Lots of love for Stadium idea, but the deal--not so much

Last week, had Los Angeles Mayor Antonio Villaraigosa a new job:

Head cheerleader for the NFL.

"It is very clear, football is coming back to Los Angeles," Mayor gushed on a PEP-Rassemblement proposed downtown Stadium, and SkySports.com quoted him later says he has "never seen the city so United" to get a pro team.

Really?

I decided to put the claim to the test, and what better day to report results than Super Bowl Sunday?

Jim's fast food joint in Boyle Heights, Philippe's downtown and by Tolliver's barbershop in Southwest Los Angeles was all I spoke with familiar with Anschutz Entertainment Group to build a downtown Stadium and entice a team efforts to play in it.

And for the most part, people were excited by the prospect — until they heard the details of how the Stadium would be financed.

Juan Chavez, a 35-year-old establishments, as lunch at Jim 's, said he wanted a football team "not only because of the sport, but because of the workplace." He was aware that farmers insurance had been announced for, it would pay an estimated $ 700 million to have his name on a Stadium next to the Staples Center, and the way he had heard it, the ball would cost taxpayers a dime "to build.

But is true?

Tim Leiweke of AEG's assertion, the, and Villaraigosa has chirped same melody. But when I asked Chavez if he was aware that EGGS wants to lease the property from the city of valuable downtown for $ 1 a year, he choked.

"What?" he asked. "You swear?"

EGGS also wants the city to float a $ 350-million bond, told I Chavez to tear down West Hall of the Convention Center and rebuild it as a part of a stadium, which will cost at least $ 1 billion. When I met with Leiweke a month ago, said he, $ 350 million would be paid back to the city in taxes generated at the stadium.

I had pretty EGGS get its own money and pump these taxes to the General Fund, instead of paying off what will essentially be a loan low interest rate. And what if EGGS are, or we get a bad team and attendance is so low, eggs may not be able to make payments? Worse yet, what if the team stiffs faithful fans, leaving one day, like the Raiders and Rams did?

An insurance company would cover debt, Leiweke has promised.

But what if the insurance company folds and taxpayers are left holding the bag?

Secure, is it possible Stadium project could work beautifully to Los Angeles, but it is not without risks. Chavezs support seemed a bit, when he heard it, and his doubts grew only when I told him that EGGS honcho Philip Anschutz — the man who wants cash-strapped city to take risks to his advantage — is no. 34 on the Forbes 400 list with a net worth of $ 7 billion.

"Now you got me all confused," said Chavez.

And I didn't even tell him that EGGS already got city tax relief of up to $ 246 million over 25 years of two Hotels at L.A. Live.

Or that EGGS execs lobbying legislators last week must be exempted from the provisions of the State environmental quality act (they want immunity from legal proceedings). Lawmakers gave to deal Ed Roski Jr., who want to build a stadium in the city of industry. Roski also happens to be on the list Forbes 400 on no. 170, with $ 2.1 billion.

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