New Stadium May Be Beyond CCDC's Budget
The possibility of the Chargers moving to downtown San Diego got new life when the Center City Development Corporation hired a consultant to study the idea last week. But CCDC may not have the money to help build a stadium.
New Football Stadium May Be Beyond CCDC's Budget
The laws that govern redevelopment agencies allow CCDC to collect about $3 billion in taxes from its center city project area. Frank Alessi is the organization's Chief Financial Officer. He said CCDC has about $2.1 billion left to collect. But he said most of that money is already obligated to other things like creating affordable housing, paying for Petco Park and repaying loans from the city. Alessi said CCDC only has about $386 million it can spend on redevelopment projects during the next 10 years or so.
"There's less money coming during that period than what was originally contemplated. That combined with the money that the state has taken as well as, of course, money that's already been spent on projects, leaves us with $386 million," he said.
Alessi said that works out to about $38 million a year for projects. Erik Bruvold is the president of National University's Institute for Policy Research. He says CCDC may have to start making some tough choices about which projects to pursue.
"If they don't have enough funds to build them all, how do they make sure that decision makers are looking at these comprehensively as opposed to taking on the decisions just in incremental fashion," he said.
A report on how a downtown stadium might be paid for should be complete in three to four months.