The estate of Michael Jackson and AEG, the company thatproduced the event at the Staples Center, have agreed topay the city $1.3 million, Councilwoman Jan Perry said Friday, according to the LosAngeles Times.
The city's general fund will receive $1 million, and theremaining $300,000 will go to the Los Angeles Police Foundation,Perry added.
The general fund supports public safety and parks, and theLAPF funds will be used to cover equipment at the police department.
Perry and Mayor Antonio Villaraigosa expressed gratitude forthe resolution. The councilwoman described the Jackson estate and AEG as "conscientiouscorporate citizens." Villaraigosa echoed Perry's sentiments, calling theiractions, "good corporate citizenship," CNNreported.
AEG President Timothy Leiweke said the company was glad toput the matter behind them, CNN reported.
According to CNN, $1,210,000 will be paid in cash. Thefoundation had already received $90,000."It was important to us that all parties agreed that thiswas not an obligation but a choice we believe was important to make at a timewhen thousands of city employees are being reduced," Leiweke said.
AEG worked with Jacksonas the promoter and producer of the ThisIs It concert series planned for last July. The company also runs the Staples Center.
Jackson's posthumous film, also titled This Is It, includes concertrehearsal footage from the comeback tour and helped the Jackson estate solidify $80 million throughvarious deals with AEG and Sony, CNN reported.
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