ESCONDIDO, Calif. -- San Diego Chargers team officials met with Escondido city officials and a developer to discuss the possibility of a new stadium for the team in the North County.

Like many other areas, Escondido has taken a hit due to the recession. However, some business owners and city officials believe having the Chargers in town would provide a jolt to the local economy.

At a smoke and gift shop in Escondido, business is hurting. Owner Johny Hakim said, "I lost 50 percent of what I used to do before."

Hakim thinks he knows the cure: "We would love to have the Chargers here."

On Monday afternoon, the team, city officials and the first of three mystery developers met in what is considered the first step to making Hakim's wish a reality.

The group discussed if the building of a stadium on a swap meet site just east of Interstate 15 was economically feasible.

The developer was briefed and will come back with a proposal in several weeks, 10News' Michael Chen learned.

"I'm very positive; it's very intriguing," said Escondido Mayor Lori Pfeiler.

Pfeiler said she was encouraged by Monday's meeting but major hurdles remain.

Will a stadium and mixed-use development generate enough profits to sustain the hundreds of millions of dollars needed to privately finance a stadium?

Also, will Escondido -- without eminent domain powers -- be able to get enough land to make it happen?

"It could become a destination place," said Harvey Mitchell, President of the city's Chamber of Commerce.

Mitchell said city leaders should do whatever they can to get the team to Escondido, where tax revenues continue to plummet.

Additionally, Mitchell said the vacancy rate for office and retail space is now at 30 percent.

"It would give us a shot in the arm that's impossible to fathom, actually," said Mitchell.

10News learned if Escondido can land a stadium, they would also be in line to receive a 200,000 square-foot training facility.