Reform 9.2: Support for Convention Center

Push the Port District to Continue $4 Million in Support for Convention Center.

Other Information:

We are concerned that the proportionate share of revenues generated by the Port District from properties located inside the City of San Diego may not match the proportionate value received by San Diego city taxpayers. As mentioned above, the Port currently provides a $4.5 million payment to assist the city with debt service on the Convention Center, which is set to expire in FY 2014. The Port derives significant benefit from the Convention Center – including parking revenues beneath the Center and lease rates from hotels supported by the Convention Center. In FY 2012, city leaders should aggressively pursue an agreement to continue the $4.5 million payment from the Port for the Convention Center debt service. If debt service is transferred to the Redevelopment Agency as planned, this contribution payment should be considered for use in supporting the operating costs of the Convention Center – which currently are subsidized by the General Fund at approximately $4 million annually.

Indicator(s):

Indicator:1

Content