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Amended SB1527 Passes Assembly & What You Can Do

Updated information from Kevin. Please contact him with any questions at kevin@savethecowpalace.com

Senator Yee got an amended version of his bill passed by the Assembly 55-14 late last week. This version calls for the sale of the 13 acres, rather than it's lease.

Here's the SFGate article link
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/08/22/BAT012GUHQ.DTL

The next important step is to call, write, fax and communicate your views to Governor Schwarzenegger. Ask your friends who care about the Cow Palace to do the same (numbers below).

The bill remains an unnecessary and costly exercise.  The 13 acres is already in the process of being long term leased for a grocery store, etc. and a lease is clearly better than an outright sale of State land.

Proceeds from either a sale or a lease will go to revitalize the Cow Palace which has been the plan of the Cow Palace Board of Directors from the start. However, Senator Yee never mentions this.  He continues to hammer away with his negative rhetoric about the Cow Palace as if his goal is still to tear it down. 

The bill must be vetoed by the Governor.  This will allow the Lease to continue, the grocery store and retail center to get built faster, and maximize income to the Cow Palace for it's revitalization process.

My personal belief is that Senator Yee wants to demolish the Cow Palace and the 13 acres "sale" is Step 1. Daly City will stand to gain from increased taxes if the Cow Palace is demolished and replaced with condo's and Yee's 5-year plan is clearly to make this happen.  We can and must stop him now.

Once the bill is defeated, and the 13 acres is properly leased, and a lovely new retail center is built, the Cow Palace can begin it's revitalization process and prove to Daly City and Senator Yee that the larger interests of the Bay Area and California are best served by a revitalized and dynamic new Cow Palace.

Thanks so much for all your help in saving the Cow Palace,

Kevin Patterson


Here is the suggested text for your faxes and the Governor's contact information:

August 26, 2008

Governor Arnold Schwarzenegger
State Capitol Building
Sacramento, CA 95814
Phone: 916-445-2841
Fax: 916-558-3160

Re: Vetoing SB1527 is smart business

Dear Governor Schwarzenegger,

I want the Cow Palace to be revitalized and continue to serve Californian's for another 60 years.  I know there is zero money in the State coffers to pay for this.  Therefore, I want you to veto SB1527.   This bill is a bad deal for California.  Here's why:

The Cow Palace Board of Directors has a plan in process to self-fund both its operating costs and it's revitalization.  The Board has chosen a developer to long-term lease 13 acres of Cow Palace property and build a needed retail center for local residents.  Income from this lease will grow over the next 50 years and will pay for upgrades to the facility and operations.

SB1527 forces a sale of the 13 acres of Cow Palace property.   The sale price, especially in the current real estate market, will be a sweetheart deal for Daly City who holds a first right of refusal on the purchase.  This is short sighted and will only benefit Daly City's developer friends.  The Daly City tax base increases with either a sale or a lease.

A lease is also better for the local community.  The future revitalization of the local community is tied to the fate of the Cow Palace.  With over 600,000 people attending Cow Palace events last year, and the potential of significantly increased numbers after it's revitalization, the viability of the proposed retail center, not to mention existing businesses, is certainly tied to the ongoing success of the Cow Palace.  

Financially speaking, a lease will generate at least twice the annual cash flow than proceeds invested from a sale.  The State would also retain a very valuable asset.  The 13 acres is worth approximately $17 million today, (based on a Cushman Wakefield appraisal), but it could be worth nearly $100 million at the end of a 50 year lease.

Please support this plan by vetoing SB1527.

Signed,

<Your name & city here>





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