At the beginning of the month, the San Diego County Board of Supervisors decided it wanted to jump in and help with the financing of projects pledged by Midway Rising in the Sports Arena redevelopment.
It came in the form of an agreement on Wednesday, May 1, by the Board “to explore a partnership with the city of San Diego on an enhanced infrastructure financing district at the Midway Rising/Sports Arena site,” reports 7SanDiego.
Wednesday’s action by the supervisors does not commit the board to any deal, but rather directs county staff to explore the option of forming an financing district with the city.
EIFDs are a type of tax increment financing district cities and counties form to help fund economic development projects. Any EIFD at the Midway Rising site would only capture new property tax growth from the developed project site and not impact how existing property taxes are distributed to school districts, city and county programs.
The board on Wednesday also directed staff to investigate the possibility of a Regional Housing Needs Assessment credit-sharing model for the affordable housing units.
Supervisor Terra Lawson-Remer said:
“Agreeing to explore partnering with the city was the right thing to do for the existing residents of the Midway District, the future residents, and for the future of affordable housing in San Diego County. This is the first of many steps to determine our involvement, and I am pleased my colleagues on the Board of Supervisors see the opportunity that could exist with this vision for affordable housing in District 3.”
The Midway Rising group, which includes Zephyr Partners, Chelsea Investment Corp. and Legends Global, entered into an exclusive negotiating agreement with San Diego in September 2022 to redevelop the 48-acre former Sports Arena site in the Midway District.
Midway Rising promised a number of things, like a new arena and 2,000 affordable homes among 4,250 total residential units, as well as 13 acres of parks, plazas and open spaces, but it also promised middle-market housing, which it has since dropped from its plan, and a 200-room hotel, which also was placed in the circular file.
Brad Termini is the owner of Zephyr, and is the same developer who gave over $100,000 to elect Todd Gloria in 2020 before being selected to rebuild the Sports Arena site. Termini also later contributed $650,000 more to remove the 30-foot building height limit around the Midway area.
Brad Termini and his wife donated $100,000 to a campaign committee supporting Todd Gloria’s 2020 campaign for Mayor, and Termini and other relatives also gave another $6,900 directly to Gloria’s personal campaign before he won the November 2020 election.
In 2022, Termini and his company, Zephyr, were selected to redevelop the existing Sports Arena site into a new mixed-use complex with 4,250 residential units, a 200-room hotel, commercial and retail spaces, and a 16,000-seat arena.
{ 3 comments… read them below or add one }
Dismantle this scam Todd deal and make the midway district 100% affordable housing. Move the arena to mission valley next to snapdragon. Return the height restriction Todd’s developer bought with campaign money. Gut SB9 & 10 and return neighborhoods to normal. SDSU upgrades to viejas would be better spent.
If affordable housing is the problem, then build affordable housing only.
these hi-rollers mentioned in the story, have NO clue what affordable housing is. A person on social security only gets a maximum of $1,800 a month, gross. My son with a blown out back on full Disability, gets $911.00 per month, gross. A fast food person working for minimum wage earns person, $3,200 a month, BEFORE taxes calculated at 30% deduction of $307 a month, for a net check of $2,900. Now hi-rollers, here’s your reality when you talk about “affordable. A 374 sq. ft. studio box, starts at $2,300 a month. A two bedroom starts at $3,000 per month. So NONE of these people can qualify to rent what the mayor, city council, and the $100K a year plus bracket, call affordable. So keep it real when you promote affordable units. Make the units affordable for the above people, not the $100K a year people. Vote out the career politicians, they and their staff, all make more than $100K a year, or $8,000 per month rounded.
“EIFDs are a type of tax increment financing district cities and counties form to help fund economic development projects.”
That should read “tax excrement” not “tax increment.”
“Any EIFD at the Midway Rising site would only capture new property tax growth from the developed project site”:
So, any EIFD Project such as Midway rising that do NOT capture new property tax growth from the developed project site, or merely miss inflated projections, and/or suffer from something obvious, like an economic recession, will crater the City’s budget with a massive deficit; while we continue to pay for 101 Ash St. behind closed doors. Additionally, dictating austerity measures including subjecting neighborhoods to closing libraries, abandoning urban parks in working class communities, and deferring yet more and more critical maintenance.
So, EIFD Projects like Midway Rising WILL MOST DEFINITELY impact how existing property taxes will be cut from school districts, city and county programs.
(Please refer to proposed City Budget for next year)