Los Angeles stadium developers tweak pitch to city
Monday, June 27, 2011
LOS ANGELES (AP) -- The developers proposing an NFL stadium for downtown Los Angeles are tweaking their pitch to the city.
AEG's Tim Leiweke told a town hall meeting Monday that he would ask the city to issue less than $300 million in bonds as part of the deal, down from $350 million. He also said that the debt would be repaid by sharing advertising revenue and with property taxes in addition to the ticket fees he had mentioned earlier.
The debt would pay to tear down and reconstruct a building to make room for the stadium.
AEG's $1 billion plan for a 72,000-seat stadium on part of the city's convention center campus is one of two competing proposals that aim to bring pro football back to Los Angeles.