July 4, 2022 Breaking News, Latest News, and Videos

Santa Monica Sells Pacific Park:

The sale of Santa Monica Pier’s Pacific Park to CNL Income Partners, LP for $34 million was approved unanimously by Santa Monica’s City Council on Dec. 14.

Terms of the sale provide for Santa Monica Amusements (SMA), LLC to continue to operate Pacific Park as a subtenant with the current management team. The City staff report states that the City, as the landlord, will receive a one-time payment of a transfer premium of about $1.4 million.

The staff report mentioned the Council’s approval would give consent for the transfer of the leasehold interest to the CNL Income Pacific Park, LLC as to the lease. CNL Income Pacific Park TRS Corporation was also created to “receive a portion of the personal property used to operate the Park from SMA and sublease this personal property back to SMA” for continued operation and management. This also will create reserves for capital expenditures and repairs.

The Santa Monica Pier Restoration Corporation’s (SMPRC) Board gave its endorsement on Dec. 6 of the sale and the lease agreement because it was consistent with SMPRC’s leasing guidelines.

CNL Income Pacific Park, LLC and CNL Income Pacific Park TRS Corporation are subsidiaries of CNL Income Properties, L.P., which is a subsidiary of Orlando, Florida based CNL Lifestyle Properties, Incorporated. Other amusement parks that are held by CNL Lifestyle Properties include Elitch Gardens in Denver, Darien Lakes in Buffalo, and Magic Springs and Crystal Falls in Arkansas.

Pacific Park is a two-acre admission-free amusement park that contains 12 rides. The park also contains Midway Games which is also known as the Pier Pressure Zone and an oceanfront food plaza.

There was no public input on this issue at the Council meeting.

in News
Related Posts

Landscaping 50 Percent Complete for George Wolfberg Park at Potrero Canyon

July 3, 2022

July 3, 2022

Officials provide update for park under construction By Dolores Quintana A recent update from the City of Los Angeles’ Department...

John McEnroe and Patty Smyth Sell Malibu Home for $29 Million

July 2, 2022

July 2, 2022

Malibu Colony home sold to unknown buyer in private sale By Dolores Quintana John McEnroe, a retired former tennis star,...

SMa.r.t. Column: A Tale of Two Cities

July 2, 2022

July 2, 2022

The City of Santa Monica is surrounded on three sides by the City of Los Angeles. Therefore, while the jurisdictions...

Santa Monica City Council Approves Ballot Measure That Would Increase Hotel Bed Tax

July 1, 2022

July 1, 2022

Santa Monica’s bed tax has been raised since 2004 By Dolores Quintana In a vote on June 28, the Santa...

PETA Attempts to Stop the Beach Club From Holding Annual Fireworks Display

July 1, 2022

July 1, 2022

Parking lot where display is held is on City of LA land, not Santa Monica, allowing Club to obtain permit...

Santa Monica-Malibu Unified School District Prepares for SMASH/Muir Campus Mold Removal

June 30, 2022

June 30, 2022

Exact costs for repairs still unknown By Dolores Quintana and Sam Catanzaro  It is unknown exactly how much the total...

Watering Restrictions for Santa Monica Residents Take Effect Soon

June 30, 2022

June 30, 2022

New restrictions will go into effect on July 5, limiting watering to twice a week By Sam Catanzaro New restrictions...

Daily Harvest Recalls Meal Kits Handed out at Venice Event Following 470 Cases of Mysterious Illness

June 30, 2022

June 30, 2022

Direct-to-consumer meal kit company under fire for handling of outbreak tied to lentil and leek meal kit By Sam Catanzaro...

Central Coast Brewery Makes Westside Acquisitions

June 29, 2022

June 29, 2022

Figueroa Mountain Brewing acquires Broxton Brewery, The Stalking Horse and more. Staff, current beer taps to remain on board at...

Mexican Restaurant Possibly Expanding Into Former Swingers Space

June 29, 2022

June 29, 2022

Bar Hermanito applies for an alcohol exemption sales permit for space at 802 Broadway in Santa Monica By Dolores Quintana...

Six Family-Fun Westside Fourth of July Events

June 29, 2022

June 29, 2022

Fireworks, parades, runs and more taking place across the Westside  By Ashley Sloan  Pacific Palisades  The Pacific Palisades will be...

California Credit Union Awards Grant to Santa Monica Teacher

June 29, 2022

June 29, 2022

Building electric circuit friendship detectors and applying engineering principles to solve real world problems are Westside school projects receiving funding...

Santa Monica’s Building Bridges Art Exchange Presents: J.J. Martin’s “Role Models”

June 28, 2022

June 28, 2022

A traveling exhibit in partnership with Indianilla Cultural Center, Mexico City and Real de Catorce Cultural Center, Real de Catorce,...

Santa Monica City Council Approves New Rules to Streamline Meetings

June 28, 2022

June 28, 2022

Pilot program will run through end of year By Dolores Quintana At the Santa Monica City Council meeting on June...

Banning Construction of New Gas Stations in Los Angeles?

June 28, 2022

June 28, 2022

Motion from LA City Councilmember Paul Koretz calls for banning the building of any new gas pumping facilities By Sam...