The fight to develop 1,000 acres of Gaviota real estate was blocked from moving forward this week when the county supervisors voted to deny the transfer of ownership of the Naples Project. Known to some enviro critics as the boogeyman of Gaviota, developer Matt Osgood lost the property to foreclosure in 2010 after failing to make payments to First National Bank. The firm Standard Portfolios Asset Management purchased the real estate — and hired Osgood to lead the development team — in January.
Earlier this year, Osgood submitted an application to the county’s Planning and Development department to transfer ownership, but the application was denied. The decision hinged on the fact that the application contained very little information about Standard’s financial resources or reputation to prove it could perform obligations outlined in the development agreement, including funds to restore Dos Pueblos Creek.
On Tuesday, the supervisors — excluding Peter Adam, who dissented, and Steve Lavagino, who left the meeting early — denied the appeal Osgood brought to them. The supervisors took issue with the fact that the county had no way of verifying the $2 million the company said is tucked away in an escrow account to fund those obligations. “I could tell you I have 5 bazillion dollars,” said Supervisor Salud Carbajal, but it means nothing unless audited by a third party.