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.
Suites and clubs in the stadium will be used during convention events.
— Ben Higgins (@BenHigginsSD) March 30, 2016
A determination has not been made if the stadium itself will have a cover/roof for convention space.
— Ben Higgins (@BenHigginsSD) March 30, 2016
Any seat license money sold will go toward the Chargers portion of the cost.
— Ben Higgins (@BenHigginsSD) March 30, 2016
Once the project is paid for (33 years bonds) the TOT tax will “sunset” down to 13.5%.
— Ben Higgins (@BenHigginsSD) March 30, 2016
The Chargers projections also don’t include possible growth from new hotels, restaurants. Seems like they’re trying to be conservative.
— Ben Higgins (@BenHigginsSD) March 30, 2016
