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NFL Revives Stadium Loans, Chargers Rejoice

Discussion in 'Chargers Fan Forum' started by Pointyearedog, Dec 14, 2011.

  1. Pointyearedog

    Pointyearedog I only put idiots on ignore...

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    NFL revives stadium loans, Chargers rejoice
    [​IMG]
    Written by

    Matthew T. Hall

    5:26 p.m., Dec. 14, 2011
    [​IMG]
    Chargers president Dean Spanos (right) and his special counsel, Mark Fabiani, have wanted a new stadium since 2002. — Sean M. Haffey
    Documents »

    [​IMG]
    Download: NFL stadium loan program details
    National Football League owners revived a defunct stadium loan program Wednesday, which could provide $200 million for the Chargers to build a new venue in East Village that's estimated to cost $800 million or more.
    Before the NFL's prior low-cost loan program dried up in 2006, the team estimated it might have received $100 million from it.
    Chargers special counsel Mark Fabiani called the league's announcement "great news for the team and our fans."
    "As much as $200 million in league loans and assistance might now be available to us," Fabiani said. "The final amount will depend on a variety of factors, set forth in the resolution passed by the owners today, and we will be crunching numbers in the coming days."
    The Chargers have eyed a potential stadium site in East Village for a couple years to replace Qualcomm Stadium in Mission Valley, where the team has played for 44 years.
    Fabiani, hired in 2002 to spearhead the team's search for a new stadium, has said building one east of Petco Park could cost $800 million and that the league and the team might contribute $300 million. His construction estimate does not include at least $150 million to clean up the envisioned site and move its existing tenants, which include a busy Metropolitan Transit System bus yard.
    Team and city officials have been meeting for months to work out a financing proposal that might be put to a public vote in November 2012. Mayor Jerry Sanders hired New York financial adviser Lazard Ltd. to help the city in October. He has since met with the firm's consultants several times.
    With the Chargers, 49ers, Vikings and competing developers in Los Angeles proposing new stadiums, NFL Commissioner Roger Goodell said construction money will be distributed based on projects' private investments.
    "They’ve become more complex and more expensive in these markets and we had to adjust our policy to participate in these projects and support these projects both at the club level and league level," he said.
    49ers President Jed York shared his excitement about the program being renewed on Twitter.
    "#NFL's next-gen stadium financing program approved today," he wrote. "confident that the #49ers will be the first recipient."
    The 49ers are trying to build a new stadium in Santa Clara and Tuesday night its city council voted 7-0 to approve plans to develop and finance a stadium, a step the San Francisco Chronicle reported leaves the team one step closer to saying goodbye.


    Pointy (Man On The Street)
     
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  2. Blue Bolt

    Blue Bolt Persona Non Grata

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    NFL revives stadium loans, Chargers rejoice

    National Football League owners revived a defunct stadium loan program Wednesday, which could provide $200 million for the Chargers to build a new venue in East Village that's estimated to cost $800 million or more.

    As recently as July, the team estimated it could get $100 million from the league if it restored its low-cost loans, which dried up in 2006, to the comparable levels that had existed before.
    Chargers special counsel Mark Fabiani called the league's announcement "great news for the team and our fans."

    "As much as $200 million in league loans and assistance might now be available to us," Fabiani said. "The final amount will depend on a variety of factors, set forth in the resolution passed by the owners today, and we will be crunching numbers in the coming days."

    Fabiani said the resolution "makes clear that each project will be evaluated individually, on its merits, so it is up to us to put forth an attractive project to the NFL -- and to get our place in line as soon as we can."

    Read the rest at link above ^
     
  3. Buck Melanoma

    Buck Melanoma Guest

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  4. Blue Bolt

    Blue Bolt Persona Non Grata

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  5. Pointyearedog

    Pointyearedog I only put idiots on ignore...

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    This is a repeat of something I already posted.
     
  6. Pointyearedog

    Pointyearedog I only put idiots on ignore...

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    Hey we have two threads with the same basic article.
     
  7. Blue Bolt

    Blue Bolt Persona Non Grata

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    More isn't better? :confused:
     
  8. Sydalish

    Sydalish Addicted to Sports

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    Fixed ;)
     
  9. SDRaiderH8er

    SDRaiderH8er Well-Known Member

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    now if we were up in LA we could get another 600 Million just in naming rights, heck we wouldnt have to come up with one thin dime to get this thing built!
     
  10. FCBolt

    FCBolt Well-Known Member

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    Who repays the NFL loans, the Chargers or the City?
    Seems like a loan isn't going to solve the problem unless
    1. The City decides to throw in substantially
    2. The Spanos Bros decide to go it alone
     
  11. Lance19

    Lance19 BoltTalker

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    Not Fixed ;)
    (but would consider,
    if I met the right gal)
     

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