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FIRST HOTELS – NOW THE ARENA: REDEVELOPMENT DEBT GROWS

Published Thursday February 23

Lucas reports that, in California there have been serious violations of trust by elected…

On Tue evening the San Jose City Council voted to issue $80 mill. of Tax Allocation Bonds to pay for the controversial Middle of the city Arena.

During the arena debate, the citizens of San Jose were promised that the arena would not cost more than $100 million. Already the confessed cost has increased to $125 million.

During the debate, arena opponents remarked that that the valid cost of the arena would go far beyond the promised $100 mill. due to interest payments for the bonds that would have to be issued to finance the arena.

The arena supporters commented not to worry; the bonds would be tax exempt and that arena profits would quickly cover the debt service.

Article length: About 1200 words.
Tags: Pleasant Hill
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