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

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

  • 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 […]
  • Rancho Santa Fe sports update
    Santa Fe Christian lost to Carlsbad 35-7 in a nonleague game on Sept. 12. The Eagles’ only score came in the third quarter, when Matthew McRoskey completed a 54-yard scoring pass to Caleb Phillips. Reece Walker rushed for 50 yards on four carries and Benton Weeks gained 29 rushing yards on 11 carries. […]
  • Red Envelope Friday fundraiser returns to benefit Rancho Santa Fe School
    The Rancho Santa Fe Education Foundation’s annual Red Envelope Friday fundraiser returns Sept. 26. All families are encouraged to contribute “Your Share” in support of a world-class education for their children at R. Roger Rowe School during Red Envelope Friday. Making a contribution is easy! On Sept. 26, volunteers will be at drop off and pick up lines at t […]