San Diego Mayor Dick Murphy proposed a new financing plan Friday for the ballpark redevelopment project that eliminates the 1,200-room hotel at the Campbell Shipyard site proposed by Manchester Resorts. Under the previous proposal, the city needed the hotel to generate room-tax revenues to pay down the city's portion of bond debt for the $450-million ballpark project.
The new proposal would draw heavily on redevelopment dollars, along with money from the city's general fund, sharply cutting the amount of money the city would have to borrow for the project. However, the city still must resolve several lawsuits before it can begin to sell bonds to raise money for the project.
Those suits halted construction in October, and even in a best-case scenario, work probably won't resume until late this year.
Murphy told a new conference Friday that he thought the city "was unjustifiably relying on the Campbell Shipyard hotel to fund the ballpark project." The hotel, which faces many environmental hurdles, would have accounted for up to one-third of the revenue needed to repay bonds annually on the project.
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