The Chargers blew another lead and lost another game yesterday, but they may have gained something more important if they want to stay in San Diego.
According to David Garrick of the San Diego Union-Tribune, mayor Kevin Faulconer has endorsed the team’s stadium ballot measure after getting “financial safeguards and other concessions” from the team.
The relationship between the mayor and the team hasn’t always been so positive, but the thaw between the two sides could help toward some arrangement for the team even if the Nov. 8 ballot known as “Measure C” fails.
“This is about working toward common goals that will get solutions for the public good,” Faulconer said. “We put aside differences to find common ground.”
Faulconer said the team agreed to eight concessions which strengthen the chance of success for the measure, which would raise hotel taxes from 12.5 percent to 16.5 percent to pay for a downtown stadium and convention center annex. The team agreed to cover any overages in construction costs or land costs beyond current estimates, and guarantees the city’s general fund won’t be used for the project.
The team also agreed to give the city all the revenue from non-NFL events at the stadium and committed to stay in San Diego until the initial debt on the project is paid off, as well as promising to pay off preliminary costs if the team leaves before construction begins, among others.
Measure C would require two-thirds of the vote to be approved, but having Faulconer on board seems to be a strong step toward its chances. If approved, the Chargers would pay $650 million for their share of the stadium portion of the project, with $300 million of that coming from the league. The remaining $1.15 billion would be funded by selling bonds which would be paid back with the higher hotel tax money.