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Fundraising Campaign Underway With San Diego Businesses In Effort To Keep Chargers

Fundraising Campaign Underway With San Diego Businesses In Effort To Keep Chargers

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Wanting a $1-1.5B new stadium, the Chargers would likely need to sell PSLs
As the future of the Chargers "grows increasingly uncertain, a fundraising campaign is underway to aid the effort to keep the team" in San Diego, according to Farmer & Perry of the L.A. TIMES. Political fundraiser Jean Freelove "has reached out to local businesses, apparently on behalf of San Diego Mayor Kevin Faulconer, to help the cause" (L.A. TIMES, 3/7). In San Diego, Dan McSwain noted any financing plan to build a new NFL stadium in San Diego or L.A. "surely will include sales" of PSLs to "raise cash from fans." But there is "some skepticism that frugal San Diego will go for the idea." Chargers Special Counsel Mark Fabiani said, "We have great fans ... but there’s no history here of PSLs. We would be fortunate to sell $100 million in PSLs in San Diego, and might well sell much less than that.” McSwain wrote Fabiani's view is "convenient for the team, which wants a new stadium" costing anywhere from $1-1.5B. If local fans are "loath to kick in" barely 10%, that would "presumably helps Fabiani’s case for subsidies from the general public" (SAN DIEGO UNION-TRIBUNE, 3/8). Also in San Diego, Roger Showley cites a study by the National University System Institute for Policy Research as showing that "building a new Chargers stadium without tax support seems 'doubtful.'" NUSIPR President Erik Bruvold said that as much as $150M "could be raised" from PSLs, but that the San Diego region "might have to cover" close to 65% -- or $975M of a $1.5B stadium project (SAN DIEGO UNION-TRIBUNE, 3/7).

TIME TO GET CREATIVE? In San Diego, David Garrick outlined the city's "options for financing" a new stadium. Recent discussion of how San Diego can pay for a new Chargers stadium "has shifted away from traditional tax increases, which need approval from two-thirds of voters, toward different approaches that wouldn’t face that daunting requirement." They include using a "new state economic development tool called an 'infrastructure district,' borrowing against new revenues that a modern stadium would create, and getting a large loan from the county that would be paid back later with taxes from development near the stadium" (SAN DIEGO UNION-TRIBUNE, 3/8). Meanwhile, in Denver, Mike Klis wrote under the header, "San Diego Would Be A Less Cool City Without The Chargers." Klis: "It's the Chargers who bond your city with smiles or tears" (DENVER POST, 3/8).

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