There have been numbers banded about in the press about the real estate value of the Fairgrounds, the estimated annual revenue generated for the local community, and the State's lack of experience in running a facility like this. Also suggestions made that it's quite possible things would remain much as thery are, but under new ownership. I would like to set matters straight if I may,
Firstly the estimate that the Fairgrounds is worth between $350 - $600 million? Isn;t that rather like saying Encinitas is between 5 and 50 miles from Del Mar? The value would be closer to $350 million The Fairgrounds is not unencumbered with debt by the way. It owes over $60 million in bonds and nearly $200 million to the Race Track Authority. That means the State would net about $90 million from selling the Fairgrounds.
Secondly, the revenue amount quoted of about $400 million each year to San Diego from the Fairgrounds, (not including the racing handle) was based on a 2002 survey. That figure would be $500 million at the very least today, So the governor's plan is to trade $500 millon of annual revenue for a $90 million one time fire sale? And does anyone wonder why our state legislature can't balance a budget?
Thirdly, I would address the governor's comment that the State are not qualified to run a facility like the Fairgrounds. He's absolutely right, the State doesn't run it. The Fairgrounds has been successfully run for decades by the 22nd District Agricultural Association. It is totally self funding, requiring no public funding or help whatsoever. It makes more money each year, creating more revenue and jobs for the community.
Finally, things could very well remain very much as they are? Anyone who took over this facility would be paying property tax, corporation tax and income tax. In order to make that happen you honestly think the county fair that we know and love would remain the same? You honestly believe that you would be paying $13 for an entry ticket?
I urge you to make your voice heard. If the governor pulls the sale of this place off, it will be no use crying about it next year when a piece of our history and community is gone forever. It will be no use wailing why didn't anyone tell us what was really going on. And the governor? He'll be long gone, hiding behind the walls of his billion dollar home, unavailable for comment.
62° Partly Cloudy
San Diego Speaks: Selling the Del Mar Fairgrounds?
There have been numbers banded about in the press about the real estate value of the Fairgrounds, the estimated annual revenue generated for the local community, and the State's lack of experience in running a facility like this. Also suggestions made that it's quite possible things would remain much as thery are, but under new ownership. I would like to set matters straight if I may,
Firstly the estimate that the Fairgrounds is worth between $350 - $600 million? Isn;t that rather like saying Encinitas is between 5 and 50 miles from Del Mar? The value would be closer to $350 million The Fairgrounds is not unencumbered with debt by the way. It owes over $60 million in bonds and nearly $200 million to the Race Track Authority. That means the State would net about $90 million from selling the Fairgrounds.
Secondly, the revenue amount quoted of about $400 million each year to San Diego from the Fairgrounds, (not including the racing handle) was based on a 2002 survey. That figure would be $500 million at the very least today, So the governor's plan is to trade $500 millon of annual revenue for a $90 million one time fire sale? And does anyone wonder why our state legislature can't balance a budget?
Thirdly, I would address the governor's comment that the State are not qualified to run a facility like the Fairgrounds. He's absolutely right, the State doesn't run it. The Fairgrounds has been successfully run for decades by the 22nd District Agricultural Association. It is totally self funding, requiring no public funding or help whatsoever. It makes more money each year, creating more revenue and jobs for the community.
Finally, things could very well remain very much as they are? Anyone who took over this facility would be paying property tax, corporation tax and income tax. In order to make that happen you honestly think the county fair that we know and love would remain the same? You honestly believe that you would be paying $13 for an entry ticket?
I urge you to make your voice heard. If the governor pulls the sale of this place off, it will be no use crying about it next year when a piece of our history and community is gone forever. It will be no use wailing why didn't anyone tell us what was really going on. And the governor? He'll be long gone, hiding behind the walls of his billion dollar home, unavailable for comment.
Remember - complacency is defeat.
Ean Corbet
Oceanside
June 16, 2009 at 4:58 p.m. ( permalink | suggest removal )