The news seems grim for San Jose’s proposed ballpark. MLB is dillydallying, and new Governor Jerry Brown is rumored to be considering a raid of the state’s Redevelopment Agencies to reduce the state’s budget deficit. If that happens, the city will need to find alternative sources of funding, and with another looming budget deficit, that may not be so easy. Mayor Chuck Reed may have a solution though. Taking a page from the Schwarzenegger playbook, he is considering selling off municipal properties to cover the ballpark’s costs.
The total estimated value of the RDA’s properties is $240 million, and even selling off just some of these could bring in the needed cash. On the top of the list is the retail area of the Fairmont Hotel Annex and the hotel’s underground parking lot. Parking lots in general are serious sell-off priorities, with the Central Place and Fountain Alley lots also topping the list. Then there is the East Santa Clara Development site, right by City Hall. While they may not be enough, they could give San Jose a much-needed edge over rival Oakland, especially since Oakland’s RDA funds are facing the same threat.
Read More at NBC Bay Area.