Easy Reader - 8/4/22 https://easyreadernews.com/letters-to-the-editor-8-4-22/
Beach Cities Health District is misrepresented as seeking a builder/operator for its massive 110-foot-above-Beryl Street proposed building (“About town,” ER July 28, 2022). BCHD’s investment bankers and CFO have recommended that BCHD lease our public land to a Developer/Owner/Operator for 50-99 years. BCHD will have no ownership of the building or project and will collect rent only on the land. According to BCHD documents, BCHD will collect $1.5 million per year in rent from the building owner. But BCHD will be required to pay the owner a rent of $822,869 per year for use of about 30,000 square feet. This means BCHD is leasing three acres of our public property to a private developer for a net lease income of only $677,000 per year. It’s disappointing to see BCHD misrepresent its project over and over. The project is being built for over 80 percent non-residents of the District that owns and funds BCHD, according to BCHD’s marketing consultant consultant report. Why can’t BCHD just come clean? Probably for the same reason BCHD refused to go to the voters for low-cost, tax-free bond financing. BCHD knew voters would reject them so they went after a commercial developer/owner/operator instead and gave up our land for generations to come.