HomeMy WebLinkAbout01 - (Joint Meeting) Early Look at FY 2015-16 CIP - CorrespondenceReceived After Agenda Printed
Joint Meeting with Finance Committee
March 24, 2015
Brown, Leilani Agenda Item No. 1
From: Denys Oberman <dho @obermanassociates.com>
Sent: Thursday, March 19, 2015 7:40 PM
To: DianebDIXON; Dept - City Council
Cc: Brown, Leilani; dho @obermanassociates.com
Subject: For the Public Record in Connection with Budget and Non - Agenda Fiscal Items
FOR CITY COUNCIL SESSION OF MARCH 24, 2015:
Mayor and Council Members:
We understand that the City is evaluating the proposed Balboa Theatre project, and its viability.
We commend the Council for taking another look at this project. While undoubtedly well- intentioned, the
prospects for economic viability of the Theatre and the physical
building renovation aspects of this project are, individually and collectively, slim to none. Please do this
NOW —stop the bleeding.
We encourage the Council to move to without any further delay,pull the plug on this project.
• Sell the Land asset to a qualified private party for development /redevelopment(with potential general
parameters as to land use to avoid contributing to over - concentration of bars and other uses
incompatible with revitalization objective)
• Redeploy the funds elsewhere for either capital projects such as infrastructure improvements, or
operating purposes such as police to accomplish desired public safety and security, enforcement
objectives, or other needed services.
Thank you for your consideration.
Denys Oberman
Resident and stakeholder. Balboa Penninsula
Regards,
Denys H. Oberman, CEO
NOBERMAN
Sholegy On<7 FWXvV0 Advben
OBERMAN Strategy and Financial Advisors
2600 Michelson Drive, Suite 1700
Irvine, CA 92612
Tel (949) 476 -0790
Cell (949) 230 -5868
Fax (949) 752 -8935