Oceanside Lands Loan for 2-Acre Park Along Beach

The city has received a $900,000 loan from the state Coastal Conservancy to buy land for a two-acre park along the city’s beach, a city official said Monday.

The park, to be between 1st and Tyson streets, is a key element in the city’s coastal plan, which controls development.

The city had been seeking money to buy the land for almost five years before deciding last fall to apply for the conservancy loan, said Margueretta Gulati, city redevelopment director. The city applied for a $1-million interest-free loan, she said, but was given the money at 8.8% interest. The first payment will be due in six years.

“We are extremely happy with the loan,” City Councilman Ted Marioncelli said. “We have been working a long time to get that grant.”

The oceanfront area will be developed as a passive park, without sports facilities such as baseball fields or basketball courts, Gulati said. It will have landscaping, covered walkways and food stands.

“It is going to be great,” Gulati said. “It will be a beautiful asset along the beach.”

City officials are still negotiating with the three owners of the property, Gulati said. She said she is hopeful that the city can begin construction in a few months.

The loan will cover only the cost of the land. City officials are still looking for ways to finance the park construction, she said. Construction costs are estimated to be $800,000.

The most likely solution to the city’s money shortage would be to build the park in stages as city money becomes available, she said. Under that plan, the park would be complete in five years.