Retiring the Shores debt – a council priority

By Crystal Crawford
Mayor, Del Mar

In May 2008, thanks to generous contributions from Del Mar residents and the Winston School, the city purchased the 5.3-acre property commonly referred to as the Shores Property for $8.5 million. The site currently houses the Winston School, the Del Mar Union School District offices and childcare facilities, and the community’s baseball field.

However, total contributions were short of the purchase price, and the city secured a short-term loan of $3,673,000 with a balloon payment of $3,245,588 coming due
in November 2011.

Recognizing that this property is the largest acquisition ever attempted through fundraising in the City of Del Mar, the council has worked with the fundraisers to extend the time for raising the funds for the purchase. The initial deadline to raise the $8.5 million was February 2008, but interim financing and the short-term loan have provided additional time for fundraising. However, given the balloon payment, the City Council recognized at the outset that we must simultaneously explore other opportunities to pay off the debt.

During a public workshop in June 2009, staff provided several options for consideration. The council asked staff to develop a schedule for public workshops and community conversations to discuss the options and solicit input from the community at large. We will be discussing the schedule and strategies at the City Council meeting on Monday at 6 p.m., and we invite the community to attend and share your thoughts on the various options.

Our Community Plan envisions open spaces for our citizens and visitors to enjoy and the preservation of the rural feel and relief for generations of Del Marians to come. We are a strong and committed community, and we have worked together now for decades finding the means to make this vision a reality.

Two public workshops are being planned in September: one to explore financing options and another to explore using city assets to pay off the debt. There will also be opportunities for residents to participate in community conversations.

Leave a legacy in Del Mar by having your name associated with this beautiful property or share your ideas about how we can retire this debt together by contacting me at .

You can make donations directly to the city of Del Mar at the Finance Department or to the Friends of Del Mar Park’s by visiting their Web site at www.delmarshores.org.

Related posts:

  1. $3.7M Shores debt remains
  2. Shores fundraising not over yet
  3. District receives Shores payment
  4. DM council seeks ways to retire Shores property loan
  5. City Council agrees to bank loan to prevent Shores default

Short URL: http://www.delmartimes.net/?p=6180

Posted by on Jul 30, 2009. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • New Rancho Santa Fe Library Branch Manager welcomes community input
    Rancho Santa Fe Library’s new Branch Manager Haley Kwon has been charmed by the village’s “sweet, down-home” character, the simple pleasure of visiting the local library and people’s enjoyment of a slower speed of time. “It’s a small town and the library is a place for people to connect,” Kwon said. “People have a different sense of time here, they come in t […]
  • Robotics booming at Rancho Santa Fe School
    By Karen Billing At R. Roger Rowe School, 44 percent of first graders are participating in the robotics program this year. The school is fielding 44 robotics teams, including 31 percent of second grade, 23 percent of third grade, 35 percent of fourth grade and 39 percent of fifth grade. In the middle school, there are two FIRST LEGO League (FLL) teams and fi […]
  • Berkshire Hathaway HomeServices honored with Stevie Gold Award
    Berkshire Hathaway HomeServices was recently named Startup of the Year in the 2014 American Business Awards, earning the brokerage the Stevie Gold award. The award was presented at the Fairmont Millennium Park Hotel in Chicago, Illinois. “Berkshire Hathaway HomeServices is among a select few organizations to be entrusted with the Berkshire Hathaway name,” co […]