Will the Great Park be Canceled? or just Delayed a while?

NEW -> Contingent Buyer Assistance Program
[quote author="yahoo" date=1208925642]"Bulldozers will begin leveling land near the Great Park as early as October to make way for the first of three mixed-use communities, but homebuilder Lennar Corp. has said it had stripped 800 residences from its initial plans for the 953-acre Lifelong Learning District." www.ocregister.com/articles/lennar-park-early-2023574-homes-district</blockquote>


When pigs fly in unison around the sun...And Portola Springs starts selling and building homes.

And Lennar goes belly up on their bonds which they just did in Santa Clarita with Calpers.
 
[quote author="wendyinoc" date=1209468305]They should just make it a airport. I know nobody wants it in their backyard, but it made the most sense.</blockquote>


Too late for airport. It was voted on a billion times and has to have a park of some sort. It would have to go back up for vote to be an airport. lolercoaster!



btw, I think Irvine Corp will step in and land snatch once Lennar goes tits up. It might be a park, but I think it will have to be scaled back or turned mostly back into public accessible natural grass fields. As a community we can't afford a 1.4 Billion dollar man made park.
 
[quote author="PadreBrian" date=1209468803][quote author="wendyinoc" date=1209468305]They should just make it a airport. I know nobody wants it in their backyard, but it made the most sense.</blockquote>


Too late for airport. It was voted on a billion times and has to have a park of some sort. It would have to go back up for vote to be an airport. lolercoaster!



btw, I think Irvine Corp will step in and land snatch once Lennar goes tits up. It might be a park, but I think it will have to be scaled back or turned mostly back into public accessible natural grass fields. As a community we can't afford a 1.4 Billion dollar man made park.</blockquote>




uhh yeah, but i thought that like 3 months ago, so i win. It won't be mostly park, it'll be mostly affordable housing.
 
[quote author="jcaraway" date=1209470048][quote author="PadreBrian" date=1209468803][quote author="wendyinoc" date=1209468305]They should just make it a airport. I know nobody wants it in their backyard, but it made the most sense.</blockquote>


Too late for airport. It was voted on a billion times and has to have a park of some sort. It would have to go back up for vote to be an airport. lolercoaster!



btw, I think Irvine Corp will step in and land snatch once Lennar goes tits up. It might be a park, but I think it will have to be scaled back or turned mostly back into public accessible natural grass fields. As a community we can't afford a 1.4 Billion dollar man made park.</blockquote>




uhh yeah, but i thought that like 3 months ago, so i win. It won't be mostly park, it'll be mostly affordable housing.</blockquote>


I bet you are right. The Irvine Company probably will get huge concessions from the City of Irvine to provide their affordable housing there, and they will get the land for about 15% of what Lennar paid for it.
 
Great, more affordable homes that investors will buy and when the market comes back will try to break the affordability covenant to try to cash in.
 
[quote author="IrvineRenter" date=1209510381][quote author="jcaraway" date=1209470048][quote author="PadreBrian" date=1209468803][quote author="wendyinoc" date=1209468305]They should just make it a airport. I know nobody wants it in their backyard, but it made the most sense.</blockquote>


Too late for airport. It was voted on a billion times and has to have a park of some sort. It would have to go back up for vote to be an airport. lolercoaster!



btw, I think Irvine Corp will step in and land snatch once Lennar goes tits up. It might be a park, but I think it will have to be scaled back or turned mostly back into public accessible natural grass fields. As a community we can't afford a 1.4 Billion dollar man made park.</blockquote>




uhh yeah, but i thought that like 3 months ago, so i win. It won't be mostly park, it'll be mostly affordable housing.</blockquote>


I bet you are right. The Irvine Company probably will get huge concessions from the City of Irvine to provide their affordable housing there, and they will get the land for about 15% of what Lennar paid for it.</blockquote>




Very upsetting..



This wasn't supposed to be a Federal land grant to the Great and Wonderfull, most perfect City of Irvine. The days of land Grants in the State of California are long over.



This was supposed to be a gift to the State of CA, for the benefit of citizens of the whole county, that's why the county had a vote.



If Irvine can't turn it into a park <strong>without</strong> using taxpayer funds, and the Irvine Co refuses to turn it into a Park at their expense, then it should revert to the County and the County should open up land use again and if the County can't afford to turn it into a Park, then it should revert to an Airport.
 
[quote author="alan" date=1209525533][quote author="IrvineRenter" date=1209510381][quote author="jcaraway" date=1209470048][quote author="PadreBrian" date=1209468803][quote author="wendyinoc" date=1209468305]They should just make it a airport. I know nobody wants it in their backyard, but it made the most sense.</blockquote>


Too late for airport. It was voted on a billion times and has to have a park of some sort. It would have to go back up for vote to be an airport. lolercoaster!



btw, I think Irvine Corp will step in and land snatch once Lennar goes tits up. It might be a park, but I think it will have to be scaled back or turned mostly back into public accessible natural grass fields. As a community we can't afford a 1.4 Billion dollar man made park.</blockquote>




uhh yeah, but i thought that like 3 months ago, so i win. It won't be mostly park, it'll be mostly affordable housing.</blockquote>


I bet you are right. The Irvine Company probably will get huge concessions from the City of Irvine to provide their affordable housing there, and they will get the land for about 15% of what Lennar paid for it.</blockquote>




Very upsetting..



This wasn't supposed to be a Federal land grant to the Great and Wonderfull, most perfect City of Irvine. The days of land Grants in the State of California are long over.



This was supposed to be a gift to the State of CA, for the benefit of citizens of the whole county, that's why the county had a vote.



If Irvine can't turn it into a park <strong>without</strong> using taxpayer funds, and the Irvine Co refuses to turn it into a Park at their expense, then it should revert to the County and the County should open up land use again and if the County can't afford to turn it into a Park, then it should revert to an Airport.</blockquote>


hahaha. Money talks - bullshit walks.



This is one reason Irvine is holding Lennar's feet to the fire over the park, they know it will bankrupt them faster than you can say "oh, hi bear stears, how about we buy your shares too."
 
Hmm... It's 7:40 pm and no one has mentioned this yet. Am I the only person who has received this:



<img src="http://i210.photobucket.com/albums/bb27/evalseraphim/GreatPark.jpg" alt="" />
 
Eva,



Yup I received it today as well. I like this phrase on their website:



"As the Great Park Neighborhoods are developed, they will provide the tax revenues to finance and build the great park ? at no cost to current taxpayers."



I read that as, no new taxes for current residents, but we'll surely rake over our new homebuyers with exorbitant mello roos and CFD's to pay for this park.
 
<blockquote>I read that as, no new taxes for current residents, but we?ll surely rake over our new homebuyers with exorbitant mello roos and CFD?s to pay for this park.</blockquote>


How do you make "affordable" homes yet charge outrageous Mello-Roos and CFD's? Do city and county tax payers pickup the bill then? This is sounding more and more like a really great park idea ;-)
 
[quote author="IACRenter" date=1210852087]<blockquote>I read that as, no new taxes for current residents, but we?ll surely rake over our new homebuyers with exorbitant mello roos and CFD?s to pay for this park.</blockquote>


How do you make "affordable" homes yet charge outrageous Mello-Roos and CFD's? Do city and county tax payers pickup the bill then? This is sounding more and more like a really great park idea ;-)</blockquote>


Well unfortunately "affordable" usually means apartments, so they don't even have to pay Mello-Roos :)
 
[quote author="24inIrvine" date=1210899170][quote author="IACRenter" date=1210852087]<blockquote>I read that as, no new taxes for current residents, but we?ll surely rake over our new homebuyers with exorbitant mello roos and CFD?s to pay for this park.</blockquote>


How do you make "affordable" homes yet charge outrageous Mello-Roos and CFD's? Do city and county tax payers pickup the bill then? This is sounding more and more like a really great park idea ;-)</blockquote>


Well unfortunately "affordable" usually means apartments, so they don't even have to pay Mello-Roos :)</blockquote>


Apartments do have to pay Mello Roos. If you're in the Mello Roos district, you are paying for it. I have seen a couple of apartment buildings in San Diego that had Mello Roos bills over $200K per year in master planned communities like Otay Ranch.
 
interesting. How do they pay? through increased rent? A monthly fee on top of rent? If so, how do they label it?



Mello Roos is usually tied into property tax so I figured if they don't pay property tax they do not pay mello roos.
 
[quote author="24inIrvine" date=1210908833]interesting. How do they pay? through increased rent? A monthly fee on top of rent? If so, how do they label it?



Mello Roos is usually tied into property tax so I figured if they don't pay property tax they do not pay mello roos.</blockquote>


Apartment owners do pay property tax...the exact same rate as any home in the neighborhood. The Mello Roos is just included in the tax bill. The owner/landlord just pays it....no extra charge to the tenant. It's just part of the expenses of owning/operating an apartment building. The tax bill is typically the single largest expense item that an apartment building will have.
 
[quote author="Joe33" date=1210909378][quote author="24inIrvine" date=1210908833]interesting. How do they pay? through increased rent? A monthly fee on top of rent? If so, how do they label it?



Mello Roos is usually tied into property tax so I figured if they don't pay property tax they do not pay mello roos.</blockquote>


Apartment owners do pay property tax...the exact same rate as any home in the neighborhood. The Mello Roos is just included in the tax bill. The owner/landlord just pays it....no extra charge to the tenant. It's just part of the expenses of owning/operating an apartment building. The tax bill is typically the single largest expense item that an apartment building will have.</blockquote>


I think I get it. I was referring to the individual tenants, not the actual owners of the complex. Either way, I am sure the expense is passed on to the renters eventually. I was mainly asking if that expense was written out to the renters in an added expense on top of rent, or just included in the rent cost.
 
I am amazed that they are opening up even more retail in this area... I've been speaking with the retailers off Jeffrey and Trabuco, Woodbury Center and Orchard... most are hurting and losing money... Except Trader Joes ;-) They always do well!



It seems after each new retail area is opened, many of the customers move to the "new" retailers... diluting the already small numbers of customers frequenting these establishments...
 
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