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Escondido: Show us some money, Padres

San Diego PadresDespite a series of meetings between Escondido (Cal.) officials and reps from the San Diego Padres, the two sides failed to reach a Memorandum of Understanding to negotiate a new-ballpark plan for the Portland Beavers, as some Escondido officials question the wisdom of laying off city workers and then spending $90 million on a new ballpark.

Despite a series of meetings between Escondido (Cal.) officials and reps from the San Diego Padres, the two sides failed to reach a Memorandum of Understanding to negotiate a new-ballpark plan for the Portland Beavers, as some Escondido officials question the wisdom of laying off city workers and then spending $90 million on a new ballpark.

The plan would have the city pay for a new ballpark with bonds backed by revenues from the city redevelopment agency, generated for the next 26 years. Because these bonds would be speculative — the state has the right to seize these funds to balance the state budget — the terms would be exorbitant, sending the cost of a $45 million ballpark to $90 million.

While there’s a group of Escondido pols willing to make such a deal, there are enough Escondido pols opposing it to cause delays in negotiations, we’re told. And before they’re willing to get the process started, they want to see some details on what the Padres want to contribute — so far, nothing past a base rent — and other options for financing. Given the precarious state of Escondido and California finances, there aren’t a whole lot of other options out there. 

Still, we expect an MOU to come down the pike in the next week or two. The key decision will come at the end of the summer, when a final financing plan is presented to the city council. We’d be amazed if the city actually goes for a financing plan like the one currently before it — which is why we’re not optimistic you’ll see the Padres in Escondido.

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