Sir Clinksalot Posted November 10, 2010 Share Posted November 10, 2010 Very sad that the city seems to be hell-bent on forcing them out. Link to comment Share on other sites More sharing options...
Jew Posted November 10, 2010 Share Posted November 10, 2010 I knew it would have something to do with the rent credits... Saying that there is going to be a 700% increase in rent is slightly misleading, since that 700% is probably just what the normal rent rate is without the rent credits he has been using. Hopefully they can meet in the middle somewhere. Link to comment Share on other sites More sharing options...
beatle11 Posted November 10, 2010 Share Posted November 10, 2010 ^A 700% increase is absurd. It shouldn't be legal. Hopefully they work out a deal to stay. But if not, I hope they can at least save the Giant Dipper. I know the jokes are coming, but losing two classics so quickly would really suck. Link to comment Share on other sites More sharing options...
Jew Posted November 10, 2010 Share Posted November 10, 2010 ^Read both the article I posted and my last post. Calling it a 700% increase in rent is misleading. The lease with the city allowed for financing costs to be deducted from rent, so if a developer kept refinancing, the rent credits never went away. Now that the park faces a possible foreclosure, he can't take advantage of the rent credits anymore and has to pay the full rent. The owner has no one to blame but himself for this mess. This isn't the city increasing rent. It's him not being able to take advantage of a loophole in the lease anymore and also not having the resources to refinance. Personally, I hope this leads to a new vision for the park. The shopping center layout of the place is AWFUL. This developer has only really improved the front half of it. Outside of the wavehouse area (which is awesome), the place is still a mess: empty shops, odd layout that doesn't do its beachfront location ANY justice, no "signature" tenants... Hopefully the city and the developer will use this opportunity to get it right...no one benefits from the park closing, but I totally get why the city would be looking to get something more out of the property too... Link to comment Share on other sites More sharing options...
beatle11 Posted November 11, 2010 Share Posted November 11, 2010 ^That makes more sense, but still isn't good news for Belmont. Link to comment Share on other sites More sharing options...
BeemerBoy Posted November 11, 2010 Share Posted November 11, 2010 Personally, I hope this leads to a new vision for the park. The shopping center layout of the place is AWFUL. This developer has only really improved the front half of it. Outside of the wavehouse area (which is awesome), the place is still a mess: empty shops, odd layout that doesn't do its beachfront location ANY justice, no "signature" tenants... Hopefully the city and the developer will use this opportunity to get it right...no one benefits from the park closing, but I totally get why the city would be looking to get something more out of the property too... I agree. I absolutely LOVE Belmont; if for nothing else, it's location alone is prime. After my last visit there though (which was prior to the Wavehouse), I just couldn't help but feel that it was being "misused" in a sense. The addition of The Wavehouse is AMAZING from what I've seen, but it'd be a crime to not further develop the rest of the property to match its awesomeness. It's kind of like the richest guy in town buying the crown jewel of real estate, and letting the yard go to hell. The place has so much potential to be the perfect seaside park, yet it just needs the right person to put a better plan in motion. Man, I really hope for the best on this one. Link to comment Share on other sites More sharing options...
SoCalCoasters Posted November 12, 2010 Share Posted November 12, 2010 Anyone have an update? Hopefully a deal will be made today. If not, expect me to be down there tomorrow with an empty camera, and empty camcorder. If the park closes, I want to document as much of it as I can, as it will likely be sold to developers....crossing my fingers and hoping for a miracle... -SoCalCoasters Link to comment Share on other sites More sharing options...
PAL Posted November 13, 2010 Share Posted November 13, 2010 I think people are jumping to conclusions. The land isn't likely to be redeveloped due to the Coastal Commission, regardless of the city's miserable economic condition. I can see the current operator eventually getting the boot, because Belmont isn't close to reaching it's potential. I predict the coaster isn't going anywhere. In the meantime, a closed park would generate no revenue at all. Link to comment Share on other sites More sharing options...
SoCalCoasters Posted November 13, 2010 Share Posted November 13, 2010 I guess I will be finding out tomorrow whether or not anything has transpired... Expect full video report, since I need footage from Chaos...if it is still operating, and Beach Blaster. Link to comment Share on other sites More sharing options...
SoCalCoasters Posted November 14, 2010 Share Posted November 14, 2010 Sorry to double post but... Belmont is still open! And guess what else was? I talked with several of the ride operators, and they said Control Freak is open for good now, but still is having problems. Oh another thing, contrary to belief, this ride is not an upcharge as previously expected. The Tilt-a-Whirl was already testing in it's new location, which it fits very nicely into by the way. Link to comment Share on other sites More sharing options...
larrygator Posted November 23, 2010 Share Posted November 23, 2010 (edited) Here's the latest news on Belmont Park Belmont Park Saved, for now Belmont Park Saved From Bankruptcy -- for Now By ERIC S. PAGE The historic Belmont Park roller coaster will keep rolling for at least two more months. A judge said the current owner can keep operating the Mission Beach amusement park, despite serious financial problems. Belmont Park's operator filed for bankruptcy three weeks ago. Tom Lochtefeld claims that the city raised his rent by 700 percent, an increase he can't afford. Facing shutdown by the city late last week, Lochtefeld asked the bankruptcy court for help. Lochtefeld said Monday that the judge issued a reprieve, allowing him to keep the Mission Beach landmark open until at least Feb. 11. Source: Belmont Park Saved From Bankruptcy -- for Now | NBC San Diego Edited November 23, 2010 by robbalvey Link to comment Share on other sites More sharing options...
cal1br3tto Posted November 23, 2010 Share Posted November 23, 2010 I will definitely continue to watch this situation, and I think I'll try to get out to this park within the next year. Giant Dipper is the last West Coast woodie I need! Link to comment Share on other sites More sharing options...
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