Joint power vote next

The Costa Mesa City Council is scheduled to vote tonight on forming an Orange County Fairgrounds joint powers authority with the city’s public financing authority.

If passed, the powers authority would act as the governing body of the 150-acre property, once the state accepts Costa Mesa’s $96-million offer to buy the fairgrounds.

The powers authority’s responsibility would be to oversee the fairgrounds’ operations and ensure that its debt is paid to the state.

Meanwhile, Council members Katrina Foley and Gary Monahan, along with City Manager Allan Roeder, plan to travel to Sacramento on Thursday to hand deliver the city’s proposal on how it plans to finance the purchase, Foley said.

Thursday marks the 30-day deadline that the state has given Costa Mesa to come up with a financial agreement.

Costa Mesa gave American Fairs and Festivals priority in negotiating a fairgrounds’ operations agreement. American Fairs is made up of current vendors and stakeholders at the fairgrounds, including Tel Phil Enterprises, which runs the Orange County Market Place.

Along with proposing to run the fairground operations, American Fairs is offering $19.2 million as a down payment for the fairgrounds and about $5.5 million a year for 40 years.

The powers authority could expand to include other governmental entities, including Coast Community College District, Roeder has said.

The fairgrounds was put up for sale by the state in an effort to shore up funds and help plug a hole in California’s budget deficit. The state estimated it would make between $96 million and $180 million from the sale.

A staff report on the formation of the powers authority was not available by deadline.