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.”