HomeMy WebLinkAboutReso 2024-240RESOLUTION NO. 2024-240
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING NON-BINDING LETTER OF
INTENT BETWEEN THE CITY AND CHULA VISTA
ENTERTAINMENT COMPLEX, LLC
WHEREAS, the City is in the process of constructing a 168,000 square foot class “A”
office building at 1775 Millenia Avenue (the “Project”); and
WHEREAS, the City is party to that certain Millenia Parel Map 22000 Parcel 1 Option, Purchase
Agreement and Escrow Instructions between Millenia 2022, LLC, a Delaware limited liability company
as Seller and City as Buyer, dated as of March 30, 2023 (the “Lot 1 Agreement”); and
WHEREAS, Chula Vista Entertainment Complex, LLC (“CVEC LLC”) desires to lease
certain portions of the Project, consisting of the third and fourth floors in their entirety (the “CVEC
Premises”) and to secure an option to purchase 1730 Millenia Avenue (“Lot 1”) as an assignee of
the City and pursuant to the terms of the Lot 1 Agreement to developer the Chula Vista
Entertainment Complex project (the “CVEC Project”); and
WHEREAS, the CVEC Project represents a visionary project aimed at creating a state -of-
the-art entertainment facility that harmonizes creativity, sustainability, and technological
innovation; and
WHEREAS, the CVEC Project is envisioned to unfold across three key phases, each
contributing to the realization of a comprehensive symbiotic ecosystem between the film, creative,
and small business sectors, allowing them to reach their full potential in the City and San Diego
County; and
WHEREAS, the City and CVEC LLC (the “Parties”) desire to enter into a non-binding letter of
intent to establish the framework, terms, and conditions upon which the Parties intend to negotiate in
good faith a lease for the CVEC Premises and an option to acquire Lot 1, along with any other definitive
agreements that the Parties might find necessary or advisable in connection with these matters, to be
presented to their respective governing boards for their consideration and approval.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that it approves the Non-Binding Letter of Intent, between the City and Chula Vista Entertainment
Complex, LLC, in the form presented, with such minor modifications as may be required or
approved by the City Attorney, a copy of which shall be kept on file in the Office of the City Clerk,
and authorizes and directs the Mayor to execute same.
Docusign Envelope ID: D399AB98-A570-4AA9-BF83-AFEAD2E93C19
Resolution No. 2024-240
Page No. 2
Presented by Approved as to form by
Tiffany Allen Marco A. Verdugo
Assistant City Manager City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 10th day of December 2024 by the following vote:
AYES: Councilmembers: Chavez, Gonzalez, Morineau, Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
John McCann, Mayor
ATTEST:
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. 2024-240 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 10th day of December 2024.
Executed this 10th day of December 2024.
Kerry K. Bigelow, MMC, City Clerk
Docusign Envelope ID: D399AB98-A570-4AA9-BF83-AFEAD2E93C19