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Qualcomm may have a price tag of only $10,000

A new ballot measure proposes to buy Qualcomm for $10,000 according to Carl DeMaio.
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Qualcomm Stadium and 79.9 acres for only $10,000 is what radio host Carl DeMaio is claiming developers want to pay for the old arena.

On his radio show “The DeMaio Report,” he says FS Investors, Inc. have filed a ballot measure to obtain the property and a sizable chunk of Mission Valley with a promise to bring in Major League Soccer.

But DeMaio warns that this proposal may be a ploy to have taxpayers foot the bill.  

“While I’m excited about the idea of Major League Soccer coming to San Diego, FS Investors have presented a faulty plan and are using MLS as window dressing to take advantage of San Diego taxpayers,” DeMaio says. “Before we agree to any sale of Qualcomm Stadium we need to make sure we get the best deal for San Diegans.”

On his Thursday radio show for 600KOGO, DeMaio said he welcomes the idea of a new sport coming to San Diego, but the public should have a say in the matter.

He listed four of his main concerns with the measure.

  • 80 Acres of Public Land for $10,000 – Under the proposal, FS Investors will be able to buy Qualcomm Stadium and nearly 80 acres for just $10,000. Publicly they claim to offer “fair market value” for the land, but read the details. The value is set a paltry “unentitled” rate and then the developers are able to deduct all kinds of their expenses from the purchase price to get the figure down to just $10,000. What a ripoff for San Diego taxpayers!
  • Massive Development: FS Investors are demanding the right to build 4200 residential units on the site and keep the profits. On top of that they want to build over 1 million square feet of commercial and retail space. Traffic is already tight in Mission Valley and this project may not be sustainable for the area.
  • No Public Input: The ballot measure has been crafted with zero public input and no public hearings. This is a “take it or leave it” plan. Taxpayers deserve the right to open up bidding on this land to multiple offers so we get the best price. Moreover, we should be able to vote on the final deal.
  • No SDSU or NFL Link: FS Investors claims they will include SDSU in the development and share the MLS Stadium, but SDSU has not agreed to the proposal and has its own ideas. FS Investors also claims they will invite the NFL to build a stadium and are using that pipe dream to convince Chargers fans to support the proposal. But after 5 years, the land reserved for the NFL stadium will magically revert back to … FS Investors for more development and profit.

You can read and listen to the full DeMaio report HERE. 

As a matter of full disclosure, Hale Media Publisher Johnathan Hale is married to Carl DeMaio.