Posted Wednesday, November 10, 2010 11:58 AM | Contributed by Jeff
Tom Lochtefeld stood before San Diego city councilmembers Tuesday, November 9, and urged them to direct the city's Real Estate Assets Department to restart negotiations on Belmont Park's land lease and rethink the 700 percent rent increase that the department imposed. If not, said Lochtefeld, the Coney Island–inspired amusement park in Mission Beach may take its final plunge.
Read more from The San Diego Reader.
Not surprising. I'm not sure how anyone could be expected to continue to function with a 700% rent increase.
Well the percentage is meaningless without a base. They may have been paying dirt cheap up until now. It could still be a low number, but simply not in their reach given the circumstances.
That's kind of what the article was implying... that for years the city was offering credits as an incentive to develop the property.
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