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NEW HOUSTON ARENA PLAN INVOLVES TEARING DOWN COMPAQ CENTER

          Houston Mayor Lee Brown "is considering tearing down
     the Compaq Center, then offering the land and cash in return
     for some choice downtown property for a new arena,"
     according to sources of John Williams of the HOUSTON
     CHRONICLE.  The sources also said yesterday that Brown has 
     "offered to add" $10M to the $50M the Harris County-Houston
     Sports Authority said it would give Rockets Owner Les
     Alexander for design and construction of a new arena.  Under 
     Brown's proposal, the city would tear down the Compaq Center
     and offer the site to Crescent Real Estate Equities, which
     owns much of the surrounding property.  Crescent would then
     give the city a credit "worth somewhere between" $7-8M and
     the city would then buy the downtown land from Crescent. 
     But the two sides "appear apart on a price" for the land, as
     Brown believes it is worth about $14M while Crescent "has
     countered with" $20M.  Brown, who "received a reply from
     Alexander" late yesterday, is expected to meet with Rockets
     officials today "to see if they can close the deal" (HOUSTON
     CHRONICLE, 8/27).  A HOUSTON CHRONICLE editorial calls
     Brown's "active" role in the new arena talks "good," and
     states: "Now let's get on with it, without demonizing people
     and issuing threats on either side, a la the fiasco that
     sent the Houston Oilers packing" (HOUSTON CHRONICLE, 8/26).

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