Tax Funds and the Arena

* Re the Sept. 26 commentary by Steven Soboroff, Marvin D. Selter and Frank Moran: Councilman Joel Wachs and people like myself who are against the arena deal are not anti-business. What we are against is giving special considerations to these developments. The benefits of this arena will not match either the Getty Center or the DreamWorks development, but the concessions the developers are demanding are vastly higher.

The bond guarantee does not exist at this time. It has been reviewed by city staff and has no substance. The developers have not provided any of the three conventional forms of guarantees: a letter of credit, cross-collateral- ization with other assets or personal guarantees. The authors also omitted that the developers want to use about $3 million of annual tax payments as offsets to their bond payment obligations. This is equal to handing the developers over $40 million in today’s money. Why we should do this is beyond me.

Let’s not confuse the issue with hyperbole and name-calling. The developers should build the arena. They just should not do it on the backs of much poorer L.A. residents.

BRUCE L. BIALOSKY CPA

Beverly Hills

* It’s blatantly apparent that the developers involved in the sports arena deal are not so much afraid of a delay in the project as they are of us, the voting public. The issue is not time, but power and control over our money. This sports fan isn’t fooled by an incredibly lousy fake-out move.

DAN MARFISI

Los Angeles

* The Sept. 28 letter from Robin Russell pointed out many of the pitfalls of the proposed arena project, but omitted one--that of parking.

The proponents have a “build it and they will come” philosophy. The citizens seem to fall for it every time with a “they are there and we must go” mentality. Just as soon as the attendees vote against such stupidity by becoming non-attendees, then such attractions will be built in more favorable locations. In one of the few prudent things to ever happen in the Washington area, their new stadium is way out on the far east side, away from the crowded masses.

HUGH T. HOSKINS

Downey