HomeMy WebLinkAboutReso 2026-112RESOLUTION NO. 2026-112
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING FIRST AMENDMENT TO THE
PROJECT IMPLEMENTATION AGREEMENT BETWEEN THE
CITY, BAYFRONT PROJECT SPECIAL TAX FINANCING
DISTRICT, THE SAN DIEGO UNIFIED PORT DISTRICT, THE
CHULA VISTA BAYFRONT FACILITIES FINANCING
AUTHORITY, AND RIDA CHULA VISTA, LLC
WHEREAS, the Chula Vista Bayfront Master Plan represents a long-term collaborative
effort between the City and the San Diego Unified Port District (the “Port District”) to transform
approximately 535 acres of underutilized bayfront property into a regional waterfront destination
featuring visitor-serving uses, parks, habitat restoration, infrastructure improvements, and
economic development opportunities; and
WHEREAS, Phase 1 implementation of the Chula Vista Bayfront Master Plan includes the
development of the Gaylord Pacific Resort and Convention Center project (the “RHCC Project”),
associated public infrastructure improvements, parks, and related amenities; and
WHEREAS, in 2018, the City and Port District approved a Disposition and Development
Agreement and an initial Revenue Sharing Agreement establishing the framework for public
participation in the financing and implementation of the RHCC Project; and
WHEREAS, on June 15, 2021, the City Council approved the principal financing and
implementation documents necessary to advance the RHCC Project, including the Project
Implementation Agreement (the “PIA”); and
WHEREAS, on May 10, 2022, the City Council approved additional financing-related
actions associated with increased project construction costs and modifications to the financing
structure, including approval of additional public contributions, amendments to financing
agreements, and revisions to the Fourth Amended and Restated Revenue Sharing Agreement (the
“Revenue Sharing Agreement”); and
WHEREAS, the PIA executed by the City, the Bayfront Project Special Tax Financing
District, the Port District, the Chula Vista Bayfront Facilities Financing Authority (the
“Authority”), and RIDA Chula Vista, LLC (“RIDA”), and obligated RIDA to cause the
development and construction of the convention center and certain Phase 1A infrastructure
improvements; and
WHEREAS, the Gaylord Pacific Resort and Convention Center opened on May 15, 2025,
and the City, Port District, and RIDA continue to collaborate to finalize post-completion
administrative and financial close-out items; and
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WHEREAS, as part of the financing framework for the bonds issued by the Authority on
May 26, 2022, the Authority Indenture of Trust established an Authority Surplus Fund to hold
certain residual project revenues; and
WHEREAS, the Authority Indenture of Trust provisions restrict the Authority’s ability to
access surplus funds for reimbursement purposes contemplated under the Revenue Sharing
Agreement between the City and the Port District; and
WHEREAS, the City and Port District anticipated the availability of these reimbursements
for Bayfront-related expenditures and incorporated the projected reimbursements into their
respective financial planning and budgets; and
WHEREAS, the proposed First Amendment to the PIA revises Sections 9.2.1.5(c) and
9.5.1 to allow the Authority to transfer a portion of the funds held in the Authority Surplus Fund
for use in accordance with the Revenue Sharing Agreement, provided that the balance remaining
in the Authority Surplus Fund is at least $3,000,000, or a lesser amount with the consent of the
Developer; and
WHEREAS, the proposed First Amendment preserves the original intent of maintaining
sufficient funds to satisfy any remaining Developer-related obligations while allowing transfers
from the Authority Surplus Fund for lawful purposes permitted under the Authority Indenture of
Trust and Fourth Amended and Restated Revenue Sharing Agreement; and
WHEREAS, approval of the First Amendment will allow distributions from the Authority
Surplus Fund that may reimburse the City’s General Fund consistent with the Revenue Sharing
Agreement, including reimbursement for an amount equivalent to 73.6% of the cost of Bayfront
Fire Station operations; and
WHEREAS, the Project has been reviewed for compliance with the California
Environmental Quality Act (“CEQA”), and it has been determined that the Project was adequately
covered in the previously certified Final Environmental Impact Report (“FEIR”) for the Bayfront
Master Plan and Port Mast Plan Amendment (UPD #83356-EIR-658; SCH No. 2005081077;
certified by City Council Resolution No. 2010-113 on May 18, 2010).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that it approves the First Amendment to Project Implementation Agreement, between the City,
Bayfront Project Special Tax Financing District, The San Diego Unified Port District, The Chula
Vista Bayfront Facilities Financing Authority, and RIDA Chula Vista, 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 City
Manager to execute same.
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Presented by Approved as to form by
Sarah Schoen Marco A. Verdugo
Deputy City Manager City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 2nd day of June 2026, by the following vote:
AYES: Councilmembers: Chavez, Fernandez, Inzunza, 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. 2026-112 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 2nd day of June 2026.
Executed this 2nd day of June 2026.
Kerry K. Bigelow, MMC, City Clerk
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