 San Jose, Calif. (KCBS) -- The head of San Jose's Office of Economic Development recommended Wednesday a plan to build a new soccer stadium.
Chief Development Officer Paul Krutko is backing a plan proposed by San Jose Earthquakes owner Lew Wolff for a 20,000 seat stadium.
"The economic impact from the soccer stadium -- both direct and indirect spending -- is $62 million," said Krutko.
The stadium would be built at no cost to the city in exchange for the rezoning of South San Jose land owned by Wolff from industrial to residential.
According to the San Jose/Silicon Valley Business Journal, the rezoning could drain the city's general fund by between $100,000 and $1 million annually. It would simultaneously boost the redevelopment agency budget by up to $6.5 million. The city can't use redevelopment dollars to prop up the general fund.
(cdg) |
KCBS' Mike Colgan reports
