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( RogernSD )

Comments made by RogernSD

Will Del Mar Buy The Fairgrounds?

Sorry Racingfan, I don't think Del Mar can convert a AA bond rating for a 2 million dollar bond into a AA bond rating for 51 million bond, doesn't work that way. In addition, should Del Mar attempt to use the horseracing revenue as a funding source for a bond, they wouldn't get any better than a BBB- rating either. Plus, the numbers don't add up. The Fairgrounds reinvests revenues back into the facilities, back into producing one the finest (and highly awarded) Fairs, and maintaining one of the finest race tracks. Where is the money coming from for City of Del Mar to pay the debt to buy the Fairgrounds? Rezoning and selling is the most realistic answer. As you stated, "the property is in the City of Del Mar and is subject to that city's restrictive zoning and development prohibitions". The City can change those restrictions and prohibitions and then it's a whole new ballgame.

October 14, 2010 at 1:44 p.m. ( | suggest removal )

Will Del Mar Buy The Fairgrounds?

Mayor Earnest points out that the Fairgrounds is worth $120 million based on the current zoning. So, if the Del Mar City council changes the zoning, the Fairgrounds becomes worth more than $120 miilion, the race track, and an annual Fair as San Diego currently experiences. If any local agency should own the Fairgrounds, it's the County. Better yet, the State could wait for the economic turn around and get a price far greater than $120 million.When it comes to real estate, buy low, sell high.

October 13, 2010 at 1:06 p.m. ( | suggest removal )