[PICTURED: L.A. City LOVES doing business with him, SO MUCH, they just don't wanna sign the divorce papers. So he's STILL tied to the city and NOW has to weigh-in on AEG Stadium debacle, since he's STILL a stakeholder in L.A.]See the time and locations for the public meetings on L.A. City's AEG/Stadium debacle, in the making. But I don't wanna reveal my thoughts or feelings, yet. ZD will be at the meeting, Wednesday. Here is what I'm thinking about the deal. SORRY, Jan! (If it were a REAL and ACTUAL economic stimulus projects, instead of a risky gamble not a soul in Vegas would roll the dice on, I WOULD BE FOR IT. But not another smoke and mirrors, Grand Ave Project II. THAT was the best, most guaranteed, sure thing, EVER at the time, too, according to you. THEN, I read the project memo.)
ZUMA DOGG PUBLIC COMMENT FOR AEG/STADIUM/CONVENTION CENTER BAMBOOZLEBACLE:
* City Councilman PAUL KORETZ said during a televised council meeting, on the issue, that one mis-step and we can drive the city over the edge into bankruptcy.
* A STADIUM is the type of project a city takes on when they are in GOOD shape. L.A. is short and under staffed. The city can barely keep it's head above water. (See City Attorney's "Martin Declaration.") L.A. just went through a historic reduction in staff and services, and the reductions are not over. The city cannot even collect it's own debt on bills that are owed and outstanding. They don't have the manpower for the "lost time" this project will cause to be drained on city staffers. A city that can't even collect it's own money to prevent it's own bankruptcy and keep basic public services at the level the city is used to.
* SMOKE & MIRROR BAMBOOZLEMENTS: It said in LA Times the terms of the deal can be changed by AEG, EVEN AFTER A FULL CITY COUNCIL AGREEMENT???
LA TIMES: Even WITH council approval, officials said specific terms of proposed agreement could be changed during final negotiations with AEG.
(In other words, we'll go through every FAKE BROWN ACT motion and have HUGE discussions, with HOURS of public input -- and SCRUTINY-FILLED debate at city council meetings...with the tiny asterisk that, "and AEG can do whatever they say they need to, BEHIND PUBLIC'S BACK, after "IN FRONT OF PUBLIC" details are agreed upon.)
* ECONOMIC INSTABILITY: First of all, I'd like to remind you, every year, the CAO comes out and says the city was OVERLY OPTIMISTIC and not PESSIMISTIC ENOUGH, when estimating future revenues and the economy. And with that said:
ZUMA DOGG'S FIRST QUESTION IS: What is AEG's financial stability? They SURE DID SINK A LOT INTO THOSE RITZ-CARLTON TOWERS! They SURE DID TAKE A HIT, LIKE EVERYONE ELSE, WHEN THE STOCK MARKET CRASHED in '08/'09.
This whole deal is contingent and founded upon AEG's financial guarantees. HAS THE CITY DONE IT'S DUE DILIGENCE on AEG? ZD feels they are over-leveraged, and ONE SLIP of Wall Street, and they'll be as good for a bond guarantee as Zuma Dogg's back, left pocket. (DEFAULT!)
* MORE ECONOMIC CONCERNS: You are judging future demand (ability for fan support), based on PAST economic history. And again, you are told, every year by CAO, you are OVERLY OPTIMISTIC/UNDERLY PESSIMISTIC. And in this new economic era, you cannot use past economic history as an indication of anything.
You never thought we'd see the city lose 20% of it's pension fund, to be re-paid out of the general fund. You never thought we'd be discussing how to possibly, just barely elude bankruptcy -- and the challenge isn't over, it is only beginning -- and NEXT fiscal year would make Tijuana City Council and it's constituents nervous about service and public safety.
You NEVER thought we'd see the city almost come to a grinding administrative halt, over forced early retirements (E-RIP), and record levels of furloughs and service (public safety) reductions. (AND AGAIN, it will be getting WORSE, when you try to start this project.)
You NEVER thought you'd hear the President of the United States say the county could be downgraded and could default, next week.
WE ARE SEEING THINGS WE HAVE NEVER SEEN...AND YOU CANNOT BASE YOUR FOUNDATION ON A SPECTACULAR AND MIRACULOUS RECOVERY, NO ONE IS EXPECTING, EXCEPT JAN PERRY (FOR MAYOR) AND TIM LIEwickie.
With all these reductions, including reductions to Fire and Police services, how can the City of Los Angeles guarantee it can hold up IT'S end of this project, by providing a SAFE, enforceable environment. Look what happened to Dodger Stadium crowds after ONE incident and a team that isn't winning. A NEW NFL team could EASILY be a LOSER for a decade!)
And, will L.A. City have the ability to clean up, after the event. (Trash removal WILL be a problem in future budgets.)
CAN FANS SUPPORT, ECONOMICALLY?: You're using history to predict future crowds, in a new economic and technological era. In this historic recession (economic cut back), with harsher times expected, for most...the FIRST thing fans will have to cut is SEVERAL HUNDRED DOLLARS TO ATTEND A FOOTBALL GAME THAT TECHNOLOGY (DIGITAL TV, and better camera coverage/sound/experience) ALLOWS THEM TO ENJOY AT HOME. With cheaper food, drinks, no expensive tickets and parking. I'm NOT saying people don't like taking the family/kids/friends/themselves to a football game...I'm just saying things WILL be tightening, economically -- AND AEG's FOOTBALL OUTING is the MOST EXPENSIVE and FIRST TO BE SACRIFICED/CUT!
SUMMARY: As Councilmember Paul Koretz noted, a project of this nature, in these economic times, could drive the city over the edge of bankruptcy. And as city cut and will continue to cut staff and services, this project will cause more lost time, preventing core functions and services from being conducted...NO MATTER HOW MUCH AEG PROMISED THEY CAN FINANCIALLY GUARANTEE THE ECONOMIC FUTURE OF THE GLOBAL ECONOMY.
- Zuma Dogg
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