These days, everyone seems to have the perfect idea of where the Chargers should put their new stadium and how they should pay for it. (Some are realistic, some are sarcastic.)
But so far only one man has gone ahead and put together a full proposal.
Working on his own, Jeffrey Rice, a senior financial analyst with CB Richard Ellis, has put together a detailed, 50-page proposal for a $2.25 billion development deal that would include a Chargers stadium, arena, convention center, entertainment hub and mixed-use development.
Rice says the current situation is a loser for the city, as it must pay off the bonds for Qualcomm Stadium and fund the stadium’s operation. He says all that currently costs the city $14.6 million a year. His proposal would bring also bring in Ernie Hahn, who runs the iPayOne Center in Midway, to help construct the arena; it also includes financing from a Major League Soccer team, which San Diego currently doesn’t have.
Public debt would constitute 16 percent of the costs of the football stadium, according to the plan. The city and the county of San Diego would be asked to contribute a total of $100 million, to be financed through increased tax revenues as a result of the development. The city would also be asked to contribute an additional $50 million, to be financed the same way, for the construction of the arena.
Rice had this to say about how he came to create the proposal in an e-mail:
It started as a hobby four years ago and I continued to revise and revise and revise until it was able to make financial sense.This deal makes financial sense for the City, the Chargers and taxpayers. It will be a real benefit to the whole region.
The proposal is interesting and detailed. Give it a look.
But take it with a grain of salt. Team spokesman Mark Fabiani said it was very similar to what the team proposed a few years ago. But, he had this to say in an e-mail:
Under the circumstances … it is hard to see how a project such as the one Jeff Rice proposes could ever get off the ground in a city with an indifferent mayor and an actively hostile city attorney.