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Stadium financing plan

Discussion in 'Chargers Fan Forum' started by Fouts, Mar 30, 2016.

  1. Fouts

    Fouts I heart Deano!

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  2. MasterOfPuppets

    MasterOfPuppets Charger fan since 1979

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    I think it's a decent plan, the team is not financing 100% of the stadium but they won't own it nor get revenue from non -NFL events
     
  3. powayslugger

    powayslugger Feckless Slappy

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    A $2 billion complex? Expecting to fleece the guests of the city for half of that in hotel taxes? How in the hell do you raise one billion bucks through hotel taxes... charge a guy an extra $500 for his room at the Holiday Inn Express? They'll take decades to pay that money back. But we'll get to keep sleazy Deano and his Chargers downtown: fat, dumb and rich.
     
  4. House of Hayne

    House of Hayne Chargers Smash

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    1.8 billion dollars wow don't think the hoteliers will let that slide
    Here comes LA again
    SMH
     
  5. House of Hayne

    House of Hayne Chargers Smash

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    4% tax hike over 33years will get them 1.15billion
    but the Chargers will sign for 30 of the 33
     
  6. Pointyearedog

    Pointyearedog I only put idiots on ignore...

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    They ought to get the local restaurants involved too. Jose's fish tacos, only 50 bucks each.
     
    • Funny Funny x 1
  7. SuperCharger92

    SuperCharger92 Winners Win

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    Might be a ridiculous deal for hoteliers, but the city may be handcuffed here. Nobody wants to be the 'bad guy' here that forced the Chargers out. I give the Chargers brass some credit for leveraging what they can, even if they did it in the sleaziest way.
     
  8. Pointyearedog

    Pointyearedog I only put idiots on ignore...

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    The initiative is to fleece the citizens, guess that's how it got the name...
     
  9. powayslugger

    powayslugger Feckless Slappy

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    That might be useful... but I know that I will end up paying nearly three times the amount of my mortgage before it's all said and done in 30 years. I am sure the city won't be able to borrow the money for 0.00% interest on that huge loan. No- it'll take more than a 4% hike to pay this baby off.

    I am also wondering what kind of shape that new stadium will be in 30 years... just look at how crappy the Q is looking now... and has been for the last dozen years.
     
  10. Carlsbad_Bolt_Fan

    Carlsbad_Bolt_Fan Well-Known Member

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    Much better materials going into the new stadium (if approved). Doubt that it'll age as badly as the Q.
     
  11. AnteaterCharger

    AnteaterCharger Calibrating Bolttalk, Podcast by Podcast Staff Member Super Moderator Podcaster

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    If you want to read about the actual financing for the stadium start at about page 79.

    Thoughts from initial reading
    • Private sector MUST put in at least $650 million but doesn't say how/where (NFL/Spanos/Goldman Sachs/etc)
    • Chargers/Stadium cover construction costs and overruns ONCE shovels hit the ground. Until then it's the city's responsibilities for the stadium
    • The TOT MUST be used to pay for the city's part in this, it's specifically ear marked and can't go into general funds. It goes into a special trust fund.
    • City Bonds backed by the STADIUM/CC project only can be used. Can't back the bonds on the City's General Fund or the Faith/Credit of the city itself. Think of it like taking a loan on the house; the house is collateral for the loan and that's the only thing that can be used as payment/confiscation for the loan.
    • The City is NOT ALLOWED to pay for any stadium upkeep/cost. Chargers are primary lessee in property and must pay rent
    • The City CAN NOT use its general fund to pay for the stadium, By LAW
    • City can book any and all events it wants as long as stadium not used for football purposes and City gets the money from it
    • Nothing specifically about how much Chargers pay in rent
    • Nothing about Mission Valley/redevelopment/further development of downtown
    • ONLY hiccup: The city's part for payment of turning/integrating stadium into convention center expansion is NOT listed but must be agreed to by the time of the final development documents for the stadium [My guess is they didn't want to tie everything up and this will likely take time to finalize]
     
    • Informative Informative x 3
  12. powayslugger

    powayslugger Feckless Slappy

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    ^ thanks for breaking it down "Barney-style" for us Loren. You made it easier to understand.
     
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  13. House of Hayne

    House of Hayne Chargers Smash

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    What about the 4% or rather 6% increase to the hotel tax
    6% because of the 2% tax that is being called unconstitutional and aren't they fighting this in court. Might be the camel and the straw thing
    Thoughts?
     

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