Chargers release financing details for possible San Diego stadium
The group leading the San Diego Chargers’ effort to build a new stadium laid out details Tuesday night for how the potential project would be financed, reports Kevin Acee of the San Diego Union-Tribune.
The 100-plus page proposal for a facility in downtown San Diego calls for a $1.8 billion stadium and convention center, with the stadium itself costing $1 billion.
The plan calls for the Chargers and NFL to pay $650 million, while the other $350 million would come from the city in the form of a 4% increase to the hotel tax.
The Chargers would sign a 30-year lease and non-relocation agreement as part of the deal. The stadium and convention center would also be owned by a joint powers authority, rather than the team.
The stadium would be projected to open in 2022.
The franchise has been looking at stadium locations around downtown and the Mission Valley after deciding to hold off on an offer to relocate to Los Angeles. If the Chargers relocated to Los Angeles, it would share a stadium to be constructed in Inglewood with the Los Angeles Rams.
The Chargers' preferred location for a new San Diego stadium is next to Petco Park, the home of the Padres.