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RESOLUTION NO. 2014-123 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE MAYOR TO ENTER INTO A RESTATED AND AMENDED LAND OFFER AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND SSBT LCRE V, LLC; FOR CONVEYANCE OF 128.6 ACRES TO THE CITY FOR UNIVERSITY PARK AND INNOVATION DISTRICT DEVELOPMENT
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
The property owner (SSBT LCRE V, LLC) and the City now desire to amend the Superseded Land Offer Agreement in order to reflect the new land use plan being proposed by the owner for the property.
On May 20, 2008, the City Council approved a resolution authorizing the Mayor to enter into a Land Offer Agreement (LOA) with JPB Development, LLC (owner). Said first LOA provided for the owner agreeing to convey to the City 160 gross acres of land in exchange for City review and approval of land entitlements within specified portions of the Otay Ranch project area. The conveyed land would be for development of a facility for higher education and other compatible land uses in a configuration that would be conducive to the planning of a university campus and innovation district (formerly referred to as regional technology park).
On August 17, 2010, the City Council approved a resolution authorizing the Mayor to enter into an agreement that superseded the first LOA. The superseded LOA specifically excluded the Village 4 property from the provisions of the 2008 agreement because the owner no longer owned the Village 4 property.
Since JPB Development, LLC was no longer owner of Village 4, the superseded LOA proposed to include only property owned and controlled by JPB Development, LLC. Consistent with not owning Village 4, the 750 dwelling units that were assigned to Village 4 by the first LOA were deleted from the superseded LOA. The first LOA approved on May 20, 2008 will still be in effect and the 750 units will remain with the Village 4 property.
The su...
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