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CITY OF IRVING TAKING A PLAY FROM JERRY'S FINANCIAL PLAYBOOK

          City officials in Irving, TX, are planning to use "a
     complex and obscure accounting procedure that parlays
     Irving's stadium ownership into a funding source that would
     bring in" $15-20M, according to Tony Hartzel of the DALLAS
     MORNING NEWS.  Some financial analysts say the procedure,
     known as a "lease-lease back agreement," is "widely used in
     rail and airline companies, but apparently has not been used
     before in stadiums."  The deal would be designed to sell tax
     benefits that the city cannot claim because it is a tax-
     exempt entity.  The agreement "would work like this: Texas
     Stadium would be leased to investors, and then Irving would
     lease it right back."  The deal would bring the city income
     from a long-term lease contract, paid entirely up front. 
     Most of that money "would be reinvested, then used to lease
     the stadium back from the investors.  However, a portion of
     the surplus would be set aside" for potential stadium
     improvements.  In return, investors would get a tax-
     deductible lease payment.  The $15-$20M raised would
     "probably be put in escrow for stadium improvements."  Bob
     Power, an attorney for Cowboys Owner Jerry Jones, "stressed
     that the Cowboys desire a long-term deal with Irving" (Tony
     Hartzel, DALLAS MORNING NEWS, 3/14).

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