San Diego Park Plans Involve Up to $50 Million in Bonds

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LOS ANGELES — San Diego plans to issue up to $50 million in parking revenue bonds to transform the city's largest park.

The San Diego City Council approved the Plaza de Panama project Monday night, which will create more than six acres of vehicle-free parkland, gardens and plazas in the center of Balboa Park and increase parking.

"This public-private partnership will reclaim the heart of Balboa Park for pedestrians and return the Plaza de Panama to its original grandeur," Mayor Kevin L. Faulconer said in a statement. "With the support from the City Council and great civic leaders like Dr. Irwin Jacobs, the grand restoration of Balboa Park can finally begin."

The resolution authorizes debt funding up to $50 million even though the proposal is to issue $39 million in bonds with the city contributing the additional $11 million from two city funds. The Plaza de Panama Committee headed by Qualcomm co-founder Irwin Jacobs would contribute $30 million to the $79 million project.

Originally approved by the City Council in 2012, under the leadership of former Mayor Jerry Sanders, the project was held up by a legal challenge that was overturned at the appellate court level – a ruling that was affirmed by the California Supreme Court.

The original goal was to have the project completed in time for the city's centennial celebration, which was September 2015.

Faulconer, who supported the project as a council member, reignited the project in June.

"Future generations will look back on today and thank everyone involved for their vision and determination, especially Dr. Jacobs," said City Attorney Jan Goldsmith. "Now that the California Supreme Court has blessed this project, there can be no question that it is legally sound in addition to being enormously beneficial to Balboa Park."

The original 2012 cost estimate of $45 million for the project was revised to reflect updated state development regulations, the applicability of prevailing wage and a less competitive bidding market, according to the mayor's office.

The 6.3-acre project involves removing cars and parking from five areas and restoring those areas to pedestrian park space. The Plaza de Panama will undergo aesthetic improvements that involve adding reflecting pools and other pedestrian amenities.

Thoroughfares and parking lots will be transformed into pedestrian plazas and promenades. To replace parking, a 2.2-acre rooftop park with 797 paid parking spaces and a three-level underground parking garage will be constructed.

 

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