L.A. councilman wants more financial information about proposed downtown football stadium
Los Angeles City Councilman Bill Rosendahl called on city administrators Tuesday to answer more questions about Anschutz Entertainment Group's proposal to build a privately financed NFL football stadium on public property downtown.
The councilman issued a similar letter last Friday. But this round of questions focuses on how the project would be financed, since it would require the city to issue $350 million in revenue bonds to help pay for the relocation and reconstruction of one wing of the city's Convention Center.
"Many of the questions come from constituents who certainly deserve answers," the Westside councilman wrote to Chief Legislative Analyst Gerry Miller and City Administrative Officer Miguel Santana.
Among other things, Rosendahl noted that AEG wants the city to approve a ticket tax that would help pay off the city bonds over the next 30 years. "Since taxes on tickets would normally flow into the general fund to help pay for services such as police officers," he asked, "wouldn't the use of ticket taxes to pay off the bonds be defined as a 'public subsidy?' " The councilman has said he plans to raise even more questions in the days ahead.
Here you can read the letter in full.
-- William Nottingham