Pacifica Tribune/Letters to the Editor, 7/1/14. “Sell city-owned properties to erase deficit.” by Victor Spano
“Editor: According to City Manager, we have a $4 million deficit. The city of Pacifica is holding on to three properties which could quickly erase the deficit.
Long ago, I was a licensed commercial real estate appraiser down in the South Bay. I believe Beach Boulevard and the old wastewater treatment plant is worth $3 to $3.5 million “as is.” The corporation yard could sell for about $1-1.5 million. The seldom used Francisco Boulevard parking plot could sell for $500,000 to $1 million.
All together the three properties could realize $4.5 -$6 million. That is enough to pay off the debts, and fund community services, such as the Beach Coalition, Resource Center and the Chamber.
Simply putting these three properties into private hands at these prices would generate a five figure annual property tax stream for Pacifica. If the new owner(s) were to develop them, even more property taxes could be brought in. Now as city properties, they are generating nothing. There are better places for the corporation yard in town.
All three of the properties happen to be ideal hotel or retail sites, so sales and transient occupancy taxes are possible. It’s high time for the city to get out of the property management and real estate development business. Now is the best time to sell, the real estate market is at all time highs and there is a lot of interest out there for great development sites such as these.“