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RamFan503

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I think the task force knows that there's zero chance to get the hoteliers to budge to allow something to be built downtown.

I know some worry that this could give Spanos enough reason to reject the proposal outright, but I think it was the only semi-realistic option for Faulconer's crew to recommend.
Maybe so. I think the biggest wild card in this is still if Spanos and Davis can actually put a deal together that gets Carson done and is viewed as a sound project by the NFL. I'm just not sure the money is there but unfortunately, those details are sketchy and obscured in all three proposals.

Sittin' in the mornin' sun
I'll be sittin' when the evenin' comes
Watchin' the ships roll in
Then I watch 'em roll away again, yeah
I'm sittin' on the dock of the bay
Watchin' the tide roll away, ooo
I'm just sittin' on the dock of the bay
Wastin' time
 

bluecoconuts

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I thought the downtown option would take many more years to develop? Spanos has some high demands, that's for sure.
 

ZigZagRam

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Maybe so. I think the biggest wild card in this is still if Spanos and Davis can actually put a deal together that gets Carson done and is viewed as a sound project by the NFL. I'm just not sure the money is there but unfortunately, those details are sketchy and obscured in all three proposals.

Sittin' in the mornin' sun
I'll be sittin' when the evenin' comes
Watchin' the ships roll in
Then I watch 'em roll away again, yeah
I'm sittin' on the dock of the bay
Watchin' the tide roll away, ooo
I'm just sittin' on the dock of the bay
Wastin' time

Goldman Sachs believes the money is there. If they're to believed, and I'm not sure why they'd involve themselves to the extent they have if not, then all the financing questions in Carson are answered.
 

RamFan503

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Goldman Sachs believes the money is there. If they're to believed, and I'm not sure why they'd involve themselves to the extent they have if not, then all the financing questions in Carson are answered.
I think Spanos' yapping dog alluded to that the Goldman Sachs thing was essentially an insurance policy that Spanos was paying for. Not sure how much stock I would put into that connection.
 

BuiltRamTough

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Edmond
Stadium task force picks Mission Valley
By Lori Weisberg 09:04a.m. Mar 11, 2015, updated 11:27a.m. Mar 11, 2015

qualcomm_1_r420x280.jpg

The mayor's task force Tuesday night agreed to recommend Mission Valley as the preferred location over downtown for a new Chargers stadium, according to a source.

The decision by the Citizens Stadium Advisory Group was unanimous, but the group's choice and its detailed rationale for that recommendation will not be released until Thursday, said a source who has knowledge about the meeting. The source said the group's recommendation was buttressed by an overwhelming amount of data and reports supporting a Mission Valley location.

Mark Fabiani, Chargers special counsel, declined to comment on the group's choice. Faulconer too chose not to weigh in on the group's recommendation.

"I'll let the task force speak for themselves," he said Wednesday morning. "They've been doing a lot of great work in expediting their process."

The site recommendation comes a little more than a month after the nine-member group held its first meeting and after reviewing numerous reports and hearing from various stakeholders, among them the Chargers and developers of proposed stadium sites, including one in downtown San Diego. The group is racing to meet a self-imposed May deadline for providing Mayor Kevin Faulconer with a recommendation for where a new stadium should be built and how to finance it.

CHARGERS STADIUM: LATEST HEADLINES
Momentum has been building toward a Mission Valley location, where the Chargers currently play, and the vast majority of fans at a recent public forum held by the task force said they favor building a new facility there as opposed to downtown. Although the Chargers a decade ago offered up proposals for a new stadium in Mission Valley, more recently they have been publicly advocating for a multi-use complex downtown that would combine a stadium and added convention center space to complement the city's bayfront facility.

The city's hoteliers have been clear they oppose a joint center and stadium, which theoretically could be financed in part with hotel room taxes. Any expansion of the center needs to be contiguous, which is what large associations want when they hold their conventions, hoteliers say. A planned $520 million expansion of the center was killed last year when a judge ruled that a hotelier-approved room tax to finance the project was unconstitutional.

STADIUM SPECIAL ON KUSI
Tune into KUSI on Thursday at 9 p.m. for a one-hour special on the Chargers stadium. U-T sports columnists Nick Canepa and Kevin Acee and U-T Editorial Editor Bill Osborne join KUSI’s Allen Denton, Sandra Maas, Ross Becker and Paul Rudy for an in-depth look at where the stadium should be built and who should pay for it.

Adding to speculation that a downtown stadium site was doomed was a recent report from the Metropolitan Transit System chief that said it could take as many as seven years to make it available. CEO Paul Jablonski has said it could cost $150 million to clear the 7.75-acre bus yard at 16th Street and Imperial Avenue so a new stadium could be built there and on the adjacent Tailgate Park, both east of Petco Park. That is where JMI Realty -- former Padres owner John Moores’ real estate company that oversaw the downtown ballpark district master plan -- has proposed building a joint use stadium and convention center facility.

Pressure is building for the task force to complete its work and the mayor to move forward on a stadium in light of the joint announcement Feb. 19 by the Chargers and Oakland Raiders that they are exploring a joint stadium project in the Los Angeles suburb of Carson.
 

ChrisW

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Goldman Sachs believes the money is there. If they're to believed, and I'm not sure why they'd involve themselves to the extent they have if not, then all the financing questions in Carson are answered.

Isn't Goldman Sachs going to loan them the money? That's a little more than believing it's there. They are positive it's their if they are going to be the ones backing it.
 

ZigZagRam

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I think Spanos' yapping dog alluded to that the Goldman Sachs thing was essentially an insurance policy that Spanos was paying for. Not sure how much stock I would put into that connection.

You missed a pretty big story then.

http://www.sportsbusinessdaily.com/Journal/Issues/2015/03/02/Finance/Goldman-Chargers.aspx

Goldman Sachs will finance the San Diego Chargers’ prospective move to Los Angeles, including covering any operating losses suffered by the team in the first few years in that city as well as costs for any renovations needed in a temporary venue, sources said last week.
 

ZigZagRam

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Isn't Goldman Sachs going to loan them the money? That's a little more than believing it's there. They are positive it's their if they are going to be the ones backing it.

There are no guarantees in life but yes, I'd say they have a pretty good idea of what they're doing.
 

RamFan503

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Yep. I missed that one. I had previously understood that they were just backing them against possible losses incurred during the move - not that they were loaning them the money for the project. It still seems a bit grey in that they are not saying they are going to finance construction and that Davis still hasn't secured a financing company but it is not like Goldman Sachs doesn't have the financial muscle to do it. Still sitting on the dock on the bay though until something actually moves. They are supposed to start gathering signatures tomorrow from what I understand. So that's another step.
 

ZigZagRam

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Yep. I missed that one. I had previously understood that they were just backing them against possible losses incurred during the move - not that they were loaning them the money for the project. It still seems a bit grey in that they are not saying they are going to finance construction and that Davis still hasn't secured a financing company but it is not like Goldman Sachs doesn't have the financial muscle to do it. Still sitting on the dock on the bay though until something actually moves. They are supposed to start gathering signatures tomorrow from what I understand. So that's another step.

Goldman Sachs financing includes construction of the stadium. That was revealed even before the latest update regarding losses and a temporary venue.

Also, Goldman Sachs has approved financing of the stadium with or without the Raiders according to Fabiani.
 

RamFan503

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Goldman Sachs financing includes construction of the stadium. That was revealed even before the latest update regarding losses and a temporary venue.

Also, Goldman Sachs has approved financing of the stadium with or without the Raiders according to Fabiani.
Well I guess we'll see then. I have said that from the beginning, I didn't buy that Stan went through all the trouble and expense of getting a team into the St Louis market only to turn around and move them back to LA. I just don't buy much of what Spanos and his yap dog say. I've heard it for years. Their demands have always been so rich that I just can't see them forking over the whole nut on building a stadium just a few hours north. But I guess we'll see. Maybe Davis will be so motivated that he gives up part of the team to get it done. Lots of moving pieces to all three sites.
 

RamFan503

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Not sure it would come out any clearer. Gonna have to wait to see more info.

Any idea though on how St Louis pays off the $100 million still owed on the dome and comes up with their part of the new stadium? I haven't seen particulars on that.
 

ZigZagRam

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Not sure it would come out any clearer. Gonna have to wait to see more info.

Any idea though on how St Louis pays off the $100 million still owed on the dome and comes up with their part of the new stadium? I haven't seen particulars on that.

That would be included in the re-financing of the bonds.
 

RamFan503

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That would be included in the re-financing of the bonds.
So how does the Governor "extend" bonds that amounted to $240 million or so to cover $405 million in stadium and $100 million in remaining debt? Does that make sense to you?
 

ZigZagRam

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So how does the Governor "extend" bonds that amounted to $240 million or so to cover $405 million in stadium and $100 million in remaining debt? Does that make sense to you?
There's also money coming from brownfield tax credits, PSL money (as a private investment) and they've mentioned other revenue streams that haven't been made public yet.
 

RamFan503

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There's also money coming from brownfield tax credits, PSL money (as a private investment) and they've mentioned other revenue streams that haven't been made public yet.
It'll be interesting to see. The Brownfield money is up to $50 million. They said something about PSLs being around $100-$125 million, I think income taxes of $8 or $9 million. Looks like that leaves about $80 million or so. That gets them pretty close. Sure would like to see the details though. Have you heard anything as to when they might release any of that?
 

ZigZagRam

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It'll be interesting to see. The Brownfield money is up to $50 million. They said something about PSLs being around $100-$125 million, I think income taxes of $8 or $9 million. Looks like that leaves about $80 million or so. That gets them pretty close. Sure would like to see the details though. Have you heard anything as to when they might release any of that?

I doubt you'll hear anything until you see a resolution in the State Leg. regarding the bond extension.
 
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