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WACHS APPROVES NEW DEAL WITH KINGS OWNERS ON SPORTS ARENA
Published October 9, 1997
"Clearing the way for a planned downtown sports arena," L.A. City Council member Joel Wachs said yesterday that "he will exempt the facility from his proposed ballot measure that would require voter approval of publicly subsidized sports stadiums," according to Beth Shuster of the L.A. TIMES. In return, Wachs said that the arena developers, NHL Kings Owners Philip Anschutz and Edward Roski, "have agreed to several new financial conditions that would dramatically reduce any taxpayer costs for the new arena." Wachs said the developers will give the city an "ironclad" guarantee that they will repay $58M in municipal bonds to be used for the project; ensure that the $58M will not come from sales taxes, property taxes or utility taxes generated by the arena; pay about $1.6M for a two-acre property that the city had tentatively agreed to give the developers, and pay about $3.2M-a-year for use of the arena site for 55 years. The previous deal called for a $1M-a-year lease. Wachs said that the only public money involved in the arena would be $12M given to the developers by the Community Redevelopment Agency. Kings President Tim Leiweke "acknowledged that the deal is financially riskier for the developers, but he said their desire to build the facility in the city outweighed their concerns" (L.A. TIMES, 10/9).