Letter: How is Whole Foods project economically beneficial to South Lake Tahoe? (opinion)
December 4, 2018
To the Current and Incoming SLT city council members.
A recent article in the Tahoe Daily Tribune dated Nov. 9 Page 2 stated the Knights Inn was purchased by the city for $5.9 million in early 2017 with the stated goal of being economically and environmentally beneficial. The property was then sold the same year to Halferty Development Company for $2 million. The papers implies that Halferty is going to sell the Whole Foods property for $14 million and the Chase property for $4 million.
So, the city of SLT takes a $3.9 million loss and Halferty gets $16 million gain. Wow, that certainly is economically beneficial for Halferty Development Co., but please explain to me how this is economically beneficial to the city?
A loss of such proportions to the city is not a benefit in my book. Is this why we cannot afford to fix our roads or that we have fiscal tsunami with CalPERS coming our way? I sure hope I'm missing something in the translation or that our new Council won't be so fiscally irresponsible.
Maybe the city should stop engaging in property development and engage in the responsibilities it was formed to deliver.
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