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For a number of years, TY Investment, owner of Carlton Oaks Golf Course in Eastern San Diego, has wanted to add to their golf course. In order to do so, the owners of the Santee-based company hoped to purchase a portion of golf course currently owned by the City of San Diego. Company representatives said the $240,000 they paid a year to lease the property was too much.
April 2010, San Diego's Real Estates Assets Department informed the company that the City would sell the land for $3 million.
The deal hit a rough patch. Because the land is located on the edge of the San Diego River in flood plains, a state conservancy group, saying the sale of the property would jeopardize conservation efforts.
In October 2011, members of San Diego's Land Use and Housing Committee requested an alternative; to write up a lease that would satisfy the golf course owner and be agreeable to the City.
On Wednesday, staff will return with their solution. If approved by the committee and then the full council, the terms of the lease will change. The City would rent the property to TY Investment for 40 years, charging $150,000 a year with a 2.5 percent annual increase. However, company officials have agreed to hand over the title for 2.6 acres of land near the river and grant the City access. The land and access point drives the cost of the lease down to a total annual cost of $132,220, more than $100,000 lower than the previous lease agreement.
The committee will hear the item during the 9am session on Wednesday April 11.
For a number of years, TY Investment, owner of Carlton Oaks Golf Course in Eastern San Diego, has wanted to add to their golf course. In order to do so, the owners of the Santee-based company hoped to purchase a portion of golf course currently owned by the City of San Diego. Company representatives said the $240,000 they paid a year to lease the property was too much.
April 2010, San Diego's Real Estates Assets Department informed the company that the City would sell the land for $3 million.
The deal hit a rough patch. Because the land is located on the edge of the San Diego River in flood plains, a state conservancy group, saying the sale of the property would jeopardize conservation efforts.
In October 2011, members of San Diego's Land Use and Housing Committee requested an alternative; to write up a lease that would satisfy the golf course owner and be agreeable to the City.
On Wednesday, staff will return with their solution. If approved by the committee and then the full council, the terms of the lease will change. The City would rent the property to TY Investment for 40 years, charging $150,000 a year with a 2.5 percent annual increase. However, company officials have agreed to hand over the title for 2.6 acres of land near the river and grant the City access. The land and access point drives the cost of the lease down to a total annual cost of $132,220, more than $100,000 lower than the previous lease agreement.
The committee will hear the item during the 9am session on Wednesday April 11.