Belmont Park Relying on Public Input to Avoid Huge Rent Increase

The City of San Diego recently sent Belmont Park lease holder Tom Lochtefeld a 700% increase in rent – Here is a page from the official Belmont Park website at www.belmontpark.com

The future of Belmont Park is in jeopardy

To Our Supporters,

Belmont Park is on a land lease from the City of San Diego. This masterlease envisioned and documented a major redevelopment to construct new improvements, an adaptive reuse of the Plunge swimming pool hall and pay increased City rent. To achieve this objective, I submitted a plan to the City in 2006. In 2008, the City requested a hold on any redevelopment and to negotiate an “as is” lease. For two and a half years, we diligently pursued renegotiation, but the City flatly rejected our efforts. They have now imposed a 700% rent increase, but with no development to pay for it. This is financially unfeasible, renders Belmont Park insolvent and is a breach of lease. On November 3, 2010, Belmont Park filed for Chapter 11 Reorganization to defend its interpretation of the lease and to oppose the City in Federal court.

When taking over the leasehold in 2002, the area was a blighted district with over 50% vacancy, rampant crime and drug problems. During the course of my tenure, my company invested over $11 million in capital improvements. Belmont Park now attracts over 4 million visitors a year, generating significant sales tax for the City’s account, and has created over 500 jobs.

The City’s attempt to raise the rent to offset their years of financial mismanagement (exemplified by the pension fiasco and the recent No Vote on Prop D) puts the community in jeopardy of losing a prized asset, with a distinct possibility of returning to a derelict, crime and graffiti-ridden area. Please don’t allow the mistakes of local government to destroy a San Diego historic landmark.

Help us fight the city’s unjustified rent increase by writing the Mayor of San Diego, City Attorney, Director of Real Estate Assets and District 2 City Councilmember. Let them know of your personal relationship with Belmont Park and your support of our continued efforts to operate, maintain and improve this historic regional park.

Tom Lochtefeld
Belmont Park Managing Member

Mayor Jerry Sanders
San Diego City Mayor
City Administration Building
202 C St., 11th Floor
San Diego, CA 92101
Phone: (619) 236-6330
Fax: (619) 236-7228
JerrySanders@sandiego.gov

City Attorney Jan Goldsmith
San Diego City Attorney
1200 Third Ave., Suite 1620
San Diego, CA 92101
Phone: (619) 236-6220
Fax: (619) 236-7215
cityattorney@sandiego.gov

Director of Real Estate Assets
James Barwick

City of San Diego Real Estate Assets
1200 Third Ave., 17th Flr, MS 51A
San Diego, CA 92101
Phone: (619) 236-6144
jbarwick@sandiego.gov

District 2 City Councilmember
Kevin L. Faulconer

San Diego Council President Pro Tem
202 C Street, MS #10A
San Diego, CA 92101
Phone: (619) 236-6622
Fax: (619) 236-6996
kevinfaulconer@sandiego.gov

Note: The Giant Dipper Roller Coaster is under a separate Leasehold with the City of San Diego and is no way affected by the Belmont Park Chapter 11 filing.

For more information on Belmont Park visit:
www.belmontpark.com 
http://socalbeachmag.net/placestovisit/belmontpark.html
http://arestravel.com/2219_ticket-list_m10_r185993.html
http://hotels.socalbeachmag.net/2219_ticket-list_m10_r185993.html

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