CHULA VISTA, Calif. (KGTV) -- The Port of San Diego and City of Chula Vista reached a milestone today, approving the financial agreement for the Chula Vista Bayfront resort hotel and convention center project.
"It's taken us 30 years to get to this day, and it's certainly worth it," Chula Vista Mayor, Mary Casillas Salas said.
Officials also authorized a revenue-sharing agreement between the two agencies.
The entire project will cost $1.1 billion. Of that, RIDA Developement will invest $785 million. The city and the port authority will pay for a combined $300+ million.
Port commissioners said it is a large investment for an even larger long-term reward.
"As far as what we'll get back, we will see an immediate impact by the fact that it's going to create 10,000 construction jobs, and it's going to put about a billion dollars in the local and regional economy," Moore said.