SAN DIEGO (CBS 8) - A new football Stadium for San Diego could be financed with a mix of contributions from the city and county of San Diego, the Chargers and the NFL, plus bond and land sales, according to a recommendation from the Citizens Stadium Advisory Group Monday afternoon.
A report released by the group two days before its deadline said no new taxes would be included, so that a two-thirds vote of the public would not be required. Funding sources would exceed $1.4 billion, according to the report.
Here's how the finances breakdown:
Charger: $300 million NFL: $200 million City Stadium Fund: $121 million County Stadium Fund: $121 million Personal Seat Licenses: $60 million ($120 million total - split evenly with the Chargers) Chargers Rent: $173 million SDSU Annual Rent: $21.6 million Bowl Games Rent: $21.6 million Developer Purchase (sale of 75 acres at $3 million an acre): $225 million Ticket Surcharge: $84.7 million Chargers Parking & Surcharge: $26 million Additional funding sources stadium is expected to generate: $50 million
Additionally, the plan is based on city land that is valued at $180 million.
During Monday's news conference Adam Day, chairman of the Chargers Stadium Advisory Group, said the Mission Valley location for the stadium was the only cost effective location.
Faulconer and City Attorney Jan Goldsmith were scheduled to announce their reactions later Monday afternoon.
The task force has already recommended that the new facility be located adjacent to Qualcomm Stadium, which would be razed to make way for the development and a park alongside the San Diego River.
The next step will be for a team of financial and legal experts to take the recommendations and mold them into an actual plan that can be taken to the Chargers. The city and county of San Diego jointly hired Nixon Peabody, which has consulted on 25 stadium projects, and Citigroup, which has been involved in raising money to build stadiums recently in Atlanta, New York and Orlando.
The Chargers have been pushing for a new playing facility for more than a dozen years, and have recently taken steps to build a joint $1.7 billion stadium with the rival Oakland Raiders in the Los Angeles suburb of Carson. The proposed 72,000-seat facility off the San Diego (405) Freeway is considered to be a backup plan for both teams in case they aren't able to forge agreements in their current cities.
In other Chargers-related news, the team announced Monday that Dean Spanos has relinquished the day-to-day operations of the team to his son A.G. Spanos. A.G. Spanos will take over as president of business operations. Dean Spanos will remain as the team's chairman of the board. John Spanos has assumed the role of president of football operations. According to ESPN's Jim Trotter Dean Spanos wants to focus on the stadium issues.