San Diego’s new stadium committee will not ask for tax increase
In San Diego, the mayoral committee assigned to find a location and financing plan for a new stadium for the Chargers has decided it will not ask for a tax increase.
Meeting the two-thirds vote of the public needed for a tax increase is not realistic, committee Chairman Adam Day said.
Instead, the committee will look at assembling a financial plan that includes naming rights, personal seat licenses, contributions from the NFL and the Chargers, parking fees, concession fees and profits from any mixed-use development on the 166-acre, city-owned site that includes Qualcomm Stadium.
The committee is set to deliver its financing plan to Mayor Kevin Faulconer by May 20. Faulconer has said that the issue will be presented to voters even if that is not legally necessary.
The city is seeking to retain an investment banking firm to help with the financing package, negotiations with the Chargers, and a possible bond issue. Five firms have submitted proposals and a decision is expected next month, the mayor’s office confirmed Saturday.
“We’re moving full speed ahead,” Faulconer said.
Day told a City Council committee that the stadium will cost between $700 million and $1.5 billion and probably not be as elaborate as the 49er stadium in Santa Clara.
“It doesn’t have to be a facility that has all the bells and whistles,” Day said, “because I don’t think that’s San Diego’s style.”
Day and other committee members plan to meet April 7 in San Diego with NFL executive Eric Grubman, in charge of issues involving possible relocation of one or more teams to the Los Angeles market.
The committee has selected the Qualcomm site as presenting the fastest and least expensive option for a new stadium, rejecting the Chargers’ preference for a downtown site.
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