Professional football is inching closer to returning to Los Angeles. City officials Monday announced a plan to finance a new NFL stadium downtown by issuing $195 million in bonds. The plan proposed by Mayor Antonio Villaraigosa and the City Council also would require developer Anshutz Entertainment Group (AEG) to take responsibility for an additional $80 million in bonds in order to shield taxpayers from additional liability. AEG hopes to have the new stadium completed by 2016, bringing an entertainment “supercomplex” destination to downtown Los Angeles that would include professional football and basketball arenas, an improved convention center as well as live music venues, restaurants, hotels and shopping. How should Los Angeles finance a new NFL stadium downtown? And should they? How long will it be before we watch a pro kickoff in LA?
Guest:
Mark Lacter, contributor to LA Magazine; writes the business blog for LA Observed.com and talks about business with KPCC's Steve Julian Tuesday mornings