SBD/March 8, 2011/Facilities

San Diego Mayor, Chargers Explore Options For Financing New Stadium

Chargers exploring alternatives for financing stadium if expected funds fall through
San Diego Mayor Jerry Sanders and Chargers President & CEO Dean Spanos "explored alternatives Monday to financing a new football stadium if funds from the NFL and downtown redevelopment evaporate," according to Roger Showley of the SAN DIEGO UNION-TRIBUNE. In their first meeting since October, Sanders and Spanos "reviewed the status of state efforts to eliminate redevelopment agencies and, with that, automatic access to downtown property taxes to cover what might be a $950 million project." They also noted the possibility that the NFL, given labor uncertainty, "will not have funds available to help finance new stadiums, including one in San Diego." A spokesperson for Sanders said that "no further meetings have been scheduled but staff will stay in close contact in coming weeks." Former Centre City Development Corp. Chair Fred Maas also was in attendance at yesterday's meeting. Maas "has talked of developing a sports and entertainment district along with the stadium that could extend from Petco Park to the waterfront," and he is "modeling his idea on Los Angeles' LA Live complex." Maas said that he "has no specific role in the ongoing discussions about the stadium but has agreed to attend meetings and lend his thoughts when requested." He "called the meeting 'informative' but deferred to the mayor's office to release any details." Showley notes the Chargers "have been counting on covering most of the $800 million cost of the stadium with the use of redevelopment funding and NFL support." Another $150M "already has been budgeted to clean up the proposed site at 14th and K streets, current location of the city bus yard." Lately, Chargers Special Counsel Mark Fabiani "has spoken of backup sources, such as city real estate assets" that might "serve as collateral for a city bond to cover costs." But the source of debt repayment "has not been pinpointed" (SAN DIEGO UNION-TRIBUNE, 3/8).

LATEST DESIGN: The UNION-TRIBUNE's Showley reports two Australian architects are "coming up with their own idea" for a Chargers stadium that is "just going public." Paul De Bartolo and Ivan Rimanic "have designed a circular-shaped stadium inspired by the Chargers bolt logo and located on the same site as the team's proposal." Fabiani said, "Of course we'd be excited to take a look at any and all new ideas" (SAN DIEGO UNION-TRIBUNE, 3/8).
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San Diego Chargers, Facilities

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