HomeMy WebLinkAboutRDA Reso 2002-1774
RESOLUTION NO, 1774
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA APPROVING THE EXCLUSIVE NEGOTIATING
AGREEMENT WITH NORTH C.v, WATERFRONT L.P, FOR A
PERIOD OF TWO YEARS, WITH AN OPTION FOR A SIX-MONTH
EXTENSION, AND DIRECT STAFF TO WORK WITH THE
DEVELOPER ON PREPARATION OF PROJECT PLANS AND A
DISPOSITION AND DEVELOPMENT AGREEMENT FOR
DEVELOPMENT OF THE MIDBAYFRONT PROJECT SITE
WHEREAS, representatives of North C.v, Waterfront L.P, ("Developer") are proposing to
develop the MidBayfront property with a 5,8 million square foot high quality mixed use project
comprised primarily of residential units, limited commercial, up to three hotels, restaurants,
recreation areas, and community center; and
WHEREAS, the proposed project area is approximately 126 acres and is comprised of 17
parcels, including 6 parcels owned by the Redevelopment Agency and 1 parcel owned by the City of
Chula Vista; and
WHEREAS, the Developer has requested an Exclusive Negotiating Agreement (ENA) with
the Agency for two years, with an option for a six-month extension, in order to develop plans, pursue
entitlements, secure financing, and negotiate a Disposition and Development Agreement (DDA); and
WHEREAS, the Agency is willing to enter into an ENA due to the high quality of the proposal
and its potential to eliminate blighting conditions in the Bayfront Redevelopment Project Area by
serving as a catalyst for development of the remainder of the Bayfront; and
WHEREAS, the ENA, in compliance with State Law, provides for the extension of owner
participation rights to all property owners and tenants which are party to the ENA.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula
Vista does hereby (1) approve the Exclusive Negotiating Agreement subject to owner participation
rights with North c.v, Waterfront L.P, on the terms presented and authorize and direct the Chair to
execute the Agreement in a final form approved by the Agency Attorney, and (2) direct staff to
extend Owner Participation Rights in accordance with State law and the requirements of the
Bayfront Redevelopment Plan,
PRESENTED BY
APPROVED AS TO FORM BY
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Chris Salomone
Director of Community Development
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Resolution No, 1774
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 16th day of April, 2002 by the following vote:
AYES:
Members Davis, Padilla, Rindone, Salas and Chair/Mayor Horton
NOES:
None
ABSENT:
None
ABSTENTIONS:
None
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Shirley H~
Chairman
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,
1774 and that the same has not been amended or repealed,
Dated: April 17, 2002
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Chris Salomone
Executive Secretary