTRIBUTIONS PUBLIC
BENEFIT FUND; AND APPROPRIATING FUNDS
ACCORDINGLY
WHEREAS, the City has worked over the years to establish a university on 383 acres of
city-owned and entitled land in Otay Ranch; and
WHEREAS,the City has the land and entitlements both secured,after decades of planning,
the City is finally well-positioned to work toward the physical development of the University-
Innovation District; and
WHEREAS, the City will enter into a revised Memorandum of Understanding with San
Diego State University("SDSU")for 50,000 square feet within the facility for SDSU's Television,
Film, and New Media Production Studios Project; and
WHEREAS, the development of a new destination library in compliance with the Library
Strategic Facilities Plan, that would serve as the City's first new library since 1995 and meet the
minimum 60,000 square foot need for library space, provide 50,000 square feet for an academic
partner to launch the first phase of the University, provide 58,000 square feet of Class "A" office
space in warm shel I condition for an industry user to lease,and provide a 6,100 square foot amenity
building for tenant attraction; and
WHEREAS, the vertical development of a Millenia Office building to attract qualified
tenants for the remaining 1.8 million square feet of Class "A" office space; and
WHEREAS, the City Charter states that at any meeting after the adoption of the budget,
the City Council may amend or supplement the budget by a motion adopted by the affirmative
votes of at least four members; and
WHEREAS, on May 24, 2022, City Council approved the adoption of the Fiscal Year
2022/23 Capital Improvement Program (CIP)budget; and
DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
Resolution No. 2022-275
Page No. 2
WHEREAS, Staff recommends amendments to the budget for the Fiscal Year 2022/23
Capital Improvement Program budget for a new capital project titled Cinematic Arts Academic &
Library(GGV0267); and
WHEREAS, there is a net impact to the various funds as identified in the table below and
staff is requesting to amend the Capital Improvement Budget by $96,413,391; and
WHEREAS, Council approval of inter-fund loans from the Trunk Sewer Capital Reserve
Fund to the Public Facility Development Impact Fee (PFDIF) Fund, the Developer Contributions
— Economic Development Fund, and the Developer Contributions — Public Benefit Fund, in the
not to exceed loan amounts of $8.9 million, $22.2 million, and $8.0 million, respectively, is
necessary for cash flow purposes; and
WHEREAS, City Council Policy No. 220-06 authorizes the establishment of inter-fund
loans for cash flow management purposes; and
WHEREAS, the proposed inter-fund loans are anticipated to be repaid in full within ten
years; and
WHEREAS, interfund loan amounts will be advanced on a quarterly basis in order to
minimize borrowing costs; and
WHEREAS, any and all loaned amounts will be repaid with interest at a rate equal to the
City's pooled investment rate of return, currently approximately 1.8%; and
WHEREAS, as a result of the projected timing for repayment of the loans, and the applied
interest rate, the Trunk Sewer Capital Reserve will not be adversely impacted.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that it hereby amends the Capital Improvement Program budget for Project GGV0267 and
approves the following appropriations:
Fund Amount
Public Facilities Development Impact Fee—Library Component $ 31,780,433
Developer Contributions Fund—Economic Development $ 11,000,000
Developer Contributions Fund Public Benefit $ 23,632,958
State Grants Fund $ 30,000,000
Total $ 96,413,391
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that it does
hereby authorize and direct the City Manager to finalize and execute an interfund loan from the
Trunk Sewer Capital Reserve Fund Balance to the PFDIF Fund, the Developer Contributions
Economic Development Fund, and the Developer Contributions — Public Benefit Fund for the
funding of the Cinematic Arts Academic and Library Development Project, in the not to exceed
loan amounts of$8.9 million, $22.2 million, and $8.0 million, respectively, with interest accruing
at the City's pooled investment rate, and repayment at the earliest practical date from the sources
and revenues described above.
DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
Resolution No. 2022-275
Page No. 3
Presented by Approved as to form by
DocuSigned by: DocuSigned by:
2FC)559998RD74C:4... ECF406508504 ;F
Eric C. Crockett Glen R. Googins
Deputy City Manager/Director of Economic City Attorney
Development
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 6th day of December 2022 by the following vote:
AYES: Councilmembers: Cardenas, Galvez, McCann, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
DocuSigned by:
0626FD7C0386456...
Mary Casillas Salas, Mayor
ATTEST:
DocuSigned by:
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3074D104EAF342E...
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2022-275 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 6th day of December 2022.
Executed this 6th day of December 2022.
DocuSigned by:
11aze
3074D10 IEAF342E...
Kerry K. Bigelow, MMC, City Clerk