WHEN IT RAINS, IT POURS.  Two of our area’s major projects – Diablo Grande in the foothills west of us and Riverside Motorsports Park, a raceway planned for the Atwater area – are reportedly both short on cash.

Recent news reports and statements from owner/managers revealed that one development (Diablo Grande) is for sale and the other (Riverside Motorsports) is still planning to break ground this year. Few people believe that either project will find smooth sailing this year at all; both are looking to pay large amounts of overdue bills.

Diablo Grande in Stanislaus County has all the necessary approvals, with homes under way and golf courses already completed (but closed); so it’s an attractive asset to would-be owners, and there are plenty of people and/or companies looking at it right now. Residents there are obviously concerned, but surprisingly optimistic. They don’t believe that our government (local or state) will let the water stop running or allow the entire development to die….Diablo Grande is an attractive place, and there are big pockets of money (some in the U.S. and a lot in China) seriously considering a purchase.

In the meantime, the rumors about an Indian casino up there, a brand new hotel and even a state-run prison are just that…..rumors. Stanislaus County leaders will certainly have something to say about anything that is proposed for that development. They have faced major opposition and controversy before the project got underway many years ago; and I’m certain they will want to avoid any future problems…stay tuned for this one!

Meanwhile, Riverside Motorsports Park was approved by the Merced County Board of Supervisors with Supervisor Deidre Kelsey opposing it strongly. The developers faced many hurdles on the way to the park’s approval and all seemed rosy until the bills weren’t paid. So now, as we see home foreclosures skyrocketing, some business developments like the two we chat about here are also threatened.

The good news is this. Both projects are located in an agricultural area, and the agriculture business has been a bright spot in the Central Valley for a couple of years and 2008 looks like it will bring more good news to farmers and agribusiness. Farmers and others liked the golf in Diablo Grande, so they are as anxious to see something happen there as all of us.

Riverside Motorsports Park has a much more precarious fate, since building hasn’t even started. We should know more soon, particularly if the park really does break ground this year.

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