The San Diego County Board of Supervisors agreed Wednesday to explore a partnership with the City of San Diego to enhance the infrastructure financing district at the Midway Rising/Sports Arena site.
Wednesday’s action by supervisors does not commit the board to any agreement, but rather directs county staff to consider options to form a financing district with the city.
EIFD is a type of tax increment financing for local cities and counties that is formed to help fund economic development projects. The EIFD at the Midway Rising site captures only new property tax increases from developed project sites and does not affect how existing property taxes are allocated to school district, city, and county programs. will not be given.
“Agreing to explore a partnership with the city was the right thing to do for existing Midway residents, future residents, and the future of affordable housing in San Diego County,” Supervisor Tera Lawson said.・Mr. Roemer said. “This is the first of many steps in determining our involvement and ensuring that our colleagues on the Board of Supervisors understand the opportunities that may exist in this vision for affordable housing in District 3.” I’m glad I’m doing it.”
Midway Rising Group, which includes Zephyr Partners, Chelsea Investment Corporation and Legend Global, enters into an exclusive negotiating agreement with San Diego in September 2022 to redevelop a 48-acre former sports arena site in the Midway District. tied.
“We are grateful for San Diego County’s partnership in exploring the creation of a special district to fund local public infrastructure, especially to improve traffic flow and enhance pedestrian safety,” said San Diego Mayor Todd Gloria. ” “By working together, we have the opportunity to transform Midway into a vibrant region and support the region’s efforts to add 10,000 affordable housing units over the next 10 years.”
Midway Rising promises a new arena and 2,000 affordable housing units for a total of 4,250 housing units, as well as 13 acres of parks, plazas and open space.
The board on Wednesday directed staff to investigate the possibility of a Regional Housing Needs Assessment credit sharing model for affordable housing units.
The City and County of San Diego is “funding the infrastructure needed to create a world-class entertainment destination with thousands of new affordable and market-rate homes that will foster new growth and development throughout the Midway region.” There is an opportunity to support investment.” City Council Member Jennifer Campbell.
On Friday, the City of San Diego’s Historic Resources Commission voted to grant historic recognition to Pechanga Arena (the current name of the 58-year-old sports arena). This venue was built in 1966 and has featured a wide range of artists, from Red Zeppelin and Elvis Presley to Justin Bieber and Shakira. Since the arena’s construction, dozens of sports teams have used it as their home field/ice/court, and it has also hosted its own public debates.
The site is located in the heart of the Frontier District, a racially integrated community comprised largely of people who immigrated to the city for shipbuilding and other wartime trades during World War II. part was destroyed.
The community was always intended to be temporary, but according to a city history memo, it was designed to provide “affordable housing for 15,000 defense workers, veterans, and their families. It included 3,500 units for the purpose of Critics have derided the area as a “slum,” but its supporters say it provides needed affordable housing.
