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San Diego's Financial Trouble Hidden For Stadium Deal

Posted by: vtboy99

26 October 2006 - 6:00am

Consultants find that city officials held back a glaring report detailing the city's failing finances to clear the way for municipal bond sales for a new downtown baseball stadium.

"In a hurry to get shovels back at work on the Padres' new ballpark, San Diego officials buried a heap of bad financial news that would have imperiled the project in 2002.

A report that year on city finances by politically connected San Diegans was toned down and delayed – until 13 days after the city's ballpark bond offering closed – for fear that 'disclosure of the truth would derail' the sale."

"Petco Park cost $474 million to build, with the Padres paying $173.2 million. The remaining $300.8 million was funded by the city and the Centre City Development Corp., San Diego's downtown redevelopment arm."

Full Story: Ballpark built despite city's fiscal ills
Source: The San Diego Union-Tribune, August 14, 2006
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