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Developer: L.A. stadium needs only “the high $200 millions” in municipal bonds

Paul Patsis AP

If AEG’s estimate that Los Angeles would need to issue roughly $350 million in bonds to get a stadium for an NFL team was too pricey, there’s some good news.

Sam Farmer of the Los Angeles Times reports that Tim Leiweke, the businessman leading the effort for an NFL stadium in downtown L.A., said AEG will present a revised financing plan that will reduce the original request of $350 million in municipal bonds to “the high $200 millions.”

Leiweke said AEG needs to know by July 31 whether the Los Angeles City Council will agree to the framework of a deal if it’s going to move forward toward getting a stadium ready for the start of the 2016 season. The total cost of the stadium, which would be called Farmers Field, would likely be $1 billion or more.

At least one city councilman, Paul Koretz, sounded open to AEG’s plan, saying the modified proposal “already is considerably better than the one that originally came to us.”

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43 Responses to “Developer: L.A. stadium needs only “the high $200 millions” in municipal bonds”
  1. djaehne says: Jun 28, 2011 3:33 PM

    Thats only one baseball contract’s worth of money. Whats the hold up.

  2. thephantomstranger says: Jun 28, 2011 3:33 PM

    You can’t trust Sam Farmer on this story. The stadium is named after him!

  3. hobartbaker says: Jun 28, 2011 3:34 PM

    That’s all I need as well. To live comfortably.

  4. p4hbiz says: Jun 28, 2011 3:42 PM

    Get it Done LA, we need a NFL team so the real football fans in LA can enjoy.

    And Please, Please make a new team for Los Angeles.. Please don’t take another loosing team and put it in a Booming LA Market.

    The Raiders/Rams Ok… But SD, Jax, Vikes, Bills, and whoever else u may have talked too.. Don’t do it!

    LA Needs it’s own History and it can start in 2016.

    GO LA!!

  5. cincinnasti says: Jun 28, 2011 3:44 PM

    Isn’t Los Angeles slowly sinking under water little by little each year? Hell sticking a tent in L.A. would be a waste of time and money.. Let alone a billion dollar stadium..

  6. david7590 says: Jun 28, 2011 3:46 PM

    Really, thats all they need. A mere drop in the bucket. Let me bend over and you can reach in and grab however much you need.

  7. cosanostra71 says: Jun 28, 2011 3:58 PM

    get it done ASAP please!

  8. p4hbiz says: Jun 28, 2011 3:59 PM

    @cincinnasti – No you idiot it’s not going underwater, where do ppl get that from.. let me guess! 2012.. lol!

    I can’t think of of a place more deserving than Los Angeles. If hell holes like Philly, B-More, Cleveland can get teams..

    We should have 3teams if that the case.

  9. robatopia says: Jun 28, 2011 4:03 PM

    Don’t bonds typically end up costing twice as much as the initially raised value once the interest is repaid? Hmm, I think I just found a way to help LA balance its budget by nearly 600 million – don’t do this!

    350 million – that’s coincidentally the Department of Water and Power’s budget shortfall this year.

  10. granadafan says: Jun 28, 2011 4:07 PM

    Here’s my counter offer: Zero dollars in public money. We’ll give tax breaks and grease the wheels, but when teachers are being laid off and city workers are taking forced furloughs, using public money for football is boneheaded.

  11. jeff2380 says: Jun 28, 2011 4:11 PM

    I like how they try for 350 million get rejected and can drop 150 million off the amount they need. Great planning hope they never get anything done havent they already tried this NFL and LA thing before. And now all the sudden it will work

  12. grandpoopah says: Jun 28, 2011 4:12 PM

    The NFL is projecting $18 billion in revenue (and several billion in profits) five years from now, so please explain to me why the taxpayers are supposed to pony up even $2, let alone $200 million. What a scam.

  13. carlgerbschmidt says: Jun 28, 2011 4:13 PM

    Who is working harder to make this happen? The MN politicians or the CA politicians.

    I’m just saying.

  14. Robert says: Jun 28, 2011 4:13 PM

    AL Davis,” The Raiders are returning to Los Angeles in 2012!”

  15. khmer379 says: Jun 28, 2011 4:15 PM

    I dont wana see the name vikings come up everytime LA stadium discussion we aint going nowhere but to the top of nfc north

  16. skoobyfl says: Jun 28, 2011 4:23 PM

    $2 Billion round trip, however you slice it.

  17. krow101 says: Jun 28, 2011 4:24 PM

    So why would the taxpayer have to pay a private company to come to LA and make millions?

  18. Soulman45 says: Jun 28, 2011 4:25 PM

    200 mill go feed the homeless get them something to ware, why though money in a bottomless well they always come back for more can’t afford it no way.

  19. lovesportsandsurfing says: Jun 28, 2011 4:25 PM

    L.A. is nothing but a ghetto, filled with transplants who decided its better to be homeless there then where they are from,…its a filthy cesspool,..andd all this stadium talk there, its laughable,…in about 20 years they will still be talking about building a stadium and getting the NFL back there…the next big L.A. news you will here is the bankrupt Dodgers return to Brooklyn, and Im not remotely kidding….L.A. is the end of the road for business and people,..its the dead end of life.

  20. winkeroni says: Jun 28, 2011 4:26 PM

    Anyone else thinking that high $200′s millions is $299,999,999?

  21. dannymac17 says: Jun 28, 2011 4:52 PM

    lovesportsandsurfing says:

    never mind what he said, he lives in a trailer with his parents eating fruity loops all day. his bank account is in the negative.

  22. vetdana says: Jun 28, 2011 4:53 PM

    Please don’t take another loosing team and put it in a Booming LA Market.

    booming mkt….. like the Rams and Raiders….

    Did not someone once say that” history repeats itself” ?

  23. p4hbiz says: Jun 28, 2011 5:12 PM

    @vetdana.. I wish it would cause we WON a superbowl in LA chick.

    I said Rams/Raiders because of the History here in LA.

  24. theytukrjobs says: Jun 28, 2011 5:16 PM

    If it really makes soooo much sense to have a team there then why should the city have to pay money? They’ve proven time and time again that they don’t want it all that bad.

  25. 1bigtex says: Jun 28, 2011 5:40 PM

    Let me see if I’ve got this. California is bleeding cash as if it had been gutshot with a 12 gauge. They’re laying off state employees left and right and paying others with IOU’s because they’re short on money. Now, we’re supposed to believe that it would be a great idea to spend hundreds of millions of dollars on a project for which there is no immeadiate tennant. Right.

    Of course, we also have those who don’t want just any old team. “LA Needs it’s own History”. Right. LA has it’s own history. That history is having two NFL teams (and one AFL team if memory serves) that have left town of their own choice. So now, if we give LA just one more chance (and commit the taxpayers to boatload of cash), they promise this is the last time the taxpayers will have to come to the rescue. Right.

    Oh, and remember, not just any old team will do. Right.

  26. jeffro33 says: Jun 28, 2011 5:45 PM

    Second order of business: tell all of these “fans” in LA that kickoff is two hours earlier so they show up on time….

  27. whatchutalkinabouthillis says: Jun 28, 2011 5:46 PM

    If they locate a team to LA, I swear to God that I will bite off Eli Manning’s ear.

  28. granadafan says: Jun 28, 2011 5:49 PM

    “lovesportsandsurfing says:
    Jun 28, 2011 4:25 PM
    L.A. is nothing but a ghetto, filled with transplants who decided its better to be homeless there then where they are from,…its a filthy cesspool”

    ————————————————————————

    Clearly you’ve never been to LA and know nothing about the place other than what you see on TV. Get a clue before spouting off your ignorance. Filled with transplants??? Some, but there are millions who have been here for generations.

  29. paulbrownsrevenge says: Jun 28, 2011 6:06 PM

    L.A. doesn’t need a team. They tried twice and it did not work. Both the Rams and Raiders have been financially stable since they left. People in L.A. should just be happy they have the Lakers (where there are no lakes), and if they want to watch football they have USC and the Raiders aren’t far away. The Jags might end up moving to Oklahoma City from rumors I’ve heard.

  30. 1bigtex says: Jun 28, 2011 6:21 PM

    Went to Mexico City last year. It was just like LA, except with fewer Mexicans.

  31. lacharger2112 says: Jun 28, 2011 6:23 PM

    The NFL needs LA more than LA needs the NFL!
    I say the NFL put up the money, not the taxpayers to fund a private venture.
    You are an idiot if you think LA can’t support a team or two. The teams didn’t leave because there weren’t enough fans. They left for better stadiums and incentives. At least that’s what they thought.
    @cincinnasti- Keeping a perennial loser in Cincy is worse than having a team in LA. How many Super Bowls have you won? Hell, LA doesn’t even have a team and they won a Super Bowl. How many SB’s has Cincy even hosted? You know nothing of sports here in LA. Leave that state and get an education!
    Football would thrive in Los Angeles. Do you have any idea how much money there is in this town?
    The teams left Los Angeles, the fans didn’t!

  32. lacharger2112 says: Jun 28, 2011 6:28 PM

    “lovesportsandsurfing says:
    Jun 28, 2011 4:25 PM
    L.A. is nothing but a ghetto, filled with transplants who decided its better to be homeless there then where they are from,…its a filthy cesspool”

    ——————-

    Just to pile on this retard…
    So you’re saying that being homeless in LA is better than where they are from? I think you are right. Is it our great sports teams, or the weather and beautiful beaches that make it better? Maybe it’s just better because you are not here!

  33. david7590 says: Jun 28, 2011 6:29 PM

    @p4hbiz:

    You had 3 teams in the past 50 years and no one went to any of their games.

  34. thephantomstranger says: Jun 28, 2011 6:38 PM

    lacharger2112 says:
    Jun 28, 2011 6:23 PM
    @cincinnasti- Keeping a perennial loser in Cincy is worse than having a team in LA. How many Super Bowls have you won?
    ________________

    Hey, that’s Carl Gerbschmidt’s bit!

  35. p4hbiz says: Jun 28, 2011 7:13 PM

    @lacharger2112 – I concur Buddy! Cincy is a DUMP! I’ve been there @1bigtex – I take it you live in TX, so what is ur beef with mexicans?… They Own TX! STFU!! and im not even of that race, cut it out dude..

    LA Sh*ts in TX all-day! LA is the 2nd LARGEST market in the country so stop hating.

    If jerry could put a billion dollar stadium up, then LA can put up 2 of those Stadiums..

    We’re the Sports Capital of The World.. It’s surely not Dallas, they just won their 1st NBA title..

    LA has 16 Titles Clown.

  36. p4hbiz says: Jun 28, 2011 7:21 PM

    @david7590 – Dude we were in the biggest coliseum in the country dirtbag, and the oldest.. 100+thousands seats.. No one sells out the coliseum, it would make a U2 concert look empty.

    But LA has a SB Ring and with no team.. Hardy Har, Har!! We always win, I can’t wait for the news so I can be the 1st in line for season tickets

  37. 1bigtex says: Jun 28, 2011 9:51 PM

    @ p4hbiz

    My, my, my. What brave talk from a guy who is scared to go to Baltimore because of a television show. What are the other fictional TV shows that make you wet the bed?

    “Sports Capital of The World” and yet, no NFL team and for quite a long period of time now. How can that be? Jerry Jones and the seventh largest city in Texas got what is most likely the finest sports facility in the country built, while the “Sports Capital of The World” is still struggling to make it happen and wondering if they can get someone to show up.

    BTW, what ever your opinion of Texas, we ain’t bankrupt. California? Not so much. Too bad the “Sports Capital of The World” couldn’t figure out how to sell 100K seats. Cowboys seem to be able to pull it off. Of course, half that amount would be an attendance increase for the Raiders.

  38. terminatorlikesmaids says: Jun 28, 2011 10:50 PM

    “Sports Capital of the World”, give me a living break. The city council would be complete idiots to approve such and expense. How can the “Sports Capital of the World” have no football team in over 15 years, have a bankrupt baseball team, and a Hockey team nobody on the east coast can even name. You people make me laugh. $299 million, when your miserable state can’t even pay it’s bills. Sports Captial of the World……blah, blah, blah

  39. p4hbiz says: Jun 28, 2011 11:07 PM

    @1bigtex.. The biggest thing in Texas is Alex Jones.. The cowboys haven’t been revelavant since 94′

    All that money and put a roof on a stadium kickers can’t even kick in.

    @Terminatorlikemaids.. Dude we had two of the most storied franchies in the NFL creamcake.

    It’s like 40r7 teams that have football that has not done the one thing LA has done. And thats win a superbowl.

    Don’t hate on my city dude, your screen name is terminator likes maids. Pause!

  40. goawayeverybody says: Jun 28, 2011 11:32 PM

    Ahem. The group that wants to build the stadium in City of Industry – about 30 miles east of downtown – says that they are shovel ready and will not take a dime of taxpayer money to build their proposed stadium.

  41. david7590 says: Jun 29, 2011 12:01 AM

    @p4hbiz:

    What about Angel Stadium butt-hole? Less than 70k capacity, and people weren’t exactly flocking there to see the Rams. And so what, you got one Super Bowl in the 29 years of the Super Bowl era and football in LA, one. In the same span San Francisco won 5 Super Bowls, Dallas won 4, NY and DC won 3, and Green Bay, Oakland and Miami won 2. But woopie, 1 Super Bowl in 34 years by a team that left your dirtbag city after only 13 seasons.

  42. goawayeverybody says: Jun 29, 2011 2:50 AM

    I’m gonna love it when all these know-nothing idiots have to eat their words when we sell out every last home game in LA.

  43. 1bigtex says: Jun 29, 2011 8:31 AM

    @ p4hbiz

    “put a roof on a stadium kickers can’t even kick in”

    Okay, we get it. You don’t know what your talking about. We understand that. You don’t have to make it so clear, so often. The “kicking issue” at Cowboys Stadium had NOTHING to do with the roof. The Statue of Liberty would fit inside the stadium standing up. The question was the scoreboard. However, the scoreboard is actually higher than the NFL guidelines require. It is such a big issue that in two full seasons of play, it has been hit a grand total of ONE time, in preseason, by a guy who ain’t even in the league anymore. The Cowboys have a Pro Bowl punter. He doesn’t seem to have a problem with it. Didn’t seem to be an issue for Lechler in ’09 when Oakland got smoked by Dallas. I seem to recall that Shane punted quite a few times in that game as well. Do you really believe it’s an issue or are you just making s..t up now?

    As to the biggest thing in Texas, I don’t know. I might have to go with jobs, or maybe a positive business climate, or perhaps a stable and affordable housing market. California got any of those? Let’s face it, your housing market is so far underwater that Jacque Costeau had to become a real estate appraiser. I know you had a governor with a penchant for fat, ugly, domestic workers. I’ll pass.

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