LAWMAKER CITES BANK AS BACKER OF ARENA.

Byline: Rick Orlov Daily News Staff Writer

Backers of a proposed downtown sports arena moved Wednesday on two fronts to try to speed the development and soften criticism.

Councilman Mark Ridley-Thomas, the champion of the project, introduced a motion calling for quick action on the final contract. And he and Los Angeles Kings President Tim Leiwecki released a letter from Bank of America saying it was among the institutions agreeing to cover any costs faced by the city.

``I think it is significant, in these times, when an institution as credible as the Bank of America is willing to step forward and offer its guarantees,'' said Ridley-Thomas who appeared at Leiwecki's side in front of the Los Angeles Area Chamber of Commerce with the letter that said the bank would make sure the city was repaid its $70.5 million once the contract is finally approved.

Officials with the developers said it had not been determined whether Bank of America would be the final guarantor, but it was an example of the firms interested in the development.

Edward Roski Jr. and Philip Anschutz, co-owners of the Kings professional hockey team, want to build a 20,000-seat arena on the site of the North Hall of the Convention Center to serve as home to the Kings and Lakers pro basketball squad for the next 25 years.

They have been stung in recent weeks by criticism about the nature of the guarantee they would offer to protect the public's investment, as well as skepticism toward assurances the teams would play in the facility.

Ridley-Thomas introduced his motion to the City Council on Wednesday, calling for quick action on the final contract to allow construction to begin in January so the facility can open in September 1998.

``I think it is important to show this is a can-do city,'' Ridley-Thomas said. ``We have to send out the message this city is open for business.''

However, the assurances did not satisfy one critic, Councilman Nate Holden.

``I won't be satisfied until Roski and Anschutz guarantee the money, personally,'' Holden said. ``If the Bank of America wants to do this, why doesn't it just loan them the money and not require us to be involved in any way.''

Holden said he still wants to have a public vote on the arena to see whether there is support for using any tax dollars on the project.

Councilman Joel Wachs, who authored an initiative calling for such a vote, has been working on language that would exempt the arena from a vote as long as there are guarantees the city would be repaid.