Story by Barry Parr (Coastsider.com)
AB 650, the bill designed to help the city of Half Moon Bay pay its
Beachwood settlement, has been rewritten to be a loan from the California
Infrastructure and Economic Development Bank instead of a grant from park
bond funds. The bill now also includes a requirement that the city obtain
an independent appraisal of the Beachwood property.
The bill’s sponsor, Assemblyman Jerry Hill, told Coastsider that the
structure of the bailout was still “fluid” and that it could ultimately
include a cash component as part of the $10 million, and that the term or
interest rate of the loan had not been determined. He said that the bill
was restructured as part of the process of getting it out of the Assembly
Local Government committee. However, he declined to characterize the
current version of the bill as a placeholder.