As the folks at AEG try desperately to generate real momentum for a stadium project that eventually could disappear slowly into the La Brea Tar Pits, another twist has emerged.
Per the Associated Press, debt arising from the relocation of the Los Angeles Convention Center, a portion of which resides where the downtown stadium would be built, can be paid only partially by public money. AEG wants the city to issue roughly $350 million in bonds, which would pay for the relocation of the West Hall of the Convention Center.
Los Angeles officials believe that roughly half of the debt arising from the bonds would have to be paid by private funds, according to city rules. In other words, the money would have to come from an entity like, for example, AEG.
AEG hopes to negotiate a Memorandum of Understanding, which would establish the framework of the deal, with the L.A. City Council by July 31, in order to keep the project on track for a planned opening in 2016.