Form Rev 9/30/2025
RESOLUTION NO. __________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA , ACTING AS THE LEGISLATIVE BO DY OF
THE BAYFRONT PROJECT SP ECIAL TAX FINANCING
DISTRICT 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 City of Chula Vista (the “City”) is a municipal corporation and charter city duly organized and existing under a charter pursuant to which the City has the right and power to make and enforce all laws and regulations with respect to municipal affairs and certain other matters in accordance with and as more particularly provided in Sections 3, 5, and 7 of Article XI of the Constitution of the State of California and the Charter of the City; and
WHEREAS, the City and the San Diego Unified Port District (the “Port District”), are undertaking a collaborative planning process with the community to develop a comprehensive Chula Vista Bayfront Master Plan (the “CVBMP”) for the Chula Vista Bayfront Project; and
WHEREAS, Chapter 3.61 of the Chula Vis ta Municipal Code (“Chapter 3.61”) was enacted for the purpose of establishing a procedure for financing certain public and private improvements and maintenance and services to serve the Chula Vista Bayfront Project through the establishment of a financing district, the levy and collection of special taxes within such district and the issuance of bonds of such district secured by such special taxes for the purpose of financing a Convention Center Facility (as defined in Chapter 3.61), and certain other public and/or private improvements; and
WHEREAS, the City Council of the City, has previously initiated proceedings, held a public hearing, formed the Bayfront Project Special Tax Financing District (the “District”), conducted an election and received a favor able vote from the qualified electors of the District, authorizing the levy of special taxes in the District, a bonded indebtedness of the District in an amount not to exceed $175,000,000 and an appropriations limit for the District, all as authorized pursuant to Chapter 3.61; and
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
Resolution No.
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 Dispositio n 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 , acting as the legislative body of the District 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 Counci l 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 was entered into by the City, the Bayfront Project Special Tax Financing District, the Port District, the Chula Vista Bayfront Facilities Fina ncing 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
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 Bay front-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
Resolution No.
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 t he 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, t he 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, acting as the legislative body of the Bayfront Project Special Tax Financing District, 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 Authorized Officers and other officers, employees and agents of the City, acting for and in the name and on behalf of the District to execute same.
Presented by Approved as to form by
Sarah Schoen Marco A. Verdugo
Deputy City Manager City Attorney