Form Rev 3/6/2023
RESOLUTION NO. __________
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 Instruction s 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 Ag reement 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, a nd 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 t o 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 fo rm 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.
Resolution No.
Presented by Approved as to form by
Tiffany Allen Marco A. Verdugo
Assistant City Manager City Attorney