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AEG releases rosy numbers on downtown stadium

July 20, 2011 12:00:00 AM PDT
The company hoping to build an NFL stadium in downtown Los Angeles has released some rosy numbers.

Based on two independent studies, AEG says a new stadium next to Staples Center will generate tens of millions of dollars in new tax revenue for the city and county every year.

Carol Schatz, president and CEO of Central City Association, said the construction of the football station and expansion of the Los Angeles Convention Center would bring in 93,000 new jobs, $11 billion in business revenues and $170 million in tax revenues.

Those numbers are highlights from the two studies. AEG, which is in the final stages of negotiating terms with the city, has not released the full reports.

AEG says its $1.3 billion complex would draw clients like Microsoft, which last week packed the Omni Los Angeles Hotel and 28 other hotels.

The Los Angeles City Council has been moving cautiously with the plans.

"In general terms, we have had a lot of cheerleaders, but we haven't had a lot of referees," Councilman Eric Garcetti said.

"There would be a couple million dollars of bonds we would have to do, which would cost $13-$14 million in interest on top of $47 million we are already paying," Councilman Bill Rosendahl said. "I don't want to pay that."

Public meetings on the plans are scheduled for next week at City Hall.

"We have to make sure traffic concerns are addressed, neighborhood concerns are addressed," Garcetti said. "We can't rush to end zone before we ensure that we build it in the right way."


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