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Wednesday, Sep 28, 2022

Week in Review

Quote of the Week

‘I’m not sure that we heard where all the pain was going to be, but we know there is pain ahead.’

, Scott Alevy of the San Diego Regional Chamber of Commerce, referring to Mayor Jerry Sanders’ State of the City speech.

Click here for the story.

Friday, Jan. 12

Gridiron At Goat Hill?

Chargers President Dean Spanos said in a letter to Oceanside Mayor Jim Wood that an initial review by consultants on a proposed site in that city for a new football stadium was positive.

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Spanos also said the Chargers are “eager to begin discussions with you, the members of the Oceanside City Council, and the people of Oceanside about the possibility of a new stadium.”

Spanos and special counsel Mark Fabiani met with Wood and the city’s attorney Jan. 2 to look at the 75-acre site just east of Interstate 5. The city-owned property is used as a golf course called “Goat Hill.”

, Mike Allen

Monday, Jan. 15

Active Keeps Adding:

The Active Network, a San Diego-based firm that provides online registration and marketing services, said it has acquired Cool Running, an online site based in Londonderry, N.H., and dedicated to runners of all abilities. Details of the transaction were not released.

Active, founded in 1998, had 536 employees as of December. Cool Running had fewer than five employees, according to a spokeswoman.

The Active Network has made eight acquisitions and has grown by 118 employees since the beginning of 2006.

, Mike Allen

– – –

La Posta Tribe Opens Casino:

The La Posta Band of Mission Indians opened a casino on its reservation near Boulevard, east of San Diego along Interstate 8. It is the ninth casino in San Diego County.

The casino is small by county standards, with 349 slot machines and 20,000 square feet. It has no table games. The business employs 90 people.

Construction on the $23.5 million project began in January 2006, according to Don Bellamy, the casino’s chief operating officer. Bellamy said JP Morgan Chase financed the casino, with the Yavapai-Apache Nation of Arizona acting as guarantor. UIC of Anchorage, Alaska, was the general contractor, and the project used local subcontractors.

The casino is located on Crestwood Road, north of Interstate 8, in the vicinity of the Campo tribe’s Golden Acorn Casino.

, Brad Graves

Tuesday, Jan. 16

New Plans On Broadway:

The Irvine Co. announced that it has purchased a downtown lot from Bosa Development, adjacent to the Santa Fe train depot, where it intends to build an office high-rise.

The price paid for the lot was not disclosed.

The site is located at the northeast corner of Broadway and Pacific Highway.

The Irvine Co. said construction could begin as early as mid-2008.

The buyer will be working through the Centre City Development Corp.’s design review process. Building size has not been determined but the property is covered by an agreement allowing the building to reach up to 480 feet.

In total, the project could take up to two and a half years to complete.

, Andy Killion

– – –

U.S. Attorney Resigns:

Carol Lam announced plans to resign her position as U.S. attorney for the southern district of California, effective Feb. 15.

Some local news reports said Lam had been pressured to resign, though a statement released by Lam made no mention of that fact. Her statement highlighted more than four years spent prosecuting cases related to terrorism, immigration, narcotics, public corruption and fraud.

Lam has been a Superior Court judge and spent 14 years as an assistant U.S. attorney.

, Brad Graves

– – –

Petco Bonds Refinanced:

The San Diego City Council approved refinancing of high-interest bonds for Petco Park through a private placement with Bank of America.

The city had been planning to refinance the 2002 bonds, which carry a 7.66 percent rate, since 2004. But revelations about non-disclosures of expenses related to its employee pension plan triggered federal investigations and delayed annual audits that prevented the city from tapping the public bond markets.

Mayor Jerry Sanders said the proposed alternative to public market refinancing will save the city $3.7 million annually, or $93 million, during the 25-year term.

When the original ballpark bonds were issued in February 2002, the entire issue of $169.7 million was sold to underwriter Merrill Lynch.

The bonds carried a higher interest rate because of litigation involving the ballpark, and the uncertainty of the bonds’ tax-exempt status.

City debt officials said the outstanding bond debt after a semiannual payment in February would be $165.3 million.

While the exact interest rate and refunding amount won’t be known until the transaction is completed in February, the estimated coupon rate on the refunded total of $173.7 million is 5.23 percent, city bond officials said.

The obtained bond funds would be used to pay off the existing debt, for a debt reserve balance, and $3.6 million for the costs of refinancing the debt.

Sanders said the refinancing through Bank of America provides the city with the ability to refinance the bonds once again through the public bond market once the city obtains its past audited financial reports.

“This action is going to save us more than 25 percent of the original financing costs of the ballpark and will help to rebuild our financial capabilities for the future,” Sanders said.

Petco Park, opened in 2004, cost about $450 million, with about two-thirds of the cost coming from public funds, and the remainder from the San Diego Padres.

, Mike Allen

Wednesday, Jan. 17

Schottenheimer Stays:

Chargers President Dean Spanos said Marty Schottenheimer would stay as the team’s head coach next season.

The decision followed the Chargers’ 24-21 playoff loss to the New England Patriots on Jan. 14. The defeat knocked San Diego out of the playoffs and a possible berth in the Super Bowl. The team racked up a 14-2 regular-season record, the best in its 36-year history.

, Mike Allen


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