The Del Mar College Board of Regents has rejected participating in a tax abatement for the proposed Barisi Village, a European-inspired mixed-use development planned for the former Pharaoh Valley Golf Course.
The development, as proposed, would construct a combination of housing types – to include 1,300 multifamily units and 60 single-family lots – combined with commercial offerings and public recreational amenities.
College officials had been considering participating in what is known as a tax increment reinvestment zone for the property where the development is planned.
It was turned down Tuesday in a 5-4 vote, following discussions on whether the project could proceed without the college’s participation, questions on the requested term period, job creation and the future of the property.
The college isn’t in a position to give up any tax increments, said board member David Loeb.
“I think it’s a wonderful project,” he said. “I just don’t understand how we have a role in financing it.”
A tax increment zone is a financial mechanism that works by taxing entities agreeing to give up a portion of the tax revenue that is above the base value of the property for a certain period of time.