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The original item was published from 8/21/2019 5:33:00 PM to 9/19/2019 12:00:01 AM.

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Posted on: August 21, 2019

[ARCHIVED] Commemorating and Celebrating the Final Payment of the Beachwood Judgment Obligations Bonds

August 21, 2019 - At the August 20 City Council meeting a proclamation was presented to the community commemorating the final payment of the Beachwood Judgment Obligations

On August 1, 2019, the City submitted its final payment of the Beachwood Judgment Obligation Bonds. With this final payment, the City has now successfully overcome the financial obligations and budget stresses related to the Beachwood property, having accomplished this through prudent and sensible fiscal management, careful and thoughtful budgeting processes, significant reductions in expenditures, and vigorous negotiation and litigation. Half Moon Bay’s strong, close-knit community has demonstrated remarkable patience and resilience through very difficult financial times, and it is with their support and dedication that the City was able to continue contributing to and maintaining the local quality of life, attend to the core services required of a city, and bring about a final resolution to financial difficulties of the past.

The Beachwood property will be a resource for generations to come providing opportunities for open space, green infrastructure, habitat restoration, education, and other benefits that will contribute to quality of life and community resilience over time. Today, the future of the City of Half Moon Bay is brighter than ever, as evidenced by the healthy budgets of the past several years, the thriving community, and the City’s renewed investments in infrastructure, maintenance, programs, and reserves, all on behalf of the people of Half Moon Bay.

At the City Council meeting on Tuesday, past and present councilmembers, along with community members, stood in celebration of this momentous occasion. A proclamation was presented to the community by Mayor Rarback and it will hang in the lobby at City Hall.

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