Chargers Proposing Plan for New Stadium in San Diego
The San Diego Chargers have yet to decide if they will make the move to Los Angeles to share a stadium with the Rams.
Currently, the team is reportedly campaigning for the passage of their plan for a new NFL stadium and convention center expansion by the end of this month, reports ESPN.
Here's what the Chargers propose: San Diego raises its transient occupancy tax, which is paid for by visitors staying at hotels, from 12.5 percent to 16.5 percent.
That revenue would go to pay the debt service on $1.15 billion in bonds issued to help pay for land acquisition and construction of an expanded convention center for the new stadium project, projected to cost $800 million, along with a third of the cost for a new $1 billion stadium, projected at $350 million.
From there, the Chargers would contribute $350 million, while the NFL chips in $300 million, including $200 million from the G4 stadium loan program and a $100 million gift negotiated as part of the Rams moving back to Los Angeles.
If an agreement is reached, the Chargers would not be able relocate for 30 years and are required to play all of their home games at the new stadium.
The 65,000-seat stadium and convention center expansion would be owned by the city of San Diego under a joint powers authority.