Rah NFL Stadium Rah!
"It will be paid for by the private sector Mayor, I promise.”
And so Anschutz Entertainment Group President and CEO Tim Leiweke opened his remarks announcing the 30-year partnership with Farmers Insurance for the naming rights of Farmers Field, the proposed football stadium in Downtown Los Angeles.
“And I want to repeat that because some people don't seem to get this. This is about the community that it will be paid for completely, privately, I promise.”
L.A. City Councilwoman Janice Hahn, chair of the trade, commerce and tourism committee that oversees the Convention Center added that she wants the city to oversee the finances of the construction to ensure the taxpayers don't pay a dime.
“We have to make sure it is done right,” Hahn said. “That's why I want this to be a transparent, open, public process with cheerleaders, of course, but also referees. I requested that the city hire an independent financial analyst to assess this financing plan to ensure that there are no public funds that will be used to build this stadium.”
And all hour long that this seemed to be one of the recurring themes. No tax money.
Although the talk of bonds have surfaced over the past few weeks, Mayor Antonio Villaraigosa reasserted that the City will not chip in to pay for any shortfalls.
“Any bond issue that we need for the facilities is going to be have to be paid by AEG,” Mayor Villaraigosa said to reporters after the presentation. “Simple as that.”
As Hahn said, “We need the public on our side on this one, and the only way we do that is to make sure there are no tax dollars on this project.”