Published on Thursday, August 28, 2008
By AARON BURGIN
Lake Elsinore officials will do their best to keep the impacts of the slowing economy away from the services residents count on, Mayor Daryl Hickman said in the annual state of the city address.
"We will protect our citizens and their resources," Hickman said.
The collapse of the housing market has hit Lake Elsinore especially hard, with more than 1,000 homes in some stage of foreclosure and the city's newest communities racked by the blight it caused.
"A year ago, the plight of the foreclosure and impact on neighborhoods were nonissues," Hickman said. "But today, the question is, how long will this keep up?"
The economic troubles have slowed growth and reduced revenues in Lake Elsinore, causing the city to trim its budget by $2 million.
Hickman said he believes the city's land availability and competitive cost of development would help it rebound in the long term
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