Vacant land is at the northeast corner of Coast Highway 101 and La Costa Avenue
Encinitas will issue lease revenue bonds to cover the $6 million cost to purchase a prime bit of coastal Leucadia real estate and preserve it as open space, the City Council decided Wednesday.
City Council members said Wednesday that they’ve heard nothing but praise from the community ever since the purchase proposal was announced early last month.“If anything, the feedback that we’ve gotten has been … ‘Can we do this more?’” Councilmember Joy Lyndes said. The most recent development plan, which the city’s Planning Commission rejected in 2020, called for 25 timeshare condominiums to go on the site.
Unlike standard revenue bonds which use future revenue from a development project to pay off a debt, lease revenue bonds are structured so that a lessee — in this case the city — agrees to pay “rent” to use the site. The rental payments then are given to the investors who purchased the bonds.
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