A press conference has been scheduled for 12:30 PM, outside the County Administration Building.

There is no understating how critical this news is.

There was simply no way the City could have undertaken this effort on their own. Having the County on board serves two very important purposes.

First, and most importantly, the County is in much better financial shape than the City is, with estimated reserves in the billions of dollars. Having their participation makes any financial plan much more viable, simply because the money is there. Secondly, County participation allows the municipalities to share the cost, and thereby lower the burden/risk for their respective constituents. Third, it allows a larger variety of financing options, such as the formation of a Joint Powers Authority.

Secondly, it presents a unified local government which is committed to keeping the Chargers in San Diego. As we've all seen over the years, any possibility of a new stadium getting built has been defeated at the outset by competing factions of the City's power structure, as well as opportunistic politicians who spoke in favor of the Chargers when it benefitted them, then spoke ill 5 minutes later. Also, an added benefit of reducing the financial risk is a plan which is easier for elected officials to stand behind.

Initially, the agreement will allow the City and County to share costs on consultants and attorneys.

Speaking for the City, Mayor Kevin Faulconer had this to say:

"San Diego will endorse a good deal, and I'm convinced this joint effort with the county will give us the best chance. As for location, I'm less concerned about where it is; I'm more concerned with how we get it done. When we go to the ballot, you will see all sectors of the county come together and realize how important it is to keep the Chargers in San Diego."

Speaking for the County, Supervisor Ron Roberts had this to say:

"This is a legitimate opportunity. Look at all the dollars that will result in the Chargers staying here. And it's about a father sitting with his kids and mom watching the Chargers on TV. Not all fans go to games."

The City and County collaborated on the construction of (then) San Diego Stadium in the mid-1960s.

Bolts From the Blue will have more following this afternoon's press conference.