Details of Chargers' stadium plan emerge

Posted at 7:27 PM, Mar 29, 2016

SAN DIEGO - The Chargers believe they can open a new downtown stadium by 2022, according to a source with knowledge of the team's stadium plans.

10News Sports Director Ben Higgins, citing the source, reported Tuesday that the planned 65,000-seat stadium will be municipally owned, with a Joint Powers Authority created to run it and all non-NFL events at the facility.

In terms of financing, the Chargers will put in $650 million in private funding towards the stadium project -- $300 million of that money coming from the NFL, the source said.

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As previously reported, the proposal to raise the city's Transient Occupancy Tax (TOT) from 12.5 percent to 16.5 percent will help fund the project.

The TOT will pay for the remaining $1 billion on the overall project -- $650 million for the convention center and $350 million to integrate the stadium.

The source said after loans to build the stadium are paid, the remainder of the TOT funds will be distributed to tourism funding, operations and then the general fund.

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According to the source, investment firm Goldman Sachs is prepared to provide loans for the team. The firm is also interested in funding the convention center and its integration with the future stadium.

The Chargers will keep all football-related revenue -- for the 10-13 days they operate the new stadium, as well as the stadium naming rights.

As of now, the team does not know whether the proposal will be a 2/3 vote or 50 percent-plus 1. In the meantime, they’ll work towards a 2/3 vote.

10News learned part of the Citizen's Initiative will be released in the next day or so.