54.3 F
San Diego
Thursday, Mar 28, 2024
-Advertisement-

Del Mar May Purchase Fairgrounds and Racetrack

The city of Del Mar could become the owner of the 400-acre property that includes the Del Mar Fairgrounds and its famed horse racetrack.

Language in proposed state legislation, co-authored by Sen. Christine Kehoe, D-San Diego, includes terms that would allow the city to purchase the property for $120 million from the state.

The property is currently owned by a state-designated entity known as the 22nd District Agricultural Association.

The Senate proposal would, among other things, authorize the Department of General Services to sell all of the property in a newly created district, 22a, to the city of Del Mar. Funds from a sale would eventually be transferred to the state’s general fund, and ultimately deposited into a bond retirement fund.

The Senate measure authorizes the city to issue revenue bonds to finance a portion of the property purchase. It requires the city, if it exercises its authority to purchase the property, to establish a nonprofit corporation to manage its operation and maintenance.

The potential sale to the city is included in a Senate amendment, approved Oct. 6, to legislation first introduced in the state Assembly in February 2009, as Assembly Bill 181.

The proposal is part of a larger budget measure geared to dealing with state budget problems by selling off certain state-owned properties to generate revenue.

— Lou Hirsh

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-