Crystal Cove Plan Is a Bad Investment

* Your article Nov. 22 on burgeoning development of California’s coastal zone failed to sufficiently distinguish the difference between Crystal Cove State Park and the developments on private property whose owners have a constitutional right to a fair return on their investments.

Crystal Cove’s investors were all the people of California who bought the property from the Irvine Co. through a bond measure passed in the 1970s, requiring the payment of more than $33 million.

If we wanted revenue we could have kept the money and received $1.65 million per year at merely 5% interest. Instead, the proposal to let a development lease for 60 years, an unprecedented length of time, at a million dollars per year for the benefit of the privileged few who can afford to pay some $400 per night, seems like a charitable contribution from the citizens of California.

That is especially true in view of the fact that the state now receives, and would give up, $500,000 in income per year.

There is no way this project serves the interest of the vast number of citizens who are entitled to free access at all times to one of the last remaining incredibly beautiful stretches of public coastline.

I.C. BLACK

Newport Beach