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

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?

07-29-2011, 10:03 AM	#1
Srgt. Hulka 1000 Posts + Join Date: Dec 2009 Location: Shreveport, LA Posts: 4,417	"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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