I wish Bob would read first before posting
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What do you mean by that comment? I wish your postings made sense. Feel free to point out anything I posted that is incorrect or misinformed. I welcome the opportunity to debate any matter with you.
"I'm Winston Wolf. I solve problems."
As the World Turns...
http://www.kpbs.org/news/2010/oct/08/go ... -mar-sale/
I hate it when I don't forward chain letter and I die the next day!
To put this all in perspective, here is what has been going on in the attempt to sell the Orange County Fairgrounds.
In January 2010, it was announced that the OC Fairgrounds would be sold to a private company, Craig Realty Group (who developed the Cabazon and Citadel Outlet malls) for $56.5 million. At that time, State officials were estimating that the Fairgrounds could potentially sell for $90 million to $180 million.
http://www.ocregister.com/articles/stat ... ounds.html
In March 2010, the Legislature rejected the bid, saying that it was too low. It rejected all the other bids, saying that none of them obtained the highest and most certain return for the State.
http://www.laindependent.com/news/regio ... 18507.html
In June 2010, the voters in Costa Mesa overwhelmingly passed a measure (Measure C) restricting the development of the Fairgrounds property, in an attempt to discourage buyers from turning it into shopping malls and condominiums. It was also thought that those restrictions would lower the perceived value of the land. Yet, the State put a minimum bid requirement of $96 million on the property.
Since Costa Mesa is governed by debt limitation statutes, they could not submit a $96 million bid. But in June 2010, they chose to partner with a private firm, Fairgrounds Management West (FMW) who would lease the property from the City of Costa Mesa in a 55 year agreement, and pay the full price of the fairgrounds to the State over a 40 year period. FMW would operate the grounds as a fair and events center. In return the City would get an estimated $750,000 - $3.2million in revenue per year.
An agreement was met with the Governator’s office, which encouraged Del Mar City Councilwoman Crawford in regards to existing negotiations to buy the Del Mar Fairgrounds for the City of Del Mar.
http://www.delmartimes.net/news/271288- ... airgrounds
But the Legislature stalled on this one too, and in August 2010, the California Department of General Services put out another Request for Proposal to sell the OC Fairgrounds.
In September 2010, the 32nd DAA, operator of the Fairgrounds, challenged the State’s authority to sell the land without getting approval from the 32nd DAA. According to their lawyers, the land was purchased with half the funds coming from the State’s Fair and Exposition Fund, who got their money from racing revenues, not from general state funds or general taxes. The other half of the money was put up by the 32nd DAA, who they claim holds the title. They also claimed that the title is so cloudy, it is not clear if or how it can even be transferred.
http://ns.ocfair.com/ocfadmin/admin/Pub ... erials.pdf
They sent a letter to the Governator about it all. http://www.ocfair.com/ocf/092010LettertotheGovernor.pdf
Meanwhile, as all this was going on, FMW pulled an end run and submitted a $96 million bid on its own, independent from the City of Costa Mesa. According to this article, the bid meets the requirements of the most recent RFP.
http://www.ocregister.com/articles/city ... state.html
So there you are. Ten months into the process, and it’s still one big tangled, political mess.
If the events in OC are any indication, it seems that the sale of the Del Mar Fairgrounds to the City of Del Mar or anybody else is not going to happen overnight.
Just as a curiosity – the Del Mar Fairgrounds website says that the property was purchased using money from the California Fair and Exposition Fund (just like the OC Fairgrounds) and funds from the Fair Board of the 22nd DAA.
Would the 22nd DAA have to approve the sale of the Del Mar Fairgrounds to the City of Del Mar?
I bet on a horse at ten-to-one. It didn't come in until half-past five.
My horse was so late getting home, he tiptoed into the stable.
~ Henny Youngman
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