Chargers unveil initiative aimed at building new stadium for 2022
The San Diego Chargers have officially unveiled "the Citizens' Initiative," which proposes the building of a new multipurpose stadium in the downtown core by 2022.
"We are excited to report that our Citizens' Initiative has been finalized," chairman Dean Spanos said in a statement released Wednesday. "We believe this is a great opportunity for the community to come together and create something special: an iconic, modern multi-purpose venue, while also supporting and expanding our tourism and convention industries."
Related: Chargers trying to build stadium in San Diego for 2022
In order for the stadium proposal to progress, the Chargers and the Citizen's Initiative need to accrue 66,447 signatures by mid-June. It's expected to be voted upon on Nov. 8.
It was reported that the Chargers will contribute $650 million to the project, including a $300-million pledge from the NFL. A proposed increase to San Diego's Transient Occupancy Tax would account for the remainder of the $1 billion needed.
If the Chargers were to erect a new building, they would be forced to sign for 30 years with a non-relocation agreement.