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Port, Chula Vista Can't Afford Gaylord Giveaway

The deal has been slip-sliding, but some county leaders still want the Port and the City of Chula Vista to subsidize, massively, a waterfront hotel for Gaylord Entertainment. But Scott Barnett of TaxpayersAdvocate.org, following up on a study he did a year ago, says it can't happen fiscally. Chula Vista's Redevelopment agency has "no ability" to assist in infrastructure financing. The port has "insufficient resources" to help fund the project, says Barnett. The two were going to throw in more than $300 million in subsidies through the bond market. Chula Vista has increased its debt by $143 million in the past five years. Total debt is now $190 million. "Worsening conditions of the housing market and related economic and fiscal problems" have led to a "fiscal meltdown," says Barnett. Chula Vista has a $14 million shortfall in the '07/'08 budget. Standad & Poor's recently lowered the city's bond rating. The deal should be out of the question.

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The deal has been slip-sliding, but some county leaders still want the Port and the City of Chula Vista to subsidize, massively, a waterfront hotel for Gaylord Entertainment. But Scott Barnett of TaxpayersAdvocate.org, following up on a study he did a year ago, says it can't happen fiscally. Chula Vista's Redevelopment agency has "no ability" to assist in infrastructure financing. The port has "insufficient resources" to help fund the project, says Barnett. The two were going to throw in more than $300 million in subsidies through the bond market. Chula Vista has increased its debt by $143 million in the past five years. Total debt is now $190 million. "Worsening conditions of the housing market and related economic and fiscal problems" have led to a "fiscal meltdown," says Barnett. Chula Vista has a $14 million shortfall in the '07/'08 budget. Standad & Poor's recently lowered the city's bond rating. The deal should be out of the question.

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Comments
1

Not only does Gaylord want heavy subsidies, but they also want to cut local workers out of the deal. No labor agreements with local labor were made. Where does a company get off asking for handouts from the taxpayers and not even promising good jobs to us? Why are we acting so desperate for Gaylord to set up shop here? This is Southern California baby! We pay our taxes, we call the shots!

Dec. 13, 2007

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