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AEG's Leiweke Says New Plan For L.A. NFL Stadium Calls For Less Money In Bonds
Published June 28, 2011
AEG President & CEO Tim Leiweke, who is leading a drive to build a downtown L.A. NFL stadium, yesterday said that his company will present “a revised financing plan to the city, one that calls for less money in bonds and contractually obligated revenue to cover them,” according to Sam Farmer of the L.A. TIMES. Leiweke will “present the latest plan Thursday to the city’s ad hoc committee reviewing the offer.” Leiweke at a Mar Vista town hall meeting yesterday said that the “original request of $350 million in municipal bonds to relocate the West Hall of the Convention Center … will be reduced to ‘the high $200 millions.’” AEG would “pay for and control two parking garages,” allowing for the reduction in the bonds. Leiweke also said that AEG will “lease the stadium land and secure advertising deals that, when combined, will equal the bond payments.” The previous plan “called for AEG to cover any payment shortfall on a year-by-year basis.” Leiweke said that AEG “needs to know by July 31 … if the city will agree to the framework of a deal.” L.A. City Council member Paul Koretz said, “By having a good degree of healthy skepticism, this plan already is considerably better than the one that originally came to us” (L.A. TIMES, 6/28). Leiweke also noted that his company is “completing a full environmental review, but conceded that it was talking to state lawmakers about how to protect AEG from what he characterized as frivolous legal challenges to its environmental clearance.” Leiweke said that he “hoped the deal with lawmakers is one that environmental groups would support” (AP, 6/27).