The association said a detailed analysis shows the project, which includes a convention center annex, would cost the city at least $400 million and likely more.
“The Chargers proposal would put the City of San Diego’s general fund at significant risk,” the association said. “Even with optimistic assumptions and ignoring the costs to taxpayers of moving the MTS bus yard and the remaining debt on Qualcomm Stadium, the City of San Diego would not bring in adequate revenue to cover the anticipated costs associated with this proposal.”
The association said its analysis showed the city would likely have to make payments from the general fund to service the debt from the giant project.
“We oppose the Chargers plan to raise taxes because of the serious risks and uncertainties to taxpayers, who should not have to face the choice of sacrificing everyday public services, like libraries and street repairs, so the general fund could pay off the loans to build this facility,” said association President and CEO Haney Hong.
The Chargers’ plan has drawn criticism from several San Diego government leaders, but is strongly supported by the San Diego Regional Chamber of Commerce.
Separately, the city’s Independent Budget Analyst’s office released a fiscal analysis that said the hotel room tax increase would generate between $1.3 billion and $1.6 billion for land acquisition and construction.
Project expenses could increase if the cost of property, the need to relocate a Metropolitan Transit System bus yard and environmental mitigation rises, the IBA cautioned.
The taxpayers association also announced it support of SANDAG’s proposed half-cent sales tax for transit and highway improvements.
“We support SANDAG’s proposal because the organization has demonstrated it can bring into San Diego three outside dollars for every one local dollar to pay for the infrastructure that moves people and goods,” Hong said.
–City News Service contributed to this report
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