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-   -   L.A. says taxpayers not on hook for new stadium (http://blackandgold.com/nfl/34826-l-says-taxpayers-not-hook-new-stadium.html)

Crusader 07-28-2011 07:33 AM

L.A. says taxpayers not on hook for new stadium
 
LOS ANGELES (AP) -- City negotiators on a deal to build an NFL stadium in downtown Los Angeles told council members Wednesday that they're convinced taxpayers wouldn't be on the hook if the project runs into financial difficulties.

Chief legislative analyst Gerry Miller said at a meeting of a special council stadium committee that his team negotiated a deal that shifts risk entirely onto the stadium's planner, Anschutz Entertainment Group.

"I cannot envision a reasonable scenario where there's a hit to the city treasury," Miller said.

Negotiators released a non-binding memorandum of understanding this week on the deal to relocate a convention center building to make space for the proposed 72,000 seat venue with a retractable roof, which is expected to cost some $1.2 billion.

It calls for the issuance of $275 million in tax-exempt bonds to move the building and for that cash to be repaid with lease payments, property taxes and other new project-related revenue.

AEG agreed in the proposed framework to break $80 million of the $275 million in debt into a special type of bond that is financed with a tax on its nearby properties such as Staples Center and the LA Live entertainment complex and puts the facilities on the line if the company doesn't pay.


Read more: City of Los Angeles says*taxpayers not on hook for new stadium - NFL - SI.com


Can you say "Hello Los Angeles Raiders"??? Give Al the stadium he has always wanted and then let him die in peace.

9thWardDesire 07-28-2011 10:27 AM

What was the reason why you haven't had an NFL team in your city in the last.....uh'mmmm.....16 years?

Srgt. Hulka 07-29-2011 10:03 AM

"L.A. says taxpayers not on hook for new stadium"

It calls for the issuance of $275 million in tax-exempt bonds to move the building and for that cash to be repaid with lease payments, property taxes and other new project-related revenue.

AEG agreed in the proposed framework to break $80 million of the $275 million in debt into a special type of bond that is financed with a tax on its nearby properties such as Staples Center and the LA Live entertainment complex and puts the facilities on the line if the company doesn't pay.

So in a round-about way, the tax payers are still paying for the stadium.
Where's the other $925,000,000 coming from?


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