07 & 08 (190)
Public Comment
From:Patrick Sharples <psharples@kwcommercial.com>
Sent:Tuesday, September 29, 2020 12:07 PM
To:Public Comment
Subject:Anaheim Stadium Sale
As a long time resident of the city of Anaheim, I can say that the California Angels, Anaheim Angels and now
the Los Angeles Angels of Anaheim have been a main staple in my backyard. I grew up going to a number of
Angels games. I witnessed a lot of great wins as well as some heartbreaking losses. I remember the stadium
being "open", then being closed for the Rams coming to town and then reopened and remodeled after the
earthquake that knocked down some of the scoreboard. I know the history of the Angels with the city of
Anaheim and that is why I feel it is important to have my voice heard.
The owners of the property (city of Anaheim tax payers) are being robbed by the city of Anaheim City Council
and Arte Moreno, the owner of the Angels with the deal to purchase the stadium and the surrounding land for
only $150MM. The owner of the Angels' position is that the structure is in bad condition and needs a complete
remodel. This may be true. In fact, isn't this why the Angels have only been paying $1/year for rent to utilize the
building. This is also why they don't pay any taxes to the city on parking revenues or concession sales...which
was part of the deal when they acquired the property.
I have been in the real estate industry since 1998 and have specialized with commercial property sales and
leasing since 2007. I am very familiar with how property evaluation works as well as how to value a property
for development. This sale, from the city of Anaheim City Council to the owner of the Angles doesn't take any
of these standard measures and competencies into account. This is the only development deal in Orange County
I have ever heard of where the buyer of the property is given a below market value for the property (roughly
$350 million) and then is able to subtract the costs to remove the current structure (which is the only valid part
of the equation being used), but then able to reduce the purchase price by environmental study costs, parking
study costs, other area studies, etc. Even in the most corrupt city, Los Angeles, developers haven't gotten such a
sweet deal by the city council.
Doing an actual true evaluation of the stadium and the land around it, the value of the property should be much
closer to $900 million, yet the city council wants to give it away to an ownership group that doesn't even
support the city that supports his team for a GIFT of $150 million dollars. This is a farce! This is taking
advantage of the true owners of the property (city of Anaheim tax payers) and is not in their best interest. I
know the concern is that if this deal isn't done, that the Angels will move to another city. While that may be
true, the city of Anaheim tax payers would still make out better financially if the Angels left the city than
putting this deal together for only $150 million. There are plenty of developers that would be willing to
purchase this A+++ location of land in central Orange County and bring more revenue to the city than this deal
does.
I implore the city counsel of Anaheim to do the right thing as the face of city of Anaheim tax payers. Will your
legacy as a city council member be that you were able to put a win-win deal together, one which was mutually
beneficial to the city of Anaheim taxpayer as well as Arte Moreno's huge corporate entity or will your legacy be
that you were responsible for giving the most valuable real estate in Anaheim away? The choice is yours....and
people WILL remember.
Sincerely,
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Patrick Sharples, resident of the city of Anaheim since 1972
Have a blessed day,
Patrick Sharples
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