This is my first blog and I hope you'll find it interesting; it's about financing a new Chargers stadium.
The Chargers' Marc Fabiani spoke to my synagogue's mens club recently and I asked him a few key questions. First I asked if the Chargers could float a bond issue to pay for the stadium. The answer was yes, but the city and the Chargers would each be responsible for half of the money...an estimate of $900,000,000 to build the new stadium.
Next I asked how the city could pay for it. The answer was that the city could sell both the Sports Arena and Qualcomm stadium, and the cash received would be much more money than is needed.
Then I asked if this was pie in the sky or are there really are people and organizations waiting to buy the properties? The answer was that when he arrived in town to work with the Chargers, there was a list of people waiting to buy the properties.
Obviously the financial climate has changed, but nonetheless, I recommend that the city and the team form an entity to build the stadium...let's call it "The Stadium Corp."
The first step is to hire a firm and do a market analysis to determine the actual value of the two properties. Next is to contact those who were originally interested in the purchase of the properties. Next would be to advertise the availability of the properties.
Let's be realistic: the estimates I've already heard far exceed the amount of money needed to build a stadium. The balance raised could be used for any one of a number of the city's needs, and the best part is that it would not take a single penny out of the taxpayers' pocket.
It sounds like a win-win situation all around.