If the taxpayers of San Diego swallow this hogwash and vote for the Chargers’ plan on the November ballot, they are voting for a pig in a poke. They are authorizing the City to go into debt for $1.15 billion without knowing the final terms and the small print in the contract with Wall Street for the bonds. They aren’t privy to the negotiations between Wall Street and the City. Despite the fact that the proposal states that there will be a firewall between the City’s General Fund and the Fund that pays the interest and principal on the bonds, Wall Street might have a different idea and then the City would have to go along with it or be sued by the Chargers if the voters approve of this proposal.
Finally, what about the homeless? In light of the City’s trying to remove them from the proposed area of the Chargers stadium in order that the All-Star game at Petco Park not have them littering up the streets, what would happen to them if a new Stadium was built right in the area where they all congregate? What mitigation is in this proposal for them? They are totally ignored although their impact on another stadium downtown would be crucial. What’s in this proposal for them? Nothing. They never even crossed the Chargers’ minds. [Read more…]