Following up on an item from last month, San Jose's Redevelopment Agency (City Council wearing different hats) unanimously approved the price cut for the Airport West site, from $132 million to $89 million. The land will be used for the Quakes' new stadium, plus some future commercial development. The discounted price is $8 million more than what the City paid in 2005.
On a more A's-related note, SJRA also approved creating a tax increment zone just north of the Diridon South ballpark site. The area includes Diridon Station and the 8 blocks between HP Pavilion and the ballpark site, with Guadalupe Parkway/CA-87 on the east border. Virtually all of this area is zoned either industrial or commercial. At least one site, the old SJ Water Company land bought by Adobe, has development plans underway.
TIF funds could be used for the new infrastructure stuff we've discussed previously, from the new multimodal transit hub to additional parking to open space. It's hard to say what yields they are expecting, but it stands to reason that whatever gets built, TIF will be stretched out enough for the corresponding projects to be paid for.
Tying the two news items together, it'll be interesting to see how quickly construction begins on the Quakes stadium. As I understand it, the land there is already graded and ready to build. Should a new stadium have it groundbreaking in the summer or fall with visible progress over the next several months, it would be a major achievement politically for the City and A's/Quakes ownership. It's expected that the ballpark will have its own ballot measure, and there's no better political capital than showing that you're getting something done - with your own money, nonetheless.
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13 comments:
Up way to early. R.M., any reason why the TIF doesn't include the ballpark site; extended all the way south to Park Avenue? Ballpark or not, Diridon South has always been part of the Diridon/Arena strategic plan. Just curious.
As for the ballpark, I still don't see how (or why) it would need a ballot measure if private funds will be used to finance it. Put a ballpark on the ballot just because? At least, being privately financed, we all know how that vote will go (approval!), but still curious for the need.
Another note: back in early 06, Wolff told the Merc's Mark Purdy something to the likes of "if San Jose came up with a viable plan for soccer, it would show their commitment to pro sports."
Boy, are we ever showing our commitment!
Congratulations to Quakes fans! You're going to get your SSS! Looking forward to the day when you all can return the congrats.
Nice to see SJ moving forward not only on the A's front but also the Earthquakes. Relative to the ballpark you have the site selected, most..if not all of the land acquired, EIR completed and now the financing mechanism in place for infrastructure improvements.
Was in Dallas recently and saw the FC stadium and surrounding retail area which I understand is similiar to what the Earthquakes want to build. Will be very nice to have this project begin to rise out of the ground---and as ML said--the sooner the better---so that SJ can continue to show its leadership.
I'm guessing that the since the City might lease the ballpark site to the A's, TIF wouldn't be necessary there.
It's also possible that there will be a package deal in which the ballpark is joined at the hip with the infrastructure improvements. One needs the other the pass.
Can't find a link of the exact location of the future Quakes stadium. Can anyone help?
Google map
ML, two things. First the SJ City Council didn't discount the land. It was a simple readjustment of the market price of the land to the current market value since that value has fallen by approximately 33% since last March when the city and Wolff first negotiated the option to purchase. Second, not only is the land graded, but Wolff was quoted as saying that the Earthquakes stadium financing is in place now with the exception of the naming rights sponsor, which they're closing in on (he said that the same week the Quakes players made and odd visit to Electronic Arts on the peninsula).
What are the development plans on the Adobe site?
Get into semantics if you want, Dan, a price cut is a price cut.
When you said Airport West, I didn't know you meant right-next-to-the-airport.
Well it's not "right" next to the airport, at least not the north part of the site where the stadium is going. And while it is in close proximity, the sounds of the airport aren't that loud at the site. I've gone out myself to listen. The noise from planes will be much louder at the proposed Niners stadium or at Citi Field than it will be at the Earthquakes new digs.
doesn't the map on page 7 of http://www.sjredevelopment.org/Agendas2009/5-5-09/8-2-Diridon%20Plan.pdf
show the entire ballpark (including the fire training station (future parking for box holders) across from Park) inside the black line ?
Why do you believe the ballpark is excluded ??
Anon - I started writing a reply comment but it started to run too long so I'll devoting a post to it.
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