| INVESTING DOLLARS LOCALLY July 21, 2004 Chairman Daniel Tucker - Sycuan Band of the Kumeyaay Nation What if you were given the choice of investing your retirement fund with an out-of-state, faceless company that you really didn't know, much less communicate with, or with your neighbor and friend whom you have known for decades, and your return on investment would be guaranteed to be the same or better? To top it all off, you are informed that the investment with your neighbor would help generate jobs for more friends and neighbors, generate taxes and revenues for local services like police protection and parks, and help to revitalize a beautiful part of San Diego Bay. That's what we call a “no-brainer”! Sycuan has chosen to invest locally, with a friend and neighbor that we have known for decades. The National City Council just unanimously approved our Marina Gateway proposal to construct and operate a new hotel and conference center near the National City bay front. The site has been blighted for years, and is in the heart of the city's redevelopment area. Included in our plans will be a top quality sit-down restaurant, class A office space, as well as other amenities. Through the vision and leadership of Mayor Nick Inzunza and the entire National City Council, Sycuan has become partner with the City to improve the lives and well being of our neighbors. With our Marina Gateway project, we will create jobs, generate millions in construction spending and payroll, and sales, hotel and property taxes to help fund parks, library and other critical municipal services. The Marina Gateway project is just the latest in a string of projects that are part of an aggressive approach to diversifying Sycuan's business enterprises. Our first acquisition was the top-rated Singing Hills Country Club in 2001. Since then we have purchased the historic U.S. Grant Hotel and begun a $15 million renovation, launched the country's first tribally-owned asset manager (Sycuan Capital Management) and created a Sycuan mutual fund, embarked on a very successful boxing promotion company (Ringside Promotions), and partnered with John Moores to develop a new hotel next to PetCo Park (Hotel Solamar). Many people are familiar with our successful casino just east of El Cajon -- we just celebrated 20 years of providing top quality entertainment to San Diegans! But we view our gaming operations not as an end unto itself, but as a means to an end. As a government, we provide critical services to our tribal members as well as thousands of our neighbors surrounding our reservation. We have a fully staffed fire and police department with and state-of-the-art equipment, a medical and dental clinic with a pharmacy right next-door, childcare and after school programs and much more. Our investments help ensure these services will be provided for many years to come. Through investments by our Sycuan Tribal Development Corporation, we aim to provide other sources of income to fund the future governmental needs of Sycuan. By focusing on local investments, we have become tied ever more closely to the economy and well being of San Diego. Our effort in National City could be the first of its kind in the nation, where a tribal government is partnering with a city government on a local redevelopment project. This is the type of local investing that we are the most proud of, the type of investment that is important not only to protect our tribal members and government for the next seven generations, but also continuing the Kumeyaay tradition of helping your neighbors, improving your community, and making life better for those who follow in our footsteps.  |
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