Convention Center expansion has received conditional financing

The San Diego Unified Port District has given conditional approval to help fund the $550 million cost for the proposed San Diego Convention Center expansion.

Based on the action that was taken at a special meeting on Tuesday, Nov. 29, 2011, the Port District may contribute up to $3 million a year for up to 20 years.

The Board of Port Commissioners unanimously agreed to support the funding request with conditions.

In addition, Port Commissioners directed the Port District staff to begin negotiations with the city on the terms and conditions of support agreements. The staff also was directed to “develop alternatives to address balancing the needs and benefits” in the Port District’s five member cities of San Diego, National City, Chula Vista, Coronado and Imperial Beach.

Details on numerous issues, such as when the Port District will begin making its financial contributions, will be worked out in future negotiations between the Port and city.

“There is a lot of work left to do,” said Scott Peters, the Board of Port Commissioners Chairman. “We do some things to make money and we do some things to make community. This should provide a return on investment to the port.”

READ MORE

Advertisements

About SanDiegoatHomeTeam
Christian van't Vlie and Ivana Milosevic. Helping sellers and buyers successfully reach their real estate goals while keeping them informed every step of the way, disclosing all known facts and real estate practice procedures so that all involved parties can make well-informed decision. We care and we are at your service.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: