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WACHS NOT MAKING FRIENDS WITH LATEST VERSION OF INITIATIVE

          L.A. City Councilmember Joel Wachs unveiled the     "latest, toughest" version of his ballot proposal that would     require voter approval for publicly subsidized sports     arenas, according to Ted Rohrlich of the L.A. TIMES.  To     gain exemption from a vote, arena developers and Kings     Owners Edward Roski and Philip Anschutz, would "have to     convince" both the city attorney and the city controller     that "all public money" used for the project "would be     repaid."  The TIMES' Rohrlich writes that two "catches" for     the developers under the initiative are that it defines the     term subsidy "broadly," so that it includes "more than" the     $70M in municipal bonds that developers would use to acquire     land, and that they have "pledged" to repay.  Second, the     developers "would not be allowed" to count the extra sales     and property taxes the arena is expected to generate as part     of their repayment.  Developers "have been planning" to use     these additional taxes, along with ticket surcharges and     parking revenue, to repay the $70M in bonds.  John Semcken,     spokesperson for the developers, on Wachs' version:  "We     don't have anything to say in response to him. He's getting     entirely too much attention as it is" (L.A. TIMES, 9/12).

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