HomeMy WebLinkAboutRDA Reso 2001-1750
RESOLUTION NO. 1750
RESOLUTION APPROVING FIRST AMENDMENT TO THE GATEWAY
CHULA VISTA PROJECT DISPOSITION AND DEVELOPMENT
AGREEMENT (DDA) PROVIDING FOR THE EARLY ADVANCE OF $1.3
MILLION OF THE AGENCY'S FIRST INSTALLMENT PAYMENT AND
APPROPRIATING FUNDS THEREFOR
WHEREAS, on June 6, 2000 the City Council of the City of Chula Vista and Redevelopment
Agency of the City of Chula Vista approved a Disposition and Development Agreement CDDA")
between the Agency and Gateway Chula Vista, LLC for development and operation of the Gateway
Chula Vista Project; and
WHEREAS, capitalized terms used in this resolution are as defined in the DDA, unless
otherwise defined herein; and
WHEREAS, the Project includes the development of a 347,000 square foot mixed-use office
and retail development at the northwest comer of Third Avenue and H Street in the Town Centre I
Redevelopment Project Area; and
WHEREAS, a Specific Plan entitlement, General Plan Amendment, and Mitigated Negative
Declaration were adopted by the Agency and City Council on December 12, 2000, to allow for
development of the Project; and
WHEREAS, the Developer Gateway Chula Vista LLC successfully obtained building permits
for construction of the First Phase of the Project and has made significant progress on said
construction funded through private equity contributions of over $8 million to the Project; and
WHEREAS, the Developer requested the Agency provide an early release of the cash
portion of the First Installment Payment of Agency Participation in order to help ensure construction
continues until Phase I Construction Financing is in place and funded and all other Conditions
Precedent to the First Installment Payment are met; and
WHEREAS, the Agency and Developer desire to enter into a First Amendment to Disposition
and Development Agreement ("First Amendmenr) to provide the early release of the First
Installment Payment of Agency Participation and make other modifications to the terms and
conditions of the DDA related thereto; and
WHEREAS, the Agency has reviewed the leasing activity of Mountain West Real Estate and
BRE associated with the development, market conditions, and the extent of pending construction
financing and has determined there will be adequate for the Agency's early release of funds through
the amended Conditions Precedent set forth in the First Amendment; and
WHEREAS, the Project entitlement has been previously reviewed and approved by the
Planning Commission of City, the City Council, and Agency, including all necessary finding under the
California Environmental Quality Act, and the Project as described and defined in such
environmental documentation supporting the entitlement is not modified by the First Amendment;
and
WHEREAS, the requirements under the California Community Redevelopment Law,
Health and Safety Code Section 33000, et seq., in particular section 33433, relating to disposition of
property acquired with tax increment funds were satisfied at the June 6, 2000 action of the City
Council and Agency approving the DDA; and
WHEREAS, the First Amendment does not modify the Project entitlement, nor the Agency
costs therefor under the DDA, nor the total amount of Agency Participation under the DDA, but
Resolution No. 1750
Page 2
modifies Conditions Precedent and timing of the release and payment of the First Installment of
Agency Participation; and
WHEREAS, funding for the "Agency Advance" will be provided by an appropriation in the
Merged Project Area for $1.3 million to repay advances from the BayfrontfTown Centre I Project
Area and then appropriated in the BayfrontfTown Centre I Project Area for the aforesaid purpose.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula
Vista does hereby resolve as follows:
Section 1. The foregoing recitals are true and correct and are hereby incorporated as a
substantive part of this resolution.
Section 2. The First Amendment to Disposition and Development Agreement is hereby
approved in substantially the form presented subject to minor modifications as may be required or
approved by the City Attorney.
Section 3. The Chairman of the Agency is hereby authorized and directed to execute all
documents necessary and appropriate to carry out and implement the First Amendment and DDA,
as amended, and Agency staff is hereby authorized and directed to take all necessary and
appropriate actions to implement same.
Section 4. The First Amendment and the Project, as modified by the First Amendment, is
consistent with the Implementation Plan of the Agency adopted pursuant to CRL Section 33490.
Section 5. Approving appropriation of $1.3 million of the available fund balance in the
Merged Project Area Fund for repayment of advances to BayfrontfTown Centre I Project Area Fund
and appropriating $1.3 million from unanticipated revenues in the BayfrontfTown Centre I Project
Area Fund.
P~ore(t ~ ,
Chris Salomone
Director of Community Development
Approved as to Form by
\
Resolution No. 1750
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 25'" day of September, 2001 by the following vote:
AYES:
Members Davis, Padilla, Rindone, Salas and ChairlMayor Horton
NOES:
None
ABSENT:
None
ABSTENTIONS:
None
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Shirley Horto
Chairman
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ATTEST:
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Chris Salomone
Executive Secretary
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1750 and that the same has not been amended or repealed.
Dated: September 26, 2001
~~
Chris Salomone
Executive Secretary