“This is a big concept, a big vision, and it’s a bit overwhelming to people because they’re not used to seeing it,” Dealy said.
“What we’re trying to lay out here is a vision, not a solution,” Carrier said. “What we’re saying to you is, all these possibilities exist if we dream large enough for this site.”
- Dealy said the billion-dollar project could be funded as follows:
- $566 million through land sales, $302 million from borrowing
- against new tax revenues from the development, $200 million
- apiece from the Chargers and the National Football League and potentially another $100 million from San Diego State University.
Adding all the numbers above adds up to $1,368,000,000, not $1B. That plan has the city funding 70% of the program, the chargers funding 15% and the NFL funding 15%.
Delete the $566M from land sales, borrowing $302M from future taxes, and $100M from San Diego state.
a. The $566M from any land sales needs to go into the San Diego general fund to be used for the repair of neglected city infrastructure. Not to support a sports team.
b. The $302M future taxes won’t be extra income, it’ll be transferred income off-set by corresponding tax losses elsewhere in the city.
c. The $100M from San Diego state is ludicrous. San Diego state is totally happy with Qualcomm Stadium.
Frankly, I don’t want to see one more red cent of city funds being spent on corporate welfare for an organization that’s been a drain on the city funds from day one. With the exception of one or two events each year, every game played by a sports team is a net drain on the city’s treasury.
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