LA City Council to Consider Major Expansion of LA Convention Center

December 12, 2018 - 10:03 am
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(KNX 1070) -  Nearly $100 million in Los Angeles tax revenue could be approved today for a major expansion project at the Los Angeles Convention Center.

AEG, which manages the complex that includes Staples Center and LA Live, has pitched the $1.2 billion project that would include a park and new hotel. 

The Los Angeles City Council is considering the funding Wednesday morning.

Councilmember Mike Bonin tells KNX there's a financial gap that needs to be filled before the project can get off the ground.  

"It's not really a subsidy, it's revenue sharing. It's not giving away money that we can spend elsewhere, we are getting money we could spend elsewhere as a result of this," he said.

A report from the Office of the Chief Legislative Analyst says the money would be paid through 50 percent of the city's revenue from the project over 25 years.