The San Diego City Council will discuss on Monday a proposed 30-year lease for a 65,000-square-foot commercial building and its potential transformation into a…
The city's investment for leasing the property on Kettner Boulevard will cost $15.7 million more than just buying the building outright and completing tenant improvements itself, the IBA saysThe San Diego City Council will discuss on Monday a proposed 30-year lease for a 65,000-square-foot commercial building and its potential transformation into a massive homeless shelter and resource campus, the first time the plan has been discussed publicly.
Is the city's plan for its 1,000 bed shelter a good deal for taxpayers? That depends on who you ask. NBC's Joey Safchik hears from the conflicting voices in city hall. If the lease as proposed by Gloria is approved, the city will need to find $29.8 million annually in new revenue -- no easy task for a city just one month removed from a budget process featuring stop-gap measures to avoid service cuts.The mayor makes the case that if the deal is accepted, several advantages would kick in, including:-- $5 million unrestricted contribution from property owner;
-- if property is sold within five years, city would receive profits from sale amounting to 14% of net; and The City Council has met in closed session four times to discuss the possible leasing of the facility, located just west of Interstate 5. Details had previously been scant, other than the location and the"1,000-bed shelter" moniker which has fallen out of vogue by city leaders.
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