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Pacific View bonds cheaper than expected

Katie Brillault (l.), director of Village Farm School, addressed the city council in support of the Pacific View recommendations. She expressed interest in renting space there for the school’s homeschool education program.

Katie Brillault (l.), director of Village Farm School, addressed the city council on October 22 in support of the Pacific View financing and usage recommendations of the Pacific View Activation Subcommittee. She expressed interest in renting space there for the school’s homeschool education program. The recommendations were approved by the council.

Encinitas Finance Director Tim Nash gave city councilmembers a bit of good news on November 4 about the approved financing for the Pacific View property and the rebuilding of the Moonlight Beach lifeguard tower– it will cost about $25,000 less per year than anticipated to pay for the bonds.

“The terms of the bond sale were finalized today with the underwriter, Stifel, Nicolaus & Company Inc.,” Nash wrote in an email to the council. “The terms are slightly better than our estimates at the October 22, 2014 City Council meeting. The total interest cost is 4.59% and average annual debt service is a little over $810,000 per year. We [had] estimated a total interest cost of 4.77% and average annual debt service of $835,000 per year for a combined taxable/tax exempt bond issue.”

Nash told SavePacificView.org that the Bond Purchase Agreement has been signed and that he expects to complete the sale of the bonds in about two weeks. Escrow on the Pacific View property should close shortly afterward.

Of the $13 million total, the $10 million purchase price for Pacific View will be paid for with a taxable bond and $3 million for a new lifeguard tower at Moonlight Beach will be financed with less-expensive tax-exempt bonds.

The Pacific View site will be designated as an Arts, Education and Community Gathering Place, and the Engineering and Public Works Department will evaluate the viability of the existing structures on the property.

In other Pacific View-related news, Catherine Blakespear was elected on November 4 to fill the city council seat which will be vacated in December by Pacific View proponent Teresa Barth. Deputy Mayor Tony Kranz lost his mayoral bid to current mayor Kristin Gaspar, but will continue to serve out his term on the council for the next two years. So it appears that a pro-Pacific View majority will continue on the council.

“I’m excited to be on the Pacific View Activation Subcommittee with [Councilmember] Lisa Shaffer, and very happy that Catherine is joining us on the full council,” Kranz told SavePacificView.org. “Now we’re going to work with the public in deciding an interim use so we can get the site open.”

Gaspar and Councilmember Mark Muir, who opposed the purchase, have pledged to support and help guide its transformation into a public asset.


SavePacificView.org will stay on top of developments and send email updates when new Pacific View events occur. You’re also invited to stay up-to-date on Pacific View news by joining the SavePacificView.org email list here. Your name and email address will only be used by SavePacificView.org. The SavePacificView story as told by local media can be read here.


What are your Pacific View ideas? Click here to Share Your View!

 

The discussion about what we’d all like to see happen at the Pacific View site has begun in earnest.

You and your friends are invited to have your say and Share Your View on the SavePacificView.org website. You can login there directly or use your Facebook, Twitter or Google+ ID to post and comment. Your input is much appreciated, and essential to helping create a place that can be enjoyed for generations to come.

Pacific-View-Web-01

The historic Pacific View property as it appears today.