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Government in San Diego is so incompetent; they are willing to pay 200% over value for a piece of land.
"The deal that will give the public control over the four acres of bay front land needed to expand the city's Convention Center will cost $13.5 million.
That's $8.8 million more than the Unified Port of San Diego thinks it's worth, according to a land appraisal obtained Friday by voiceofsandiego.org."
This is why government has too much money--San Diego is bankrupt, has to cut cops, libraries and firefighters--but stupidly wants to pay more than 200% over value for land.
Oh, the land is to expand the government owned Convention center by about $800 million. "The Convention Center needs the land for a planned $753 million expansion contiguous to the current center. The expansion is designed to keep growing conventions like Comic-Con in town and add conventions bigger than can be accommodated now."
The bigger question, why does a bankrupt city own a convention center--sell it, and put the property back on the property tax rolls. No doubt, San Diego is a poorly run city; those running it are economic illiterates.
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"The deal that will give the public control over the four acres of bay front land needed to expand the city's Convention Center will cost $13.5 million.
That's $8.8 million more than the Unified Port of San Diego thinks it's worth, according to a land appraisal obtained Friday by voiceofsandiego.org."
This is why government has too much money--San Diego is bankrupt, has to cut cops, libraries and firefighters--but stupidly wants to pay more than 200% over value for land.
Oh, the land is to expand the government owned Convention center by about $800 million. "The Convention Center needs the land for a planned $753 million expansion contiguous to the current center. The expansion is designed to keep growing conventions like Comic-Con in town and add conventions bigger than can be accommodated now."
The bigger question, why does a bankrupt city own a convention center--sell it, and put the property back on the property tax rolls. No doubt, San Diego is a poorly run city; those running it are economic illiterates.
More...