The Chula Vista City Council on Tuesday accepted an update and presentation by Chula Vista Port Commissioner Ann Moore and San Diego Unified Port District staff.
Moore said city and Port staff have worked diligently on processing a joint application with California Coastal Commission staff for the bayfront master plan.
"Currently staff has received verbal indications that it will be considered at the coastal commission meeting in March," Moore said. "We will know for sure by Feb. 24."
Houston-based energy company Dynegy, submitted its application to the Coastal Commission Nov. 3 last year for remediation and demolition of the South Bay power plant.
Moore said the Port and city staff have held weekly team meetings with representatives from city manager offices, communications and outreach consultants, and representatives from Pacifica Companies to proactively address key issues.
Chula Vista Mayor Cheryl Cox reminded Moore that the council is very interested in the demolition of the power plant.
“Once the parent company forks over the $40 million it will make us all feel a lot better,” Cox said.
Moore said the Port plans to bring a financing agreement forward for port approval in March once it has been approved by the City Council.
In addition, she said that a timeline for a request for proposals or qualifications depends on what the Coastal Commission decides.
“They want to see that we have a financing plan in place,” Moore said.
As of Dec. 31, 2011, Moore said there is approximately $16.8 million in the escrow account.
Moore said that Dynegy has provided the port with financial information in response to its request for financial assurances in December and that consultants are in the process of reviewing the material.
“The district is continuing its audit of all expenditures … and has provided (Dynegy) with standards for reimbursable travel and employee expenses based upon federal and state regulations,” she said.
In addition, all other employee reimbursements will be denied until Dynegy demonstrates compliance, Moore said.
The Port has also produced a marketing brochure and video about the city’s waterfront, which it used this week at the American Lodging Investment Summit to begin to familiarize hotel development and finance communities with the project.