San Diego's Citizens Stadium Advisory Group (CSAG) delivered the completed proposal for a new NFL stadium in Mission Valley to Mayor Kevin Faulconer and Chargers owner Dean Spanos on Monday.
The general architectural look and the financing plan were released in a media briefing from the County Operations Center in Kearny Mesa.
“We believe a modern, efficient stadium will cost $1.1B,” CSAG chair Adam Day said adding the figure was determined taking into consideration retail and market costs in San Diego using 2018 dollars.
The group recommends Chargers contribute $300 million to build a new stadium.
“In 2003, the team offered to pay half the construction costs, our plan has them making a direct contribution of $300 million or less than 30%,” Day said.
The group recommends the team pay $1M per game in rent.
“This is well within the range for new stadiums across the country,” Day said.
A nationwide analysis of PSLs suggests the San Diego market could sustain at least $120 million in revenue, he continued. The advisory group's proposal would split the total revenue with the team, with half going toward construction.
The plan also banks on the city selling 75 acres of public land for $225 million.
PSLs & San Diego's Proposal for a New Stadium
A $5 per game ticket surcharge and a $3 per game parking surcharge would also help raise revenue, according to the CSAG.
Through special counsel Mark Fabiani, the team responded to the proposal with the following statement:
"We are grateful to the CSAG members who volunteered their time, and we will now ask our stadium development team -- including our financing, legal and land use experts -- to thoroughly review the CSAG results."
“If they want to stay in town, they have a plan that provides them an opportunity to do so,” Day said.
Mayor Faulconer said he suggested the city, county and Chargers plan to begin formal negotiations on June 1.
"San Diego has a framework to build a new stadium that’s tangible, that’s achievable and that won’t raise taxes," Faulconer said in a news release.
Story Behind Proposed Stadium Design
The mayor said he still wants to have an agreement with the team approved by a public vote. Even though the CSAG recommendations do not require new taxes and so don't require a 2/3 vote to move forward.
City Attorney Jan Goldsmith reacted swiftly to the proposed recommendations, warning San Diegans that any stadium deal will be negotiated face-to-face and not in the media.
"Charger negotiations should be conducted at the table, not in the media. Thus, the City will have much less public comment during these negotiations than there has been during the CSAG process," Goldsmith said in a prepared statement.
Day personally delivered copies of the report to Spanos and Faulconer this morning.
President & CEO of the San Diego Regional Chamber of Commerce Jerry Sanders, who served as mayor from 2005 to 2012, said he thinks there’s a basis for starting negotiations within the CSAG's recommendations.
NBC 7 Sports Wrap's Derek Togerson broke the story Monday morning.
NBC 7's Gene Cubbison offers his analysis of the proposal here.
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