Bill Johnson said I have had a little experience developing here in Kings Beach
area. We purchased back in 99 I had an option on three trailer parks for which ...
Bill Johnson Oral transcript from Governing Board meeting: June 27th, 2012.
Bill Johnson said I have had a little experience developing here in Kings Beach area. We purchased back in 99 I had an option on three trailer parks for which now there is fourteen townhouses and I don’t know 12 or so single family homes. From a development standpoint, one of the things we ran into in the plan was what I would call uncertainty. Every time we dealt with lenders and capital investment, they would always be very, very confused because it is complex. I would hope that somehow and I’m sure it is not easy, there be a method of trying to make it to where it was very easy to understand and take some of the uncertainty out of it. So there was some certainty involved that investors and bankers could look at it and say how long does it take, what can we do. Just things like that. I realize that this is maybe over simplifying things, but that is what we dealt with and I realize it takes time. We mapped the properties back in 99 and we ended up with permits in 03, so we realize there is a significant interest carry involved. But in this environment talking to the lenders, boy the underwriting is pretty serious, and when they start asking questions, they want answers so if you want to see this redeveloped, which we would all like to do it. I’ve involved from lakefront up to the industrial in this area. It is prime and it is perfect for it and we get the water quality improvements by doing it, just something maybe to try and keep in mind and maybe there is a way to get the capital investment to say hea, these guys are on the right track. Thanks a lot.
