New negotiations on Chargers Stadium announced Wednesday
SAN DIEGO (KUSI) – Negotiations begin Tuesday, June 2, between Mayor Kevin Faulconer and Chargers Chairman Dean Spanos with hopes to create a plan to build a new football stadium in San Diego.
Tony Manolatos, a spokesman for Faulconer’s advisory group, announced the meeting Wednesday.
No details were released, but Mayoral spokesman Craig Gustafson confirmed the meeting would take place.
The Citizens’ Stadium Advisory Group completed their part in this decision. It is now the decision of city and county officials, and the Chargers, to work with the financial framework and create a deal that all sides can agree with, then take to voters.
The mayor and the Chargers said they want the public to validate their plans in an election, even though the plan doesn’t envision a tax increase that would require a vote.
Spanos has been saying for years that the team needs a new stadium to remain competitive and, frustrated with the lack of progress in San Diego, has jointly purchased land in the Los Angeles suburb of Carson with the rival Oakland Raiders.
Chargers officials have said the Carson plan is only a backup in case they can’t create a deal to stay in San Diego.
Legal and financial experts have been hired by the city and county to assist their negotiating team, and the Chargers have their own slate of advisers.
Independent evaluators have been cautiously optimistic about the financing framework announced by the mayor’s task force last week, but the Chargers have not issued a public evaluation.
The group said a stadium should cost around $1.1 billion, and it found $1.4 billion in funding sources.
Most of the money would be used to pay back construction bonds, including rent on the Chargers, San Diego State University and San Diego Bowl Game Association. Also included, contributions from the city and county governments, and fan fees like personal seat licenses and surcharges on parking and tickets. This money is projected to be raised over 30 years.
Selling of the land at Qualcomm Stadium for development could raise $225 million, and the National Football League would kick in $200 million, the group estimated.
Funding could also be generated by selling naming rights, personalized bricks, and capital contributions from concessionaires and telecommunications firms, the group said.
