| San Diego County, CA | November 7, 2006 Election |
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Against $27 million subsidy to private Hotel DeveloperBy George Daniel BarranteCandidate for Council Member; City of Oceanside |
This information is provided by the candidate | |
Public funds should not be used to enhance a prviate for profit enterprise plus the deal is one sided and unfairI am against this project as presented for following reasons. 1. Because it is not appropriate for the City Council to use our tax money to subsidize a for-profit enterprise. If the hotel cannot be built without a subsidy, then the city should not prop up what would otherwise be an unprofitable venture 2. Secondly, it is a great deal...for the developer. There are so many suggestions and comments I have that 3 minutes can just scratch the surface but let's go. First the city needs to extend its taxing RD authority which expired last year. SB 1270 which prevents extensions and has by-partisan support is sailing though the state legislature and will be signed. So where are we going to get the money? I know the taxpayers. 3. The builder has an option to sell after 8 years (12 years no rent) but the city does not have a similar option. 4. It is customary for the persons putting up front money to get a piece of the action (profits) we do not. 5. We are paying 200,000 for the EIR and then we must certify it. Think of legal ramifications and how strong is the applicant that they cannot pay for their own EIR? Very unusual. 6. The profit figures are high and the cost figures are low. There will inevitably be a short fall. 7. We had a committee on our side and the results show it. Get legal opinions on the exposure from citizens, the other bidders who were not given these subsidies and terms and EIR ramifications to include appeal to coastal commission. Finally hire and independent merger and acquisition expert to evaluate the deal. |
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Created from information supplied by the candidate: September 22, 2006 09:33
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