Open the books. Before the residents of the Eagle Ridge housing
development in west Gilroy finish casting their ballots on whether
or not to approve a 100-plus home addition to their development,
the Bonfante Gardens Theme Park Board of Directors needs to shed
some serious light on the financial future of the theme park the
deal is supposed to save.
Open the books. Before the residents of the Eagle Ridge housing development in west Gilroy finish casting their ballots on whether or not to approve a 100-plus home addition to their development, the Bonfante Gardens Theme Park Board of Directors needs to shed some serious light on the financial future of the theme park the deal is supposed to save.
Eagle Ridge residents and the city of Gilroy, which has bent over backwards to assist in this bailout land deal, deserve a full accounting from the Bonfante board – not just “we owe a whole lot of money, and this is the only way that the park will be salvaged.”
What if this land deal has a snowball’s chance in you know where of saving Bonfante Gardens from financial ruin? Then what? Gilroy and Eagle Ridge residents will have approved a new unplanned housing development to the city without good reason?
It’s called risk assessment.
Eagle Ridge residents and the community should be well-informed before taking the next steps to approve the deal that would sell a piece of property adjacent to Eagle Ridge. That land is owned by Bonfante Gardens to housing developer Shapell Industries, which, in turn, would add another 118 homes to Gilroy’s stock.
It’s clear what’s in it for Shapell: profit.
It’s clear what’s in it for Bonfante: money to pay its burdensome debt.
It’s clear what the trade-off is for many Eagle Ridge residents: amenities like a community swimming pool.
It’s worth noting that amenities or not, many good-hearted people who live in Eagle Ridge are inclined to help save Bonfante Gardens for noble reasons.
All the more reason the Board of Directors should help them make that decision by throwing open the financial books and giving everyone a clear picture of reality.
A direct and concise report should be issued ASAP. That report should be championed by School Board Trustee Bob Kraemer and Mayor Al Pinheiro who both sit on the Bonfante board. It should be realistic in detailing the financial state of the park and the business plan that the board is banking on to yield long-term success. Are the projections for attendance and other assumptions the business plan is based on realistic?
Financial information has not flown freely from the board, yet there has been no hesitation to ask for the public’s help, whether it be the city’s fast-track approval for additional housing and the transfer of building permits from one parcel to another or the endorsement of Eagle Ridge homeowners.
The equation is out of balance.
Bonfante’s board should open the books – wide – and allow Gilroyans to make an informed risk assessment.
There are numerous good reasons to go to great lengths to save Michael Bonfante’s beautiful horticulture-based theme park, but before adding more Eagle Ridge homes to our community, the financial future of Bonfante Gardens should be spread out on the table for all to digest.
An informed citizenry will then be prepared to make a reasonable choice.
