January 4, 2006

This Week’s Bulletin Was Written By Tom Sayer

THIS WEEK’S MEETING

Prez Mo brought us to order with New Year’s wishes and handed the podium to Karny Stefan for an Invocation consisting of, The Four Agreements – 1. Be Impeccable With Your Words, 2. Don’t Take Anything Personally, 3. Don’t Make Assumptions, and 4. Always Do Your Best.  Alex Kwoka led us in the pledge and then we sang, Isn’t She Lovely, to honor the newest baby in our ranks, Gabriella Jordan Sener (check our http://www.gabbyjo.com/ for a picture!).  Peter McGuire introduced visiting Rotarians and guests.

ANNOUNCEMENTS

Ø      Welcome back to Jennifer Grebing from her leave of absence.  Charlie (4-months) and Olivia (2-years in February) and doing great!

Ø      Maureen gave a big THANK YOU! to all our Board Members and Committee Chairs – 34 in all and about 1/3 of the Club membership!

Ø      Jay Sener presented Abbi Kelly with her blue badge.  Congrats! 

Ø      Joe Marshall announced that the next Fundraiser Committee meeting will be next Tuesday at 5:30 p.m. at the Senior Center.  Great food from Sharon Cox will be the highlight of the meeting (some business may be conducted as well!)

Ø      Ken Juen reminded everyone who signed up for the  Gulls game (7:05 pm on January 14th at the iPayOne Sports Arena) to bring checks for their tickets next week.  $22/ticket, with $6/ticket coming back to the Club as a charitable contribution.

Ø      Pat Cowett announced a cocktail party and dinner on February 20th to recognize Past District Governors.  The cocktail party will be hosted by Chris Carstens and the dinner will be on Coronado.  Members are invited to attend either or both events.

Ø      Ron Erbetta presented Paul Harris Fellow pins and certificates to Jane Barry and Melissa Blackburn. 

Ø      Melissa Blackburn reported that Voices for Children, this year’s recipient of our fine monies, has been recognized as San Diego’s best charity, and its Director is on San Diego Magazine’s 50 People To Watch list.

Ø      Bon Voyage to Maureen who leaves for India tomorrow morning with two bulging suitcases full of children’s clothes and gifts.  She will be assisting in the Polio Plus Program of Rotary International. 

Ø      And kudos to Maureen for being asked to serve as Asst. District Governor next year!

Ø      Due to Maureen’s trip, the January combined Board and Committee Chair meeting has been rescheduled to January 23rd

SARGEANT-AT-ARMS

Ø      Several Charger’s Gear bags were raffled off to Jenny Goodman and Mike Whitehurst.

Ø      Leah Swearingen-Millet noticed the yellow roses on the tables this morning, and couldn’t help but note the shameless promotion for her Texas Longhorns who play USC in the Rose Bowl tonight.

Ø      Alex Kwoka proudly announced her graduating son received a job offer with a prestigious firm.

THIS WEEK’S SPEAKER

Nancy Vaughan introduced Mark Fabiani, Special Counsel to the President of the San Diego Chargers.  Mark has an impressive background including high honors from Harvard Law School and brought a seldom reported perspective to the negotiations with the City for a new stadium.  The proposal currently on the table calls for the City to transfer 60-acres of land and development rights to the Chargers and a development partner in exchange for the construction of a new stadium and all the infrastructure required to support it.  Sounds simple, and in its simplest terms it appears to many to be a give-away by the City.  But what goes unreported for the most part are the many financial benefits to the City if this transaction can be consummated.  First we must start with the current situation.  The city derives no revenue at all from the current stadium, nor does any other public agency benefit from any tax revenue generated from the site.  Rather, the City effectively pays out about $19 million/year in maintenance costs and is facing deferred maintenance of about $50 million.  Plus the City is obligated on about $60 million in stadium bonds that will mature in 2027.  Annual interest must be paid on those bonds, adding to the annual expense of maintaining the status quo.  If the proposed deal is struck, the Chargers and a development partner will first build a new stadium on the site along with new roads and infrastructure, including parking garages, etc.  They will then demolish the existing stadium and pay off existing bonds in full, relieving the City of the annual interest as well as the $60 million principal payment in 2027.  Only then would they will be allowed to develop the 60-acre remaining site.  The city, county and state would all benefit from the property taxes and sales taxes generated from the new development.  So what’s the problem?  Well, the problem is coming up with a development partner willing to front the $800 million in private funding needed to accomplish the construction of a new stadium, adding infrastructure, creating open space and river walk improvements, demolishing the existing stadium and paying off the stadium bonds.  This $800 million would be completely spent before a single dime in revenue is generated from the project.  And the development partner has to take the risk of one of the most politically charged environments in the history of mankind.  Someone probably would have stepped forward by now if we weren’t a city wallowing in scandal and with a somewhat maverick and unpredictable City Attorney.  Thanks for the update, Mark, and good luck with this one!  The best news presented by Mark was the 20-times repeated mantra that the Spanos family is committed to keeping the Chargers in San Diego.  Go Bolts! 

Next week’s speaker will be Lou Murillo, CEO The Literacy Project.  See you there!

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