Del Mar releases Resolution of Intent regarding fairgrounds purchase

Fairgrounds CEO Tim Fennell said there has been $191 million worth of upgrades to the fairgrounds property over the past 18 years, so the proposed $120 million purchase price is less than the cost of recent capital improvements.

A bill authorizing the sale of the fairgrounds was introduced to the state senate more than a month ago, although that bill expired in late November. A new bill authorizing the sale is expected to be introduced this month.

The resolution adopted by the council clarifies some of the details of the possible purchase, such as the governance of the property, which would be overseen by a nonprofit group with representatives from Del Mar, Solana Beach, the city of San Diego, the county of San Diego, and the San Dieguito Rivery Valley JPA. The city of Del Mar would not have a majority of those seats, as was proposed in the original bill. How exactly those seats would be divided is not known yet, and there could potentially be more representatives added to the governing board. At the time of press, there was a Dec. 1 press conference scheduled to further discuss the resolution and potential sale of the fairgrounds. Check delmartimes.net for follow-up.

Related posts:

  1. Fairgrounds CEO says Del Mar’s intent to purchase property is ‘Not a Good Deal’
  2. Will state and local personnel changes impact Del Mar Fairgrounds deal?
  3. MAYOR’S VIEW: Fairgrounds purchase would bring local accountability
  4. City of Del Mar trying to buy fairgrounds
  5. Solana Beach and Del Mar to start talks about fairgrounds purchase

Short URL: http://www.delmartimes.net/?p=19116

Posted by Lorine Wright on Dec 1, 2010. Filed under Carmel Valley, Del Mar, Featured Story, News, Solana Beach. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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