May 4, 2017

The Board of Directors voted to support the proposed San Diego Convention Center Ballot Initiative. As a result of a victorious court decision, Mayor Kevin Faulconer released a revised financing plan to fund the long-stalled expansion, including homeless and infrastructure needs. The plan is similar to the original financing mechanism where hotels closest to the center would be assessed an additional 3 percent increase in TOT and those furthest would receive an additional 1 percent increase. The cost of the expansion has grown up to $685 million – up from $520 million while litigation stalled momentum on the project. The funding would also generate approximately $900 million in total revenue for street repair and another $900 million in total revenue for homeless programs over 40 years. The project has the necessary approvals from the City Council, including unanimous support from the Port and Coastal Commission. The Chamber has a long standing position in support of the contiguous expansion. The Mayor’s proposed initiative would require a two-thirds vote. It will be before the City Council in June for consideration to place on the ballot.