Bud Emerson | Klish Way
The bill authorizing the proposed Del Mar acquistion of the fairgrounds is scheduled to be heard by state legislative committees. The Governor has decided not to sell state office buildings but has not yet focused on fairground facilities (however, his proposed budget eliminates state funds for fairgrounds). Some sources suggest that some number of the current Fair Board members may be replaced soon.
Meanwhile the Sandpiper editors have heard from quite a few people who are supportive of fairgrounds acquisition but worry about the financial viability. The Sandpiper asked the Mayor and City Manager to answer the most frequently asked questions about their financial projections even though the specific terms of the proposed deal have yet to be finalized.
SP: How would the debt service from the transaction be paid?
Del Mar: Debt service would be paid from revenues from the race track lease, the Fair, and other special events at the fairgrounds.
SP: How would pension liabilities be covered for state employees and union employees?
Del Mar: CalPERS employees could continue to participate in their contract, and would be funded as it is today, through an annual amortization of any unfunded liabilities.