Taxpayer concerns slow stadium deal
Los Angeles officials have put the brakes on a plan to build an NFL stadium in the city amid concerns over taxpayer dollars, The Wall Street Journal reported Thursday.
Anschutz Entertainment Group is proposing to build a $1 billion stadium for a potential NFL team in downtown Los Angeles in a deal that would ask the city to issue nearly $300 million in bonds.
The chairwoman of the city council's stadium committee had hoped the council would agree on the general principles of the deal and a rough financial contract by late July after her group met twice more privately.
Last week, however, another member of the five-person stadium committee instead called for an open and televised meeting with AEG at the end of the month for the entire city council. On Tuesday, the council's president agreed to schedule that discussion for July 29 and promised that members would not be asked to vote that day.
Stadium committee member Bill Rosendahl, who has been skeptical of the proposal's economic benefit, argued for the open-door discussion after reading aloud portions of a Tuesday Wall Street Journal article that described a stadium deal for the Cincinnati Bengals as "soaking up unprecedented tax dollars and county resources while returning little economic benefit."
"I don't want the taxpayers to find themselves snookered, and five or 10 years later pick up The Wall Street Journal and see it about us," Rosendahl said.