Today -- the day the Los Angeles Dodgers baseball team filed for bankruptcy -- the billionaire developers of AEG want you, the taxpayers of L.A., to co-sign a loan for nearly $300 million, to build a football stadium. But see, they call it "less than $300 million," to make it sound like a bargain.
If everything works as hoped, then an NFL team will appear and generate sufficient profits, and you'll be just fine, supposedly. But if this "investment" of tax dollars instead goes the way of the Dodgers, guess who gets to repay the "less than $300 million" to the bond-holders. Hint: it rhymes with "schmou."
Hey, AEG, tell me this, would you: If this is such a great investment opportunity, why can't you get people in the private sector to pay for it? After all, we taxpayers have higher priorities -- like sending L.A.'s artists on European vacations.
Must . . . stop . . . paying . . . attention . . . .
If everything works as hoped, then an NFL team will appear and generate sufficient profits, and you'll be just fine, supposedly. But if this "investment" of tax dollars instead goes the way of the Dodgers, guess who gets to repay the "less than $300 million" to the bond-holders. Hint: it rhymes with "schmou."
Hey, AEG, tell me this, would you: If this is such a great investment opportunity, why can't you get people in the private sector to pay for it? After all, we taxpayers have higher priorities -- like sending L.A.'s artists on European vacations.
Must . . . stop . . . paying . . . attention . . . .
Besides, we'll end up with two coliseums with double the traffic that would move slower than a snail, and no sign of 21st Century transportation system, like a modern, sleek monorail that can be operated privately and won't even block traffic flow!
ReplyDeleteVote "NO" to the stadium, and the $300M+ loan
You mention the Dodgers and the financial pickle the current owner put them in.
ReplyDeleteCan't help but think about that guy, what's his name, u-no-who, that was a regular in McCourt's box seats. Got free tickets, right?
What amazed me was that in the L.A.T. stories on the Dodger bankruptcy yesterday, I couldn't find ONE quote from Tony Villar.
Times even had a short article on-line on the reaction of FORMER Mayor Richard Riordan to the filing.
Where's Tony? You know, the guy that was a regular in Frank McCourt's Dodger Stadium Box Seats?
Got to say one thing for Frank. He's diverted attention from other civic matters, like the AEG Stadium swindle, err, proposal.
I'm also wondering; If this "deal" is so great, why can't private funding succeed in this endeavor?
ReplyDeleteAnd, can we really trust the current City administration to look out after our best interests? Based upon their current fiscal record, the answer must be a resounding "hell no"!
Dear neighbor's and taxpayers, who know my ethics on the job as a City employee; this AEG proposal is no different than the recent misleading DWP high-pressure sales presentation's you've received, regarding utility rate increases. (apparently my opposing remarks to DWP were significant enough that they were aired on Spanish T.V.) Pay no attention to the confusing details created by AEG's sales presentation. Ladies and gentlemen, please vote an absolute 'NO' to AEG. Let's call their bluff. Let them pick-up, and get out of town, and pray, they take 'villaraigosa' with them.
ReplyDeleteThe simple test question as Walter says: If this project is so profitable, then why can't AEG, a professional development company, convince professional private investors to invest in this project?
Answer: Venture-capital analysis, have declared this project, "high-risk" and it "sucks" as bad as the mayor and city council.
I ask you respectfully to observe the tell-tale signs of our eroding America here in Los Angeles. Highest unemployment, foreclosures, sales taxes/fees, utility rates, vacant stores, gang injunctions, red-light camera's with extortion penalty fees, and now, the Federal Bureau of Investigation, setting up shop in our local government to conduct it's investigation.
It's time to break the relationship with your local councilmember so we can return City Hall back to the taxpayers. And you can start with voting for CRAIG HUEY for Congress if his name appears on your ballot, this July 12th, instead of Ms Janice Hahn.
Respectfully, your civil servant,
David Barron