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AEG Sets Sights Lower, Asks City for $300 Mil in Bonds

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Stick, meet carrot: developer AEG is supplementing its July 31 deadline on a downtown NFL stadium deal with a softer demand, reports the AP. Not on the deadline, mind you. Instead of asking for the city to float $350 million in bonds as part of the deal for Farmers Field, he's cutting his request to a rounder $300 mil. (The smaller, the better: the city says that they're permitted to allot only 50 percent of new revenue toward bond payments.) President and CEO Tim Leiweke goes on to say that the money will be paid back through shared ad revenue and with property taxes, in addition to ticket surcharges and new revenue in city-owned parking lots. AEG's also writing up a will of sorts, in case financial troubles keep the company from finishing the $1 billion project--if and when AEG breaks ground, Leiweke promises they'll post a bond to pay for the stadium's completion. -Andy J. Wang
· Developers tweak proposal for L.A. stadium [AP/CBS Sports]
· AEG NFL Stadium Archives [Curbed LA]

Farmers Field

W. Pico Blvd. & S. Figueroa St., Los Angeles, CA 90015 Visit Website