San Fernando Valley Councilperson Joel Wachs filed a
proposed "anti-sports-arena" initiative in L.A. requiring
that a majority of voters approve any use of city funds or
bonds for development, construction, remodeling or operation
of "any professional sports facility," according to Dillman
& Riccardi of the L.A. TIMES. The city plans to sell $70M
in "municipal securities" to help finance a proposed $250M
downtown arena for the Kings and Lakers, which would be
developed by Kings Owners Ed Roskie and Philip Anschutz.
Kings President Tim Leiweke: "If this particular issue goes
to a referendum, it makes this deal all but impossible." If
Wachs collects 61,170 signatures by December 24, the
initiative would be part of a June 2, 1998 CA primary,
unless Wachs pushed for a special election. Wachs proposal
also contains a "retroactive" clause that would require a
majority vote on the arena proposal even if the City Council
approves it before the initiative passes (L.A. TIMES, 8/27).
GRIM OUTLOOK: In L.A., Randy Harvey: "[I]f you're among
visionaries who saw the Lakers, Kings, an NFL team, a
majestic new arena and a renovated Coliseum as crucial
pieces in the revitalization of downtown [L.A.], Tuesday was
a cold day in August. ... As much as I usually suspect the
motives of developers, this initiative is unfair to Anschutz
and Roski. It is also unfair to [L.A.]" (L.A. TIMES, 8/27).
