Posted On : 7/18/2007 by Brian Wennersten
Over the last few years San Diego has been the butt of jokes about our political leadership and budget shortfalls. Currently, if the city wanted to raise money through bonds, we would not be able to because our financial ratings are so low.
However, that is all about to end. San Diego Mayor Jerry Sanders has seemingly steered the ship in the right direction. He is ready to focus on the future. During a recent Urban Land Institute of San Dieg /Tijuana breakfast Sanders said, "Let's stop talking about the past, and start talking about what we want in the next decade so that everyone feels good about where they are living."
In his focus on the future of our city he believes that the city will soon have bonding approval for $1.4 billion dollars, in which he would like to allot about $600 million over 5 years to our infrastructure (street repairs, etc.) and another $50 million for ADA compliance to improve access at public facilities.
Also, in a recent audit on city-owned real estate, the city accounted for all but two of its 3400 parcels. The city owns about 120,000 acres of land, with about 650 ground leases coming up for renewal in 2008. After the audit, the city identified 17 properties that are either not bringing in enough revenue or are not needed for the cities foreseeable future. So you ask, what are they going to do with the ripe for commercial development property? Well, the properties have been approved for sale within the next 30-60 days. Contact your commercial real estate broker to find out more information on the sale of the city-owned real estate.