Deeds and WeedsJune 9, 2009

Municipal Bailouts (Cont.)


Here's a link to a USA Today story on the $475 million Terranea Resort's request for money from Rancho Palos Verdes (we blogged about it here), as well as several other cases where developers have their hands out.

The Terranea plan calls for the city to give up to $8 million in tax revenue back to developer Robert Lowe Sr. for nearly three years. The developer would use that as collateral to get a bigger, private loan to pay for Terranea's opening on Friday.

Among the other municipal deals described in the article:

  • A Spearfish, S.D., developer wants the city to divert $2.1 million in property taxes he will pay to reimburse him for improvements to a golf course and service road. The city will consider the idea Monday.

  • Mesquite, Nev., will lend $2.5 million to a developer to build a road to a proposed recreational vehicle park that the city hopes to expand into a casino and golf course.

-- P.F.