A 40-year lease of 64.3 acres will allow TY Investment Co. to appease environmental groups and to remain in business after a property reassessment drove up costs.
San Diego approved a deal to lease 64.3 acres that it owns at the Carlton Oaks Country Club in Santee, Calif., to the owner of the facility, 10 News (San Diego) reported.
The lease to TY Investment Co. will extend for 40 years, ending the prospect of a sale. The land has been owned by the city since 1933 and mostly runs along the banks of the San Diego River near the Santee and San Diego city limits.
TY Investment attempted to buy the property but the city rejected the sale in October 2011 due to an outcry from environmentalists who were concerned about the watershed being turned over to private interests, 10 News reported.
The firm looked to make the purchased in order to remain in business when a property reassessment drove up costs. Though the City Council’s Land Use and Housing Committee rejected that offer, they asked city staff and the company to renegotiate the lease.
“[The solution is a] clear win-win, one that retains jobs at the golf course, which I think every council member wanted to see happen, but also retains the public ownership,” said Councilman Todd Gloria.
Environmental groups supported the lease as well, 10 News reported.
TY Investment’s payments will be $150,000 the first year with a 2.5 percent increase over 19 years. The rate for the second 20 years will be determined based on market value.
Rent will be partially offset in exchange for access to the acreage by city employees and members of the San Diego River Conservancy. Under the proposal, they would have the right to develop a trail. Officials look to connect an existing path to a nearby walking network at Mission Trails Regional Park, for which a lawyer for the conservancy said would take approximately a year to plan and obtain permits, 10 News reported.
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