City Releases Tentative Funding Agreement On LA Stadium

LOS ANGELES (AP) — Nearly three-quarters of funding to relocate a convention center hall to accommodate a downtown Los Angeles NFL stadium would come from guaranteed payments to the city by developer AEG under a tentative plan released for comment.

The non-binding memorandum of understanding released by city officials Monday says 27 percent of the bond charges would be paid for with new tax revenue from the stadium. AEG would pay the city the rest through a ground-lease and other fees.

The agreement calls for the city to issue $275 million in tax-exempt bonds to pay for the new convention center hall.

AEG had previously said it wanted more tax revenue sources from the project to finance the bond issue.

The City Council plans a vote on the proposal after a series of hearings.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. ginny says:

    So when are the taxpayes of this City going to be allowed to VOTE on something like this? Originally this was not going to cost the taxpayers 1 thin dime, now our elected officials are changing the plans. This City is already broke, over taxed, over fee’d, when it is going to stop.

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

KNX 1070 Newsradio
Play.It

Listen Live