Downtown Stadium Developers Rethink $1-A-Year Lease Proposal

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DOWNTOWN LA STADIUM
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The proposed developers of a new National Football League stadium in downtown Los Angeles have offered to kick in lease payments for use of city land as part of a financing deal for the multifaceted project, according to a transaction outline submitted to city negotiators Wednesday night.

Sports and entertainment conglomerate Anschutz Entertainment Group lists rent from a proposed ground lease as part of the revenues that would be used to repay city bonds that would be issued in connection with the project.

AEG President Timothy J. Leiweke and First Deputy Mayor Austin Beutner previously told The Times the developer might propose a $1-a-year lease for the city property.

Read the whole story at Los Angeles Times