Comments by "Nina Daly" (@ninadaly7639) on "KCAL News"
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So the Bruce’s now own the land and they will rent it back to the city who will pay $412,000 to the Bruces per year. But of course they, as owners, will pay property taxes around $200,000 per year, plus they’ll have to pay taxes on the $412,000 income, state and and fed, which might be $100,000(?). That leaves the Bruce’s with, in hand, about $100,000 per year. The initial lease term is 2 years, almost certainly with options to renew. The land is a park and will stay a park. IF, and it’s a big “if”, the county wants to buy it back, the price is fixed at $20 mil. Of course there wouldn’t be too many competing bids to buy a park (not a money maker) and the county doesn’t have to buy it back. So all this was to give 2(?) people each $50k per year. Not exactly a life changing event from that perspective, is it. But Newsome is milking the publicity with LOTS of fan fare.
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