

Protect Future Projects in San Diego


Protect Future Projects in San Diego
The Issue
Basically Downtown produces about $122 million in tax increment. Payments, including Tax sharing, low mod housing funds, debt service, etc., and the already approved payments of Petco Park Bonds, equals about $109 million. This leaves about $ 13 million for projects. Funding of the Convention Center Phase Two bonds, about $10 million immediately, and $14 million in future years, would result in no money for any projects beyond this year. Understanding the City's financial problems, solving them by reassigning
funding from the City to Tax Increment for both the Ball Park and the Convention Center, which are Regional assets, and thereby stopping redevelopment in Downtown, is not in the best long term interests of the City. Downtown is the only place willing to take the necessary density to achieve future housing goals and without the infrastructure, parks, etc. it will not succeed in attracting the interest and investment necessary.

The Issue
Basically Downtown produces about $122 million in tax increment. Payments, including Tax sharing, low mod housing funds, debt service, etc., and the already approved payments of Petco Park Bonds, equals about $109 million. This leaves about $ 13 million for projects. Funding of the Convention Center Phase Two bonds, about $10 million immediately, and $14 million in future years, would result in no money for any projects beyond this year. Understanding the City's financial problems, solving them by reassigning
funding from the City to Tax Increment for both the Ball Park and the Convention Center, which are Regional assets, and thereby stopping redevelopment in Downtown, is not in the best long term interests of the City. Downtown is the only place willing to take the necessary density to achieve future housing goals and without the infrastructure, parks, etc. it will not succeed in attracting the interest and investment necessary.

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Petition created on March 25, 2011