By Thor Kamban Biberman / The Daily Transcript / Originally published November 24, 2010
The leaseholder of Belmont Park will be allowed to keep controlling the property for now, but that could change early next year. On Nov. 18, U.S. Bankruptcy Court Judge Laura S. Taylor issued a stay preventing the city of San Diego from forcing out operator Wave House Belmont Park LLC until Feb. 11, when the court determines whether the stay should be continued.
Wave House, headed by principal Thomas Lochtefeld, has operated Belmont Park in Mission Beach for the past eight years. It took over a 50-year lease dating back to 1988 when many of the modern improvements to the park were constructed. Belmont Park sits on a 7.2-acre parcel owned by the city of San Diego.
Wave House was forced to file for Chapter 11 reorganization on Nov. 3 after the city allowed a subsidy to lapse last June that had enabled the annual rent payment to be capped at $70,000 per year. This is in addition to providing the city a percentage of the gross receipts generated by the park.
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