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Revitalization Score: Residents 1, Landlords 6
June 2008 | from Chuck Newton, Del Mar

 

If I were writing the headline for the City Council's action on April 7, that's how it would read.

The Council agreed to spend $250,000 for a specific plan to increase retail sales. Just to get its bait back with the city's 1% share of the sales tax, $2,500,000 of new sales will be needed.

Meanwhile, 6% of sales on new rents will go to downtown landlords--a flood of new income on properties with typically low property taxes, especially those sheltered by Proposition 13 (see Dernetz, Nov. 2007 Sandpiper ).

This landlords' windfall will surely not draw support from residents when the plan goes to a vote. To avoid defeat, the downtown owners should throw something meaningful into the pot, and here's a suggestion: Create a Downtown Assessment District for providing parking.

 

   
 

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