City Councilmember Scott Sherman

District 7

Councilmember Shermans Recommendations

to Citizens Stadium Advisory Group
Protect Taxpayers, Neighborhoods,
San Diego River, and Chargers Fans
I.

No cost to the General Fund

II.

Market rate rent should be applied to the Chargers for use of stadium

III.

The San Diego River is an important asset to the region and must be
restored according to the River Park Master Plan

IV.

The creation of at least a 20 acre park should be included in any major

revitalization at the 166-acre Qualcomm site

V.

Infrastructure and traffic mitigation improvements for Mission Valley

and communities surrounding stadium

VI.

Ironclad long-term lease and commitment from Chargers to remain in

San Diego for the duration of bonds

VII.

Any final recommendations regarding a new stadium plan must be

approved by the voters

City Councilmember Scott Sherman

District 7
FOR IMMEDIATE RELEASE:
Wednesday April 1, 2015

CONTACT: Jeff Powell, (619) 236-6677

Sherman Releases Vision and Financial

Options for Qualcomm Stadium
Site Revitalization Plan
Revitalization Plan to be Submitted for Review
to Citizens Stadium Advisory Group
SAN DIEGO Councilmember Scott Sherman, a long-time advocate for revitalization of the Qualcomm
stadium site, released his vision for a potential stadium development and a menu of financing options
today. Sherman also disclosed seven recommendations for Citizens Stadium Advisory Group (CSAG) to
consider while completing their financing plan.
While compiling a menu of financial options, Sherman received advice from San Diego real estate
experts that he hopes will add to the important discussion of keeping the Chargers in San Diego. He also
hopes the plan will assist CSAG in their goal of completing a comprehensive financial solution.
Councilmember Sherman felt it was important to release his plans to the public and put his ideas on the
table for review. His vision of a new Chargers stadium focuses on the implementation of the River Park
Master Plan and the development of smart-growth on the site. He looks forward to constructive feedback
from the public, media, CSAG, and the Chargers organization as all parties continue down the difficult
path towards consensus.
Without Mayor Faulconers leadership and CSAGs dedicated commitment, we would never have
gotten this far. I commend them for their detailed effort and look forward to working with them, said
Councilmember Sherman.
Councilmember Sherman was joined by Councilmember Chris Cate, Former Chargers Pro Bowl
Linebacker Shawne Merriman, Rob Hutsel, Executive Director, San Diego River Park Foundation, and
Gary London, President of London Group Realty Advisors.
###

City Councilmember Scott Sherman

District 7

Financing Overview
Since 2009, the cost of construction for modern stadiums has averaged around $1.28 billion. The
financing plans for these stadiums have varied from being funded entirely through private financing to a
combination of public-private financing. The River Park Stadium Vision presents a stadium surrounded
by mixed-use development with an emphasis on the adoption of the San Diego River Park Master Plan.
The following numbers show a potential framework for the financing of a new stadium for the Citizens
Stadium Advisory Group to consider.

Chargers contribution
NFL G4 Loan
Personal Seat Licenses
Private Investors
Naming Rights
100% (Stadium)
70%-30% (Stadium-Chargers)
50%-50% (Stadium-Chargers)

Land Sale

Low
Contribution
$250,000,000.00
$200,000,000.00
$100,000,000.00
$25,000,000.00
$575,000,000.00

Medium
Contribution
$300,000,000.00
$200,000,000.00
$130,000,000.00
$30,000,000.00
$660,000,000.00

High
Contribution
$350,000,000.00
$200,000,000.00
$160,000,000.00
$35,000,000.00
$745,000,000.00

$150,000,000.00
$105,000,000.00
$75,000,000.00

$185,000,000.00
$129,500,000.00
$92,500,000.00

$220,000,000.00
$154,000,000.00
$110,000,000.00

Light
Development
$336,983,591.00

Medium
Development
$452,485,387.00

High
Development
$593,975,754.00

City Councilmember Scott Sherman

District 7

Stadium Public/Private Partnerships

Public/Private partnerships have always been an important tool to finance new NFL stadiums. These
partnerships consist of numerous funding sources including naming rights, G3/G4 loans, team
contributions, personal seat licenses, and public financing. For all modern stadiums over $1 billion, the
average public contribution has been $251.2 million or 22.2% of overall stadium cost.
Financing of Stadiums over $1 Billion
Stadium
Atlanta
Falcons
Minnesota
Vikings
San Francisco
49ers
Dallas
Cowboys
New York
Giants/Jets

Year
Opened
2017
(Projected)
2016
(Projected)
2014

Total
Cost
$1,400.0

2009

$1,194.0

2009

$1,600.0

$1,027.0
$1,200.0

Total
Private
$1,200.0
(86%)
$529.0
(52%)
$1086.0
(88%)
$750.0
(63%)
$1,600.0
(100%)

Total
Public
$200.0
(14%)
$498.0
(48%)
$114.0
(12%)
$444.0
(37%)
$0.0
(0%)

Naming Rights

G3/4
Loan
$200.0

PSL

$200.0

$125.0

$200.0

$500.0

$17-19.0/year

$150.0

$651.0

$16.0/year

$300.0

$814.0

Up to $20.0/year
(Projected)
$7-10.0/year
(Projected)
$11.0/year

N/A

*Costs in Millions of Dollars

Looking further back, the average public contribution on the 23 stadiums built since 1997 has been
$248.9 million or 54%. The River Park Stadium Vision projects a public contribution from land sales
that ranges from $336M to $593M. This range fits squarely within the historical public contribution.
These figures can be taken forward in the development of a financing plan that is good for taxpayers and
will keep the Chargers in San Diego.

Sources:
https://cbsminnesota.files.wordpress.com/2011/12/nfl-funding-summary-12-2-11.pdf
http://www.vikings.com/stadium/new-stadium/faq.html#cost
http://www.startribune.com/sports/vikings/262258001.html
http://www.nusinstitute.org/assets/resources/pageResources/News_Chargers_Stadium.pdf
http://minnesota.publicradio.org/collections/special/columns/bigstory/archive/2012/03/comparing-financing-deals-onthe-newest-nfl-stadiums.shtml
http://newballpark.org/2013/10/17/the-limits-of-the-nfls-g-4-stadium-loan-program/
http://www.atlantaga.gov/modules/showdocument.aspx?documentid=7191