Proposed L.A. stadium requires private funds for bond costs

LOS ANGELES -- Los Angeles officials overseeing negotiations for a proposed downtown NFL stadium say only 50 percent of new city revenue from the project can go toward making bond payments associated with the stadium.

City rules require the rest of the debt payments toward overhauling the nearby Los Angeles Convention Center to be made up by private funding.

In a letter addressing concerns raised by Councilman Bill Rosendahl, the city says it wants to leverage private money and tax revenue related to the proposed stadium to refurbish the convention center.

AEG, the company seeking to build the stadium, wants the city to issue some $350 million in bonds to finance the relocation of a convention center hall where the stadium would be built.

Copyright 2011 by The Associated Press

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