The financial feasibility raport for the upgrade to the La Laguna Resort campground was deliberately written in a deceiving way, largely overestimating the occupancy and income, confusing income with profit and not mentioning operation or maintenance cost.
The city says the campground will attract new businesses and pay for itself. This was said of the Diamond Stadium which never brought one business and has not turned a profit in 24 years. Each year, $500,000 is paid out of the city fund to meet the annual loan payments for the Diamond Stadium. The same will happen with the La Laguna Resort campground.
The area around the campground is a drug, homeless and crime infested cesspool.
For years, the city seeked investors. None show interest. City manager Grant Yates tried to get financing from an investment bank and started talks with Stifel Nicolaus. After some consideration, Stifel Nicolaus wisely pulled out. Any numbnut would get the message. Not our city manager and council members (exc. Bob Magee). They are set on sinking the city $20 million in debt to upgrade a campground no residents will ever use.