DeMaio Celebrates Another Victory for Taxpayers; CCDC To Assume Payments on Petco Park Debt

Carl DeMaio Carl DeMaio Leave a Comment

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On the heels of the City Council action today to transfer debt service for Petco Park from the City’s General Fund to the Redevelopment Agency, City Councilmember Carl DeMaio released the following statement:

“Five years ago, I proposed that the City protect the General Fund by transferring annual debt service payments for Petco Park to the Redevelopment Agency and Centre City Development Corporation.

Today the City Council finally voted to permanently transfer these payments. 

The transfer saves taxpayers $11.3 million annually, totaling nearly $300 million. This is a step in the right direction, not a comprehensive solution to the City’s dire fiscal outlook.  If we want to maintain our quality of life, city leaders must find the courage to make many more decisions like the one today. 

This reform is part of my larger Roadmap to Recovery financial reform package – and reflects my commitment to holding Redevelopment Agencies accountable to the public’s interest.

Thank you to all the citizens who have demanded reform and helped make this decision possible. I ask you to keep up the pressure on our city leaders. Together, we will turn our city around.”

If you would like more information about this reform and the others that are necessary to get our city back on the right track, please visit http://www.sandiego.gov/citycouncil/cd5/ to view DeMaio’s Roadmap to Recovery, or contact his office at (619) 236-6655.

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