Why should taxpayers co-sign a loan for hundreds of millions of dollars to fund construction of a football stadium when the developer expressly admits no other developer in his right mind would invest in the project?
The Los Angeles Times quotes Ted Fikre, AEG's chief legal and development officer, as follows in its story, "Football stadium profit-sharing not feasible, L.A. Council told:"
The Los Angeles Times quotes Ted Fikre, AEG's chief legal and development officer, as follows in its story, "Football stadium profit-sharing not feasible, L.A. Council told:"
"As people full well know, we have a lot of surrounding property that would benefit from this project, and candidly, that's part of the reason why we're willing to consider doing a project here that no other stand-alone developer would consider doing in their right mind," he said.If this project crashes and burns, guess who gets to repay all the people who buy the bonds to fund the construction? Hint: look in the mirror above your bathroom sink.
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| Yes, that makes you crazy. |
Just wait for the comming SUPPLEMENTAL SPECIAL TAX DISTRICTS to pay for the sewers, lines, and broken roads for the stadium!
ReplyDeletePart of the fun will be watching the 1/2 empty stadium and the team(s) leaving L.A. "FOR A BETTER DEAL." Then USC will buy it for 10 cents on the dollar. WHAT A DEAL!
I still haven't heard how the Figueroa offramp from the Harbor Freeway is going to accomodate 25,000 cars taking all of the "fans" to the football games at this new AEG stadium. Hell, it can barely handle a Staples crowd now. And where will all of these 25,000 cars park, many of whom would like to have a tailgate gathering before the game? I believe you'd need a parking lot the size of the to-be-torndown Convention Center just to park the cars - now where do you put the stadium?
ReplyDeleteOh, I forgot about the new RTD buslines that will be made available - oh that's the job creation side of the deal - more arrogant bus drivers to handle the drunks? Let's see, there will be how many games each year in the new stadium - perhaps 10 max - that means the new bus driver jobs will actually work 80 hours each year - boy that's some job.
So where is Tom Bradley when we need him - he got a better offer and left town just like the Rams and the Raiders
Another citizen, welcome to the Land of OZ. The freeways will magically deliver all those people to downtown a few time a year, new jobs created for the valets, many cars delivered to various parking lots & chop chops throughout the city and then our empty roads & freeways will safely allow all the remaining drunks with cars to drive home with a minimum of police interference.
ReplyDeleteBesides, they're only trying to improve their way of life!
BTW, Tom Bradley left LA a while back. Thomas J. "Tom" Bradley (December 29, 1917 – September 29, 1998) was the 38th Mayor of Los Angeles, California and has probably rolled over in his grave a few times since then!
AEG should pay ALL development costs if they think it's such a great idea to build a seldom used stadium downtown! All the private developers & speculators should be allowed to help them if they also see benefits of building the project.
ReplyDeleteThe tax revenues must ALL be paid to the city that consistently insists they're in a phoney budget deficit! No waivers!
More coming our way! See Socking It To Us: 40 % More for Sewer, 26 % More for Power, 21 % for More Water
Say NO to the clowncil spending! Say NO to the clowncil waste! Say NO the Mayor Villarbaboso, Wannabe-mayor Garcetti & Protege "I-did-a-Thousand-Women and now-I-want-to-do-LA" Johnson!
It is for these reasons why I am opposed to the downtown Los Angeles AEG money grab (oops, I meant "stadium").
ReplyDeleteI still feel that Ed Roski's privately-financed City of Industry stadium location is better for all of Southern California (close to two freeways and a Metrolink line), and probably would provide more room to tailgate.
the city of industry location is the hot spot,if the people of lost angeles wanted a team,it would have been here by now....the city of L.A. is so full of corruption (mayor/consel)that anybody with big bucks left....bulid a bull ring....thats your base now thanks to tonys crew....industry will be full every time their's a game....and most will understand english....L.A. IS DEAD...sanctuary city is bankruptand needs a flush...it smells
ReplyDeleteYour title said it all!
ReplyDelete"...No Other Developer In His Right Mind Would Build!" Those funding them aren't in their Right Minds either!