HomeMy WebLinkAboutRDA Reso 2003-1849
e
e
e
RDA RESOLUTION NO. 2003-1849
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA ADOPTING THE FIFTH
AMENDMENT TO THE GATEWAY CHULA VISTA PROJECT
DISPOSITION AND DEVELOPMENT AGREEMENT (DDA)
AND AUTHORIZING THE AGENCY TO ENTER INTO A
THREE YEAR LEASE FOR 17,500 SQUARE FEET OF OFFICE
SPACE'
WHEREAS, the Redevelopment Agency of the City of Chula Vista and the Developer
(Gateway Chu1a Vista, LLC) are parties to that certain Disposition and Development Agreement
dated June 6, 2000 (DDA), as amended by that certain First Amendment to Disposition and
Development Agreement dated September 25, 2002 (First Amendment), as further amended by
that certain Second Amendment to Disposition and Development Agreement dated December
17, 2001, (Second Amendment); and as administratively .amended by that certain Third
Amendment to the Disposition and Development Agreement dated April 16, 2002 and by that
certain Fourth Amendment to the Disposition and Development Agreement dated Apri11, 2003
(the First Amendment, the Second Amendment, the Third Amendment and the Fourth
Amendment are collectively referred to herein as the "DDA"); and
WHEREAS, the DDA relates to redevelopment, development, and operation of a phased
First Class, First Quality 344,000 square foot mixed-use commercial/office project with
restaurant and retail components and common areas, including a five-tier 1300 space parking
structure that spans all Phases of the Project; specifically the retail component will include up to
81,000 square feet with a restaurant, deli, coffee shop, fmancial institution, and other retail uses,
Phase I will include 102,237 square feet in a five story office tower at the easterly portion of the
Site, Phase II will include 125,000 square feet in a six story office tower, and Phase III will
include 117,000 square feet in a six story office tower at the westerly portion (Project); and
WHEREAS, timing of construction of the Project's Phase II improvements has been
delayed based upon overall market conditions and demand for office and retail space, the
lingering effects of the recession on financial lending institutions, and by the unavoidable
impacts of the terrorist attacks in 2001. As a result, the developer is requesting a lease with the
City to assist with completion of construction financing (Lease); and
WHEREAS, Agency is willing to enter into Developer's proposed Lease because (1) the
project will benefit from improved access to financing, (2) the proposed lease does not alter the
original DDA framework and projected timing for Agency financial participation; and (3) the
project's continued success is considered an important keystone to the overall success of the
City's downtown redevelopment effort.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of
Chula Vista does hereby approve the Fifth Amendment to the Gateway Chula Vista Project
Disposition and Development Agreement (DDA) in the form presented, with such minor
modifications as may be approved or required by the Agency Attorney.
BE IT FURTHER RESOLVED, the Agency approves the Lease with Developer on the
terms presented, in substantially the same form as the lease entered into as part of the Second
Amendment, in a final form to be approved by the Agency Attorney.
RDA Resolution No. 2003-1849
Page 2
BE IT FURTHER RESOLVED, the Chairman is authorized and directed to execute final ___.
forms of the Fifth Amendment and the Lease, and Agency staff is authorized and directed to take
all reasonable actions necessary to implement same.
Presented by
adigan
nity Development Director
Approved as to form by
~~~~~
Ann Moore
Agency Counsel
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 18th day of November 2003, by the following vote:
AYES:
Agency Members:
NA YES:
Agency Members:
ABSENT:
Agency Members:
ATTEST:
4~:~lQ&'~r
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
Davis, McCann, Rindone, Salas, and Padilla
None
~
~ 01 U.
Stephen C. Padilla, Chairman
--
I, Laurie Madigan, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that
the foregoing RDA Resolution No. 2003-1849 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 18th day of November 2003.
Executed this 18th day of November 2003.
~
~. -L-<--...J
Laurie Ma igan, Secre 7
.-.,