April 10, 2003
Padres to profit from seized land
Another hidden subsidy has been uncovered in the deal for the San Diego Padres' new stadium, set to open next year. In 1999, the city of San Diego condemned three blocks near the stadium site, and agreed to sell them to the team at the then-market price of $17.7 million; now, four years later, Padres owner John Moores plans to resell the land for double what he paid for it. While California law prohibits developers from profiting on "speculation" on seized land, the 1998 stadium agreement calls for all such profits to be poured back into the stadium project - potentially reducing the team's share of construction costs.
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