THE LAST WORD
It may have seemed like a big gamble at the time. But when it came to
dealing with the Fletcher Jones Motorcars, Newport Beach’s cards turned
over to reveal a blackjack.
Giving up $2.8 million in money owed by the Irvine Co., the city back
in 1995 bet that it would make those dollars up by now if Fletcher Jones,
a transplant from Las Vegas, could realize its vision of a showcase
dealership. After all, who in Orange County doesn’t want a Mercedes-Benz
and who wouldn’t want to be treated royally at one of the most posh
dealership anywhere?
Turns out, not too many people. And instead of racking up a few
million in sales tax revenue, the city has hit a jackpot equaling $6.6
million -- money that has gone through our city coffers and onto our
streets, into our parks and to our police and fire departments.
If only every bet were that solid.
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