COUNCIL PANEL FAVORS OK FOR ARENA AGREEMENT.Byline: Rick Orlov Daily News Staff Writer In the first positive development in weeks for a proposed downtown sports-entertainment complex, a city panel recommended Monday that the City Council approve a preliminary agreement with the owners of the Los Angeles Kings The Los Angeles Kings are a professional ice hockey team based in Los Angeles, California, USA. They are members of the Pacific Division of the Western Conference of the National Hockey League (NHL). . 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. emerged from a meeting in which the council's Ad Hoc Committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished on the Sports Arena voted 4-0 to approve the deal, saying he thought the city would have a new arena by 1999. ``We've come a long way, and I think this will help the city in the long run,'' Ferraro said. The proposed 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. outlining the terms of the $240 million deal - in which the city would provide about $70 million up front and the developers would foot the rest - will come before the full City Council on Wednesday for approval. Los Angeles Kings owners Edward 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. have proposed building the 20,000-seat arena on the site of the North Hall Convention Center at 11th Street and Figueroa Avenue. But they threatened to walk away from the proposal last month after the deal bogged down in a City Council debate over the city's financial exposure and an array of secondary issues including the percentage of minority workers involved in the project. John Semcken, a senior vice president at Roski's Majestic Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Co., said he was encouraged by the committee's action, but also wary. ``This is one step,' Semcken said. ``Let's see Let's See was a Canadian television series broadcast on CBC Television between September 6, 1952 to July 4, 1953. The segment, which had a running time of 15 minutes, was a puppet show with a character named Uncle Chichimus (voice of John Conway), which presented each what the council does.'' If the full City Council adopts the report approved by the committee Monday, a memorandum of understanding would be prepared over the next several weeks and returned to the council for approval. ``This is just the first step,'' said Chief Legislative Analyst Ron Deaton. ``At any time, up until closing of the deal, either side can back out.'' Under the proposal, the city would provide the North Hall site, and acquire land across the site for parking and, eventually, a hotel-commercial development. One of the chief concerns is that the city plans to raise money for its share of the project by issuing bonds that would require $6.8 million per year in debt service. City officials said they expect the facility to generate $1.3 million in property taxes, $1.6 million in parking revenues and $3.5 million a year from a ticket tax or surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. to retire the city's debt. |
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