Los Angeles NFL stadium developers will ask city to issue less than $300 million in bonds

AEG’s Tim Leiweke told a town hall meeting that he would ask the city to issue less than $300 million in bonds as part of the deal, down from $350 million. The debt would be repaid by sharing advertising revenue and with property taxes, in addition to stadium ticket surcharges and new venue-related revenue from city-owned parking lots, Leiweke said.

Los Angeles officials overseeing stadium negotiations said this month that city rules would permit only 50 percent of new city revenue to go toward bond payments.

The debt would be used to finance the demolition and relocation of the convention center hall displaced by the stadium.

Leiweke also vowed to post a bond to pay for the project’s completion in case AEG had financial troubles that keep it from finishing the work. The bond would be posted after ground is broken on the new convention center building, he said.