CSAG releases Qualcomm Stadium financial plan

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A financial plan for a new Chargers stadium was released by the CSAG

DeeDee Williams, Sports Editor

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The Citizens Stadium Advisory Group (CSAG) released a 1.4 billion dollar financial plan regarding the design of a new and improved Chargers stadium.

The stadium will require a significant amount of monetary contribution from the Charger team, National Football League (NFL) and taxpayers.

It is expected for the Chargers to pay $300 million and the NFL to pay $200 million. CSAG also expects to have $173 million of bonds for rent.

County and city taxpayers would pay $121 million of taxes over the course of 30 years, but there will be no tax increases. Most people are probably thinking “How the hell not?” They explained that the tax money would come from each agency’s general fund.

As for the design, the new stadium would have club areas and lobbies. They plan on having the stadium enclosed with an electronic heating and cooling system.

To raise some funds, the city will sell 75 acres of the 166 acres of Qualcomm stadium for a total of $225 million. Also, tickets and parking will bring in about $111 million.

San Diego State University rents Qualcomm stadium and raising their rent that they currently pay will bring in around $43 million over the course of 30 years.

What is upsetting many residents in San Diego is the fact that a great amount of public money will be spent on the stadium. CSAG plans to use $242 million of public money and $225 million dollars worth of public land, which will be about $467 million dollars of public contributions.

All together the stadium’s estimated cost is 1.1 billion and CSAG’s plan will requires 1.4 billion, making that $300 million more than what is needed.

CSAG has a lot of things to work out if they were hoping to satisfy San Diego residents.

 

 

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