Some San Diego leaders looking for extra cash to close the budget deficit have their eyes on the downtown redevelopment organization. That’s putting the agency on the defensive.
Christmas came a bit early for the Centre City Development Corporation when the state legislature lifted the cap on how much tax revenue CCDC can collect, extending the agency’s life by about 10 years. Now several San Diego leaders are calling on CCDC to start contributing more money to various city debts. But CCDC’s Chief Financial Officer Frank Alessi said there hasn’t been a windfall.
“The money only comes when private development builds new buildings downtown. And right now we’re in a recession or stale economy. And there is no new money, so to speak,” he said. “If anything our property taxes are on decline because so many people are appealing their property taxes.”
In budget talks San Diego lawmakers have called for CCDC to cover the $9 million annual payment on the 2001 Convention Center expansion, pick up the remaining cost for Petco Park and cover other debts.
