SEMPER FI!
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GREAT DEMONSTRATION OF SCALE AND SIZE
LINK
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VATICAN CHECKING THE SKIES
Wants to know if anyone is out there. LINK
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A FEW THINGS TO BE CHECKED--FAIRGROUNDS
We don't have the time or the inclination to make the phone calls on this, but some of what was said at the meeting on Monday about the sale of the Fairgrounds might have been misleading to a casual listener.
Here's the relevant part of the story in the almost daily Daily Pilot about the meeting. The CM PRESS's comments are in [].
County Treasurer Chriss Street detailed estimated financing costs for every $10 million of borrowing, should a private or public entity try to purchase the fairgrounds.
With an estimated $2 million profit per year [That profit info probably shouldn't be run on with what follows], financing costs would range from $655,000 per year for an AA General Obligation bond to $1.37 million annually for a private option with 50% equity, Street said. [Remember, those amounts are per each $ 10 million borrowed. Thus, on the private option, the mortgage payments would be (in round numbers) about $113,547.00 per month for each $ 10 million borrowed.]
He also gave a stark example of declining property values: the Heritage Fields property in Tustin, which went from a high appraisal of $365 million to $85 million in a year. Citicorp, which is funding development on the property, appraised it at just $42 million, he said.
[Someone might want to check with Mr.Street on these figures. Mr. Street may be correct, but we think they need checking.
[Here's why. What looks like a precipitous drop from $ 365 million to $ 85 million to $ 42 million in appraised value may be a misreading of the figures.
[The first figure, $ 365 million, may be an appraisal figure and the second figure, $85 million, may possibly be an appraisal figure (but this needs to be checked). However, the third figure of $ 42 million might not be an appraisal figure, but an LTV figure (often about 50% on appraised value on raw land) or it may be a construction loan.
[Again, we're just throwing this out there for anyone involved in the groups that want the City to buy the Fairgrounds to check. We don't have time to check these figures.
[Why this is important for those who want the City to buy the Fairgrounds
[These "appraisal figures" may be giving some folks hope that the citizens of Costa Mesa have a chance of buying the Fairgrounds at a song because land values have dropped so much--$ 365 million to $42 million, in the above example--but land values may not have actually dropped that much.
[If any readers check with Mr. Street, please drop us a note about what you learn.]
Here's the link to the full almost daily Daily Pilot article.
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GORBACHEV SAYS OBAMA CAN'T WIN IN AFGHANISTAN EVEN WITH MORE TROOPS
He's right. LINK
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HAPPY 234th BIRTHDAY, MARINES!
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PARTICLES HAVE NOW GONE HALF-WAY AROUND THE LHC
No problems yet as scientists get ready to put the pedal to the metal. LINK
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CHIEF RABBI OF GREAT BRITAIN SAYS INDIGENOUS EUROPEANS DYING OFF
BECAUSE THEY'RE NOT HAVING CHILDREN
LINK
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LINK
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VATICAN CHECKING THE SKIES
Wants to know if anyone is out there. LINK
# # #
A FEW THINGS TO BE CHECKED--FAIRGROUNDS
We don't have the time or the inclination to make the phone calls on this, but some of what was said at the meeting on Monday about the sale of the Fairgrounds might have been misleading to a casual listener.
Here's the relevant part of the story in the almost daily Daily Pilot about the meeting. The CM PRESS's comments are in [].
County Treasurer Chriss Street detailed estimated financing costs for every $10 million of borrowing, should a private or public entity try to purchase the fairgrounds.
With an estimated $2 million profit per year [That profit info probably shouldn't be run on with what follows], financing costs would range from $655,000 per year for an AA General Obligation bond to $1.37 million annually for a private option with 50% equity, Street said. [Remember, those amounts are per each $ 10 million borrowed. Thus, on the private option, the mortgage payments would be (in round numbers) about $113,547.00 per month for each $ 10 million borrowed.]
He also gave a stark example of declining property values: the Heritage Fields property in Tustin, which went from a high appraisal of $365 million to $85 million in a year. Citicorp, which is funding development on the property, appraised it at just $42 million, he said.
[Someone might want to check with Mr.Street on these figures. Mr. Street may be correct, but we think they need checking.
[Here's why. What looks like a precipitous drop from $ 365 million to $ 85 million to $ 42 million in appraised value may be a misreading of the figures.
[The first figure, $ 365 million, may be an appraisal figure and the second figure, $85 million, may possibly be an appraisal figure (but this needs to be checked). However, the third figure of $ 42 million might not be an appraisal figure, but an LTV figure (often about 50% on appraised value on raw land) or it may be a construction loan.
[Again, we're just throwing this out there for anyone involved in the groups that want the City to buy the Fairgrounds to check. We don't have time to check these figures.
[Why this is important for those who want the City to buy the Fairgrounds
[These "appraisal figures" may be giving some folks hope that the citizens of Costa Mesa have a chance of buying the Fairgrounds at a song because land values have dropped so much--$ 365 million to $42 million, in the above example--but land values may not have actually dropped that much.
[If any readers check with Mr. Street, please drop us a note about what you learn.]
Here's the link to the full almost daily Daily Pilot article.
# # #
GORBACHEV SAYS OBAMA CAN'T WIN IN AFGHANISTAN EVEN WITH MORE TROOPS
He's right. LINK
# # #
HAPPY 234th BIRTHDAY, MARINES!
# # #
PARTICLES HAVE NOW GONE HALF-WAY AROUND THE LHC
No problems yet as scientists get ready to put the pedal to the metal. LINK
# # #
CHIEF RABBI OF GREAT BRITAIN SAYS INDIGENOUS EUROPEANS DYING OFF
BECAUSE THEY'RE NOT HAVING CHILDREN
LINK
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