Adding the finishing financial touches to the highly touted downtown sports arena, the Los Angeles City Council approved the remaining agreements Friday, including a personal guarantee from the project's owner that loans of any city funds will be repaid for the basketball and hockey center.
Under the financial agreements, the Staples Center, as it will be known, will receive $12 million from the Community Redevelopment Agency, but will not get any city general funds. In fact, the city will receive funds from the arena's admissions tax, parking revenues and a jobs tax credit, according to Keith Comrie, the city's administrative officer.
"I've said it before and I still believe it: the city will make a profit off it," Comrie said.
Groundbreaking for the arena, owned by the owners of the Los Angeles Kings hockey team, will probably be next week. It is to open in the fall 1999 as the new home for the Kings and Lakers.