SBD/9/Facilities Venues

WACHS APPROVES NEW DEAL WITH KINGS OWNERS ON SPORTS ARENA

          "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). 

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