Financing for phase II in the convention center expansion the city funded using bonds in 1998 and 2012 will get paid by Civic San Diego. The successor to the redevelopment agency that dissolved in 2012 will use redevelopment property tax revenue to pay the redevelopment loan the city council reinstated last week.
California's Department of Finance in December, 2012, forced the Redevelopment Agency to quit on its agreement to pay the 226 million dollar loan. One of five redevelopment loans settled in San Diego the state department cancelled payment agreements on.
City councilmembers agreed the phase II construction, financed by bonds the city has to pay off, plainly will revitalize the center city redevelopment area, and, give developers an improved oportunity to make use of the vacant lots and blighted building lots that remain in the development area.
Growing the count of convention center attendees, that attend an event at the larger convention center, attendees who sepnd millions of dollars at businesses in the surrounding area, stays in the city's downtown development plans. The money spent supports new development on the downtown blocks and waterfront property.
Sports and leisure grounds at Petco Park, across Harbor Drive, will open and close a short distance from the larger facility. The city gains opportunities to spend money on building up the revitalization development around the ballpark.
Civic San Diego's payment to the city on the remaining loan debt for the next fiscal year will get decided on January 1st in 2015.
THis is a Center Line Policy Alert.