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By God, Terranea Resort is Saved

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The troubled Terranea Resort project in Rancho Palos Verdes will be saved (at least in the term short) by the city, according to the Daily Breeze. "On a 4-0 vote, the City Council moved to rebate up to $8 million of the city's hotel tax revenue to the 102-acre resort, which has been in development by Los Angeles-based Lowe Enterprises for more than a decade." Earlier this month, developer Lowe Enterprises stated that it would need additional funding to operate the resort, which is scheduled to open next month. According to the paper, the $8 million will help Lowe look for an additional $10 million-$12 loan (and presumably they still need to sell all those planned condos). Regarding the deal: The best line comes from city councilman Steve Wolowicz, who "remains concerned," according to the paper. "The distinction between government bailouts and economic stimulus - we better get it right," Wolowicz said. "I don't view this now as a bailout. By God, this money better be paid back to us, though." [Daily Breeze]