On Wednesday, the Land Use and Housing Committee discussed the sale of 68 acres of property along the San Diego River to TY Investment, owner of Carlton Oaks Golf Course in Eastern San Diego.
TY Investment has owned and operated Carlton Oaks Golf Course in Eastern San Diego since 2006. In recent years, the Santee-based company has shown interest in purchasing a portion of golf course that is owned by the City of San Diego. But the land is located at the edge of the San Diego River, on flood plains and the City has been reluctant to sell it. That changed in April 2010 when the Real Estate Assets Department offered to sell 68 acres for $3 million.
During the meeting attorney Felix Tinkov said the sale would save the company from paying the $240,000 annual lease and would allow the company to finance improvements to the property, thus preventing the course from shutting down.
However, members of the San Diego River Conservancy, a state agency tasked with protecting the river expressed concerns that the sale would jeopardize conservation of the river.
Meanwhile Tinkov warned councilmembers that if the sale wasn't approved the course would shut down.
"My clients are going to lose a ton of money on this," Tinkov told committee members. "More importantly, we are telling you that if this deal does not go through, your votes effectively will count for 25 jobs a piece. We will end up giving pink slips to 100 employees."
After hearing concerns from councilmembers about selling the land Tinkov changed his pitch, saying his clients would be open to leasing the property, however, at a lower rate and without the city or the San Diego River Conservancy groups requesting a redesign the golf course.
"If this is going to work we should not set parameters," said councilmember David Alvarez. "If that's the way you want to move forward then let's move forward. Otherwise, let's not waste staff time on this."
The committee agreed to hear the item at a later meeting.