COUNCIL WARY OF FINANCING NEW ARENA.Byline: Patrick McGreevy Daily News Staff Writer While generally positive toward a proposal to build a sports arena next to the Los Angeles Convention Center The Los Angeles Convention Center (abbreviated LACC) is a convention center in downtown Los Angeles. The LACC hosts annual events such as the Greater Los Angeles Auto Show, and was best known to video games fans as host to E3 until its cessation in 2006. , City Council members were wary Friday of issuing bonds to pay for it. 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. circulated copies of a letter that invites the owners of the Kings hockey club to submit a proposal to build a $200 million sports arena for their team and the Lakers basketball team next to the downtown Convention Center. The letter, disclosed Thursday by the Daily News, does not make any city commitments but states the city would welcome a proposal to consider. Ferraro said the reaction of his council colleagues to the letter of invitation was encouraging. ``They all seem to be positive about it,'' Ferraro said, ``but we're a long way from completion.'' City Hall sources close to the negotiations with Kings owners Edward Roski and Philip Anshultz said one idea for jump-starting the project is for the city to issue $60 million in bonds to be paid off with revenue generated by the project. Kings officials say they are developing proposals for consideration by the cities of 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. and Inglewood. While council members said they would like to see a sports arena built, some questioned whether the city should be involved financially at all. ``I don't think the city can afford to finance it,'' Councilman Nate Holden Nathaniel "Nate" R. Holden (1929-) served on the Los Angeles City Council from 1987 to 2002. He previously served a term on the California State Senate and was Assistant Chief Deputy to then Los Angeles County Supervisor Kenneth Hahn. said. ``I'm not prepared to put this city in debt just so we can have some sports events.'' Holden said he does not want Los Angeles to be faced with the same financial problems suffered by Oakland when it issued bonds to lure back the Raiders football team but didn't earn revenue fast enough to pay off the bonds. The letter, signed by 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. , downtown Councilwoman Rita Walters Rita Walters (1930-) is currently the commissioner of the Los Angeles Public Library. Prior to this position, she served on the Los Angeles City Council representing the 9th district. During that time, she chaired the Arts, Health & Humanities Committee. , Ferraro and other city officials says: ``We feel that these teams in an arena adjacent to the Los Angeles Convention Center would further the goal of revitalizing 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 by providing a venue for sports and entertainment that will draw visitors to the downtown area.'' Councilman Hal Bernson Hal Bernson served as Los Angeles City Councilman for the 12th district. He was chair of the Transportation Committee. Prior to being on the City Council, he served in the Navy. Preceded by Robert M. said the private sector should finance the entire project. ``I don't think we need to do that,'' Bernson said. ``Those are businesses. They are coming here to make money.'' Riordan aide Noelia Rodriguez said the mayor would oppose any taxpayer contribution to the arena project. ``What the mayor has said is to issue bonds so that the revenue from the project can pay back the bonds,'' Rodriguez said. The City Council had to dip into dip into Verb 1. to draw upon: he dipped into his savings 2. to read passages at random from (a book or journal) Verb 1. the general fund to pay some of the $50 million annual debt on bonds issued to expand the Convention Center because of less-than-expected use of the Convention Center. Councilman Mark Ridley-Thomas said one argument for bond financing of the sports arena is that it would help revitalize the Convention Center area. ``What they have to evidence to me is that this is a way for the city to get out of debt on the Convention Center,'' Ridley-Thomas said. |
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