*New stadium proposal shifts greater share of debt burden to AEG

A draft memorandum of understanding would require the city to issue $195 million worth of bonds, not the $350 million that was first proposed by AEG head Tim Leiweke. The LAT reports that the bonds would be the responsibility of the city's beleaguered general fund, but would be repaid with revenue from the project. A further $80 million in bonds would be the responsibility of AEG. From the Times:

If AEG fails to pay the taxes necessary to cover those bonds payments, the city could foreclose on L.A. Live, said Chief Legislative Analyst Gerry Miller, who co-wrote the report. "Those bonds are not on the city's books, so the developer is 100% on the hook for that," added City Administrative Officer Miguel Santana, L.A.'s top budget official.

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Miller said 27% of the Convention Center project would be paid for from new tax revenue generated by the projects, while 73% would come from various payments made by AEG. The project would provide the city with an estimated $410 million in "net new revenue" over a 30-year period, according to the report. Of that total, $210 million would go to city coffers and $200 million would be used to repay the bonds, Miller said.

I have not seen the draft MOU, but officials are characterizing it as a sweet deal for the city. We'll see. The City Council will hold a day-long hearing about the stadium plan on Friday, though Council President Eric Garcetti told me last week that a vote isn't likely before mid-August.

*The rave reviews are already coming in. This from Maria Elena Durazo, executive secretary-treasurer of the Los Angeles County Federation of Labor:

In our current economy and with the unemployment levels we are experiencing, we need more good jobs. Farmers Field will create more than 30,000 good jobs in construction, tourism and entertainment. We are committed to making this project a reality and are excited about the prospect of putting Angelenos back to work.

**Here's the MOU - happy reading.