Anchor ads are not supported on this page.

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

CCDC Paying For Convention Center Development A Wise Move? You Bet!

Recent statements by a majority of San Diego city council members indicate that there should be a transfer of payment responsibility for prior Convention Center redevelopments to the downtown redevelopment agency Centre City Development Corporation. The move could decrease the City's annual budget operating deficit by a little over $9 million, freeing up those funds for vital public safety and infrastructure needs that CCDC won't otherwise pay for.

Fred Maas, departing CCDC chief and senior cheerleader for downtown condo developers and sports teams looking for a new stadium site without freeway access, worries that making his redevelopment corporation actually pay for redevelopment might lead to CCDC bankruptcy.

This all sounds good to me.

For context, this is the same CCDC that will benefit from untold billions in tax increment funds, courtesy of a Sanders-Fletcher collusion on state budget legislation that eliminated the $2.9 billion cap on what CCDC could divert from the City's tax revenues in the CCDC project area. CCDC initially sought to raise that cap to $9 billion. Without the cap, CCDC's ability to divert funds from public safety and other necessary government functions is unlimited over the next four decades, perhaps much longer if San Diego redevelopment prompts the state legislative collusion to continue in the future.

If a $9.2 million annual redevelopment payment from CCDC's anticipated tax increment revenues of $100-$150 million a year in any way threatens to bankrupt CCDC, then we may finally be getting some truth about the complexity of developers' downtown financial "arrangements." The fact that Maas feels that threatened by redevelopment corporation payments for convention and tourism redevelopment expenses may show that CCDC long-term financing rivals AIG's derivative and default swap shenanigans that nearly brought down Wall Street during the Crash of 2008; otherwise, the Fletcher earmark is just about the political pork of guaranteed funding with no defined purpose.

Most interesting is Maas' contention that no "appropriate findings" were made to justify transferring payment responsibility to CCDC. The Fletcher budgetary negotiation earmark that provided the early holiday season gift of future billions to CCDC also eliminated the necessity of blight findings before CCDC can push out existing taxpaying businesses downtown in favor of those newer, larger ones that provide even more future CCDC tax increment funding.

Not having a tax increment cap is mighty convenient for CCDC and the developers who feed at that trough. There's no point in CCDC discriminating against $9 million in annual Convention Center redevelopment costs that are incurred within the CCDC project area when CCDC has already been gifted with unlimited billions for the foreseeable future.

Let's see if there is enough gumption among our San Diego city council members to get this done. Despite the protest of CCDC's chief cheerleader, this is not a threatened matter of a local corporation that is too big to fail, and with billions in the pipeline from now to the middle of the 21st century, such a threat truly does not exist.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Classical Classical at The San Diego Symphony Orchestra

A concert I didn't know I needed

Recent statements by a majority of San Diego city council members indicate that there should be a transfer of payment responsibility for prior Convention Center redevelopments to the downtown redevelopment agency Centre City Development Corporation. The move could decrease the City's annual budget operating deficit by a little over $9 million, freeing up those funds for vital public safety and infrastructure needs that CCDC won't otherwise pay for.

Fred Maas, departing CCDC chief and senior cheerleader for downtown condo developers and sports teams looking for a new stadium site without freeway access, worries that making his redevelopment corporation actually pay for redevelopment might lead to CCDC bankruptcy.

This all sounds good to me.

For context, this is the same CCDC that will benefit from untold billions in tax increment funds, courtesy of a Sanders-Fletcher collusion on state budget legislation that eliminated the $2.9 billion cap on what CCDC could divert from the City's tax revenues in the CCDC project area. CCDC initially sought to raise that cap to $9 billion. Without the cap, CCDC's ability to divert funds from public safety and other necessary government functions is unlimited over the next four decades, perhaps much longer if San Diego redevelopment prompts the state legislative collusion to continue in the future.

If a $9.2 million annual redevelopment payment from CCDC's anticipated tax increment revenues of $100-$150 million a year in any way threatens to bankrupt CCDC, then we may finally be getting some truth about the complexity of developers' downtown financial "arrangements." The fact that Maas feels that threatened by redevelopment corporation payments for convention and tourism redevelopment expenses may show that CCDC long-term financing rivals AIG's derivative and default swap shenanigans that nearly brought down Wall Street during the Crash of 2008; otherwise, the Fletcher earmark is just about the political pork of guaranteed funding with no defined purpose.

Most interesting is Maas' contention that no "appropriate findings" were made to justify transferring payment responsibility to CCDC. The Fletcher budgetary negotiation earmark that provided the early holiday season gift of future billions to CCDC also eliminated the necessity of blight findings before CCDC can push out existing taxpaying businesses downtown in favor of those newer, larger ones that provide even more future CCDC tax increment funding.

Not having a tax increment cap is mighty convenient for CCDC and the developers who feed at that trough. There's no point in CCDC discriminating against $9 million in annual Convention Center redevelopment costs that are incurred within the CCDC project area when CCDC has already been gifted with unlimited billions for the foreseeable future.

Let's see if there is enough gumption among our San Diego city council members to get this done. Despite the protest of CCDC's chief cheerleader, this is not a threatened matter of a local corporation that is too big to fail, and with billions in the pipeline from now to the middle of the 21st century, such a threat truly does not exist.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Ethical Conflicts Loom for CCDC

Next Article

Centre City Development Corporation Plans Public Outreach

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
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
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader