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
EDITOR'S PICKS:
Dear LA City Council, build the football stadium! You guys are gonna waste money recklessly anyway!
Posted by: steve rodriguez | March 08, 2011 at 06:25 PM
Go Bill.
Seems the other 14 members think this is a great idea. If it's so great why won't B of A finance it?????
Posted by: jay | March 08, 2011 at 06:43 PM
The 350-million dollar's worth of bonds, or any large amount, should be used to fix the streets. The holes in the ground we drive and bike on are more important that a hole in the ground for football. There are other options for a stadium besides tearing down a functional city building and moving it so a private sector company can profit.
Posted by: Erwin | March 08, 2011 at 07:20 PM
Thank you Councilmember Rosendahl for not being snookered by AEG and asking the important questions.
Posted by: Rhett | March 08, 2011 at 07:34 PM
AEG is playing accounting tricks. Reminds me of Enron, AIG... do they think we're too dumb to see through it?
Posted by: Tiffybean | March 08, 2011 at 07:57 PM
I'm happy to know that we have at least one council person that actually does his job and cares to what us, the taxpayers, have to say. Anyone that supports this stadium is an idiot. They're taking your money to build a stadium in which they will receive billions of dollars in profits by charging you expensive tickets.
Posted by: arty | March 09, 2011 at 11:16 AM
why should we pay anything for a billionare football owner to have a stadium? If they cant afford to do it privately, then they just cant afford it. Most cant even afford to go to one of these games anymore in if they want a stadium thats fine build it, the owners make billions and bilk us out tax dollars to do it. How about free tickets for citizens who pay their taxes so some billionare can get richer?
Posted by: raiderruss | March 17, 2011 at 11:43 PM