STATE PUTS FAIRGROUNDS BACK ON BLOCK!
In a process full of bizarre events, this may be the most bizarre of all! UPDATE BELOW
FAIRGROUNDS BACK ON THE BLOCK
In a press release issued today the State Department of General Services announced that the Orange County Fair and Event Center has been placed back on the block! The Daily Pilot broke the story locally just before 11:30 a.m. HERE.
BIDS DUE BY SEPTEMBER 30TH
In a press release dated today, the DGS announced it will accept bids of no less than $96 million for the property, and that the bids must be submitted no later than September 30th, 2010. The DGS says it's on target to complete the sale by December, 2010.
According to the revised RFP, the bidders will be required to include a $50,000 deposit, the minimum down payment will be $20 million and the terms of payment will be no longer than 40 years. You can read the entire revised RFP, including the schedule of events HERE, then clicking on the appropriate link.
WHAT ABOUT OUR DEAL?
I have no idea what this does to the deal with Facilities Management West and the City of Costa Mesa, but I suspect FMW will be preparing it's bid for the property post haste!
MEASURE C APPLIES
If a new bidder successfully purchases the property, the terms of Measure C and the City General Plan will come into play. That's really the only good news here.
UPDATE: Just got off the telephone with OC Fair and Event Center CEO Steve Beazley. He and I read the RFP similarly.. the 32nd District Agriculture Association remains intact. One could interpret this that they can bid for the right to operate the venue for a new owner or - get ready for this - MOVE the Fair! Yep, I suspect many people are spinning their Rolodex's right now, looking for Larry Agran's number.
And, what of the foundation members of the current Board formed a year ago? Methinks they may be looking for financial partner to bid on the Fairgrounds, too. Ah, what fun!
Labels: Fairgrounds Sale