Re “San Diego plans to forfeit rights to waterfront park at IQHQ campus” (Oct. 21): Whereas signing over a parcel of land to a developer for a park looks like a good suggestion, we should be cautious of actual property actions by the Metropolis Council. Given earlier actual property transactions such because the Ash Avenue property and the acquisition of two Marriott inns to deal with the homeless, public scrutiny is extremely advisable.
Whereas the proposed park is to be developed by way of a 96-year lease to the developer, let’s not overlook that the Metropolis Council simply signed a 99 yr lease for San Diego Excessive College in Balboa Park. The worth of park land within the city core ought to have been given larger precedence.
This appears to be an affordable contract to realize a public park for a long run (96-year) lease , nonetheless as at all times the satan is within the particulars.
Town appears to at all times blunder and lose cash on actual property offers as a result of lack of due diligence. Want I carry up 101 Ash Avenue?
One merchandise that’s disturbing is that the developer” retains the fitting to program the park because it sees match, and problem for-charge permits for personal occasions.”
This might imply live shows and different massive scale occasions that may very well be held each weekend and vacation, incomes cash for the builders and none to the town.
Shouldn’t a lease embody a share of income on the leased land as is completed on most lease offers? Get some competent attorneys to look at the contract with an eye fixed to this and different particulars or we can be closing one other dangerous deal by the town and shedding cash.
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