What Does It Mean for Los Angeles?
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* THE KINGS AND LAKERS
--The teams would move to the $200 million-plus arena beginning with the 1999-2000 season. The teams would be obligated to play in the arena for 25 years.
--The Kings would finance and build the 20,000-seat arena, which will include 2,500 club seats and 150 luxury boxes. The Lakers would be tenants of the Kings.
* THE CITY
--Would issue $60.5 million in revenue bonds and be liable for financial overruns beyond $60.5 million up to $80.5 million on a 50-50 basis with the Kings.
--Future steps include a City Council vote and a lengthy financing process.
--Economic impact report forecasts $120-million annually in spending and development of more than 800 permanent jobs.
* THE DOTTED LINE: Kings’ owner signs proposal to build downtown arena. A1
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