The city of San Diego is open to offering the Midway Rising development team substantial financial assistance to make possible the redevelopment of the city's sports arena real estate in the Midway District. Monday, San Diego City Council members voted unanimously to explore the formation of what's known as an Enhanced Infrastructure Financing District or
D captures the incremental growth in property tax dollars, above a zero-year baseline, within the geographic boundaries of a defined area. Tax increment dollars can then be used to pay the debt service on bonds or applied to specific infrastructure projects. D to raise money for upgrades to the San Diego River. In the case of the Midway Rising project, the city of San Diego and potentially the county would participate in the
D is a 'worthy exploration.' ' is a very large project with a lot of different needs related to financing. This will probably be the most complicated financing structure that will see,' Bibler said. ' is a very important that will generate a significant amount of revenue.' Council members spoke approvingly of the idea. Several noted that all of the development teams that participated in the sports arena real estate competition were contemplating the financing mechanism.