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Shoring Up Slowing Contributions
What is not mentioned in this article is why the Del Mar School District sold this property in the first place? ... answer ... to satisfy the district staff's belly aching over space needs. They propose to close down the Del Mar Hills elementary school thus forcing the kids to transfer to another school ... it gets worse ... class size will increase ... all so these selfish district administrators can have a larger cubicle. In these tough economic times with 10% unemployment how can these district employees justify the sale of the property? To compound the problem ... the City of Del Mar has serious budget problems and is now proposing to declare its downtown area a blighted area ... why? ... so they can qualify for federal HUD funds and to make the area a redevelopment district ... why? ... although they have no studies to prove it will benefit the city they believe a an increase in revenues will help the city stay afloat ... and how pray tell do they think this will get funded? ... by going into debt ... they want to float a bond issue pay for the debt with redevelopment revenues dedicated to this debt ... what they have not considered is the cost of all this debt ... 25% underwriting and bond counsel fees and a 20 to 25% discount on the bond ... that's close to a 45% cost to the taxpayers ... and they still haven't realized that this redevelopment district will take revenues away from the city's general fund. It gets worse they propose to close a lane of Pacific Coast Highway thus creating a bottle neck for commuters during rush hour and creating a traffic problem for the neighborhoods and commuters.— November 8, 2009 11:22 a.m.