This is why you never buy a house on land you don't own
read here this is the latest article, the other one was a year old. This would apply to RV sites as well and fairly common in Florida.
Forum Discussion
I think the bigger thing is the dollars involved.
$33million for the land...figure with improvements a total value of $50mil for one of the parks. Most businesses will want annual returns on the order of 15-20%, so it needs to generate around $7.5-10mil per year in addition to ongoing operating costs (staff, maintenance, utilities, etc...). Even for a big park, that's a lot of money to generate.
Sounds like the biggest issue for the city was how to get out of the landlord business without driving the campgrounds out of business. Didn't sound like there was any intent to stop leasing the land to the campgrounds until they could sort out a sales deal and the campgrounds benefitted from decades where they didn't have to come up with the money to buy the land outright, so no real harm there.
$33million for the land...figure with improvements a total value of $50mil for one of the parks. Most businesses will want annual returns on the order of 15-20%, so it needs to generate around $7.5-10mil per year in addition to ongoing operating costs (staff, maintenance, utilities, etc...). Even for a big park, that's a lot of money to generate.
Sounds like the biggest issue for the city was how to get out of the landlord business without driving the campgrounds out of business. Didn't sound like there was any intent to stop leasing the land to the campgrounds until they could sort out a sales deal and the campgrounds benefitted from decades where they didn't have to come up with the money to buy the land outright, so no real harm there.
