9. NEW FOOTBALL STADIUM PROPOSAL
AEG’s proposal for a stadium in downtown Los Angeles could be an economic gain for the city, but I need to see real proof and independent analysis before I am convinced. AEG has a track record at the Staples Center and LA Live, but over the last 16 years, however, a number of NFL-related plans - at the Coliseum, at the Rose Bowl, even at Dodger Stadium – have foundered on economic reality.
Both the Rams and Raiders left because their owners thought they could make more money elsewhere – what guarantee is there this latest proposal will not fail either? With a request for $350 million in publicly-issued bonds, I want the City Council and the mayor to exercise proper due diligence, not act as cheerleaders, regarding this proposal. There are two points that I'd like to see our elected officials speak up on more loudly:
No $1 a year lease of public land!
No $350 million in municipal bonds!
AEG needs to take those two items off the table to alleviate most residents’ concerns.
I'm not anti-stadium for the sake of being anti-stadium, but as a responsible elected community leader and a candidate for City Council it is my duty to ensure Angelenos don’t get caught holding the bag in the next economic cycle.
Clearly, the NFL has the resources to make this project happen - the taxpayers do not need to subsidize it. If the NFL wants to do business in the nation's second-largest media market, the league and its partners can and should carry the full burden of the project.
