ARENA PLAN SPURS NFL HOPES : CITY LEADERS REVIVE TALKS OF NEW COLISEUM.Byline: Patrick McGreevy Daily News Staff Writer Buoyed by a new proposal to build a $240 million sports arena downtown, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. officials kicked off renewed efforts Tuesday to bring a pro football team to the Coliseum and create a ``sports and entertainment corridor'' from Dodger Stadium • • [ to Exposition Park Exposition Park is the name of more than one place:
``Our goal is to parlay the investment in the arena into a catalyst for total revitalization of downtown to include the area south from the Convention Center to the historic Coliseum in Exposition Park,'' Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. and other officials said in a joint statement. The new arena, when coupled with a ``totally revamped, state-of-the-art'' Coliseum, will ``demonstrate beyond a doubt a long-range commitment to attract a new National Football League team,'' the statement said. The 20,000-seat sports arena proposed by Kings hockey club owners Ed Roski and Philip Anschutz Philip Frederick Anschutz (born 28 December 1939 in Russell, Kansas) is an American businessman and supporter of Christian causes. With an estimated current net worth of around $7.8 billion, he is ranked by Forbes as the 31st richest person in the USA. would become home for the Kings and Lakers basketball team for at least 25 years, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a 13-page proposal from the developers that was released Tuesday. ``A political will and unity now exist in the city, as the arena negotiations to bring the Lakers and Kings to Los Angeles demonstrate, which give huge momentum to the new Coliseum concept,'' said the statement, which also was signed by USC An abbreviation for U.S. Code. President Steven Sample, City Council President John Ferraro John Ferraro (May 14 1924—April 17 2001) served as a Los Angeles City Councilman from 1966 until his death. Early life Ferraro was born in the working class suburb of Cudahy, California, just south of Los Angeles. and other local officials. In addition to renovating the Coliseum, the city leaders said plans are being developed to beautify and improve transit along the Figueroa Street Figueroa Street is a street in Los Angeles County, California. It runs in a north/south direction for a length of more than 30 miles (48 km) between the Los Angeles communities of Eagle Rock and Wilmington. corridor to link downtown with the proposed arena and Coliseum. The nonbinding arena proposal was transmitted Tuesday to the full council by Ferraro, who also directed Chief Legislative Analyst Ron Deaton to draft a report for the council on the financial implications of the proposed deal. At a news conference next to the Convention Center site proposed for the arena, Ferraro said he is confident the council can meet deadlines for approving the nonbinding agreement in coming weeks and then adopt a binding memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. by mid-October. ``This is a great day for the city of Los Angeles
John Semcken, a representative of the developers, said they are ``excited about the prospect of working with the city of Los Angeles to build a world class sports arena and entertainment complex'' in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or but also will continue talking to officials in Inglewood about building the arena in that city, where the Kings and Lakers now play at the Great Western Forum. Councilwoman Rita Walters, in whose district the sports arena is proposed, said the council likely will want to focus on the $60.5 million to $70.5 million financial investment being requested from the city. The money is needed so the city can buy land adjacent to the arena site from about 40 property owners so the land can be used for 4,500 parking spaces. Officials are hoping to recover much of the money through arena revenues, including parking fees, and also are looking at a 1 percent increase in the city hotel occupancy tax. In addition, the proposal calls for the city to provide a $1-a-year, 55-year lease of a portion of the Convention Center site to the developers for the arena itself. Councilwoman Laura Chick said she wants to make sure the city will not have to dip into its strained General Fund to subsidize the arena's development. ``I'm automatically supportive of the concept, supportive of having an arena in the city and downtown,'' Chick said. ``But I'm not rushing to any decisions or conclusions. It's too important to see how the dollar issue plays out,'' she said. ``What I want to make sure is that we don't make the mistakes that other cities have made in not getting bang for their buck, or paying out more than they've received or never receiving the economic benefits they thought were there,'' Chick added. A study by the accounting firm of Ernst and Young estimates that the arena will generate $200 million annually in economic output and spending in the Southern California region, including $120 million in Los Angeles. CAPTION(S): Photo Photo: City Council members Rita Walters and John Ferraro l isten Tuesday as city analyst Ron Deaton discusses a downtown arena plan. Tom Mendoza/Daily News |
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