NHL Kings Owners Edward Roski and Philip Anschutz, the
developers of L.A.'s proposed new downtown arena, "have
decided to sweeten their proposed deal" by guaranteeing
repayment of all $70M in bonded indebtedness, which L.A.
"will assume as its part in the project," according to
sources of Jodi Wilgoren of the L.A. TIMES. Their decision
followed City Councilman Joel Wach's midday announcement
that he will campaign for a ballot initiative requiring
voter approval of any professional sports project involving
public financing. But "top-level officials involved in the
arena negotiations" said that Roski and Anschutz "now are
willing to rewrite their agreement with the city." The
revised pact "would require the Kings to pick up 100% of the
city's tab for repaying the bonds" -- about $6.8M annually
for 25 years -- "if a planned surcharge on tickets is ruled
illegal under a recently passed statewide ballot proposition
and city revenues from the arena fall short." George
Mihlsten, attorney for the developers, and John Semcken, a
spokesperson for their development company, were not
available for comment (L.A. TIMES, 8/22).
