DATE: June 17, 2026
TO: Honorable Mayor and City Councilmembers
FROM: City Manager's Office
TITLE: ADOPTION OF RESOLUTIONS ACCEPTING THE FIVE-YEAR ECONOMIC DEVELOPMENT SUBSIDY REPORTS FOR THE OCEANSIDE PIER RESORT HOTELS AND CARMAX
RECOMMENDATION
title
Staff recommends that the City Council conduct a public hearing and adopt Resolutions accepting the Five-Year Economic Development Subsidy Report for the Oceanside Pier Resort Hotels (Seabird Resort and Mission Pacific Beach Resort) and the Five-Year Economic Development Subsidy Report for Carmax in accordance with Government Code Section 53083.
body
BACKGROUND AND ANALYSIS
Oceanside Pier Resort Hotels (Seabird Resort and Mission Pacific Beach Resort)
On July 22, 2014, the Oceanside City Council, the Oversight Board of the Successor Agency, approved a Disposition Agreement and Escrow Instructions with S.D. Malkin Properties, Inc. for the development of a "coastal resort project in downtown Oceanside." The project was envisioned as a catalytic, visitor-serving destination aligned with the City's nine block master plan and broader economic development objectives. The Successor Agency approved an economic subsidy for the project and published a related economic subsidy report pursuant to Government Code Section 53083.
The original economic subsidy agreement with the developer included a package of incentives totaling approximately $13.7 million, consisting primarily of transient occupancy tax (TOT) sharing calculated as the net present value at the time of the original subsidy report, with smaller percentages included as development impact fee credits and off-site mitigation contributions.
The developer, S.D. Malkin, ultimately delivered two boutique hotels: the Seabird Resort and the Mission Pacific Beach Resort, totaling 387 rooms with shared amenities including restaurants, retail, meeting space and a spa. The hotels opened to the public in May 2021.
Pursuant to Government Code Section 53083, the Ci...
Click here for full text