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Locked Out of Revenues

Escondido resident Bruce Simms addressed the city council on July 21 on the topic of the Portland Beavers, a Padres affiliate AAA baseball team that may be relocating to Escondido from Oregon.

According to a July 20 Union-Tribune article that Simms cited, if a memorandum of understanding is finalized, Escondido will build a 9000-capacity stadium on city-owned property east of I-15 and south of SR-78. Simms expressed concern for the initial proposal of financing the project by selling bonds— to be repaid using property-tax revenues expected to be generated by the City’s redevelopment agency.

“The State of California is in truly deep [trouble] and will come after redevelopment funds,” said Simms, who believes that the current financial crisis would make the bonds less attractive to investors. “You can count on the State taking redevelopment revenue from the City. Bet the farm on it.”

Further, Simms vocalized his disappointment upon learning that the City will surrender revenue from concession sales and naming rights to the Padres. “I’m sorry, but that’s completely unsatisfactory,” declared Simms. “Naming rights are very lucrative, as are concessions — to be completely locked out of such revenues is a ridiculous requirement.”

If a memorandum of understanding is struck, the city council is expected to hold a public hearing and consider a more detailed version of the proposed project.

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Escondido resident Bruce Simms addressed the city council on July 21 on the topic of the Portland Beavers, a Padres affiliate AAA baseball team that may be relocating to Escondido from Oregon.

According to a July 20 Union-Tribune article that Simms cited, if a memorandum of understanding is finalized, Escondido will build a 9000-capacity stadium on city-owned property east of I-15 and south of SR-78. Simms expressed concern for the initial proposal of financing the project by selling bonds— to be repaid using property-tax revenues expected to be generated by the City’s redevelopment agency.

“The State of California is in truly deep [trouble] and will come after redevelopment funds,” said Simms, who believes that the current financial crisis would make the bonds less attractive to investors. “You can count on the State taking redevelopment revenue from the City. Bet the farm on it.”

Further, Simms vocalized his disappointment upon learning that the City will surrender revenue from concession sales and naming rights to the Padres. “I’m sorry, but that’s completely unsatisfactory,” declared Simms. “Naming rights are very lucrative, as are concessions — to be completely locked out of such revenues is a ridiculous requirement.”

If a memorandum of understanding is struck, the city council is expected to hold a public hearing and consider a more detailed version of the proposed project.

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For anyone interested, it is a certainty that the AAA team in Portland will play next season at Lake Elsinore, sharing that facility with the high-A Storm. The team will be bought by a group of investors being put together by Moorad. The price is estimated at around 25 million dollars for the minor league franchise. The stadium, wherever it's built, is estimated to cost around the same price, and will need to be built in time to open the 2012 season, according to requirements from the folks in charge of Minor League Baseball.

July 27, 2010

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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