By Lola Sherman
UNION-TRIBUNE STAFF WRITER
July 19, 2001
OCEANSIDE -- The City Council voted yesterday to lend its redevelopment agency $3.55 million to acquire property
for the proposed Manchester Resorts luxury hotel at the beach.
The council voted 4-1, with Esther Sanchez dissenting. Council members previously voted to condemn the property
and must deposit nearly $1.8 million with the court by Aug. 21 to guarantee the city can pay whatever price is
set during the eminent-domain proceedings. Joyce Powers, the city's redevelopment manager, said the rest of the
money will be used for other expenses in the purchase.
Powers said the redevelopment agency has the ability to sell $13 million in bonds, but it would cost too much in
interest and other expenses to sell bonds for the smaller amount needed now. The agency will pay the city 6 percent
interest, which Powers said is more than its investment portfolio is earning.
Read this entire article in The
San Diego Union-Tribune.