The city’s nonbinding deal on Farmers Field will be before the Los Angeles City Council on Tuesday but before that happens, a neighborhood group has posed a fresh set of questions and concerns about the agreement with the Anschutz Entertainment Group.
LA Neighbors United addressed the four-page letter to the city’s negotiating team and the head of the Convention Center.
“Attention now should be paid to increasing the deal’s hard return to the city, so the project helps fund essential city services beyond project-specific debt service. If the city leaves money on the table, it’s the same as giving taxpayer money away,” Cary Brazeman wrote in his letter.
Among the group’s concerns:
- AEG’s projected rate of return is undervalued
- City is missing opportunity to benefit from billboards on public buildings
- No rental escalation if more than one NFL team plays at stadium
- Unknown what happens to existing air rights at Convention Center