Posted on 08/09/2011 3:33:30 PM PDT by NormsRevenge
The plan to build a $1.2-billion NFL stadium in downtown Los Angeles took a big leap forward Tuesday when the City Council approved the overall framework for financing the project.
On a 12-0 vote, the council voted for a nonbinding agreement with stadium developer Anschutz Entertainment Group that allows for the demolition and relocation of a section of the Los Angeles Convention Center. That, in turn, would make room for a 72,000-seat stadium just south of Staples Center, which would open in 2016 with the planned name of Farmers Field.
“Today, in moving this forward, we don’t lose one bit of leverage. We don’t lose one bit of control,” said Council President Eric Garcetti. “The great suggestions that people make along the way, we can sit down and talk to folks about. But it is time to take the next brave step forward.”
Approval of the stadium plan would kick off nine months of intensive negotiations with AEG, which has promised to pay for the new stadium and two parking garages on its own dime. And it would allow city planners to press ahead with preparation of an environmental impact report on the project, which would assess such issues as traffic, noise and glare in nearby neighborhoods.
The city plans to issue $275 million in bonds to pay for the new Convention Center wing. Up to 49% of the new revenue generated by the two projects -- taxes and lease revenue -- would be used to pay off that debt.
(Excerpt) Read more at latimesblogs.latimes.com ...
Interesting. LA County is so flush with cash that they can spend $1.2 billion on a stadium that has no team to play in it? What happened to all of those bankruptcy stories we were reading about a few months ago?
Not a penny of taxpayer money should have ever been spent on such garbage and it should not wasted on this....
As much as LA should have an NFL team where is this money coming from?
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The city plans to issue $275 million in bonds to pay for the new Convention Center wing. Up to 49% of the new revenue generated by the two projects — taxes and lease revenue — would be used to pay off that debt.
ping
AEG is supposed to be paying for it.
While I like the idea of downtown (or just urban) stadiums, they’ve got to figure something out with the nightmare that is the 110 and 10 area. It’s horrid on a good day.
They are talking about a new Raiders-49rs shared stadium in Santa Clara. It's unclear who's moving where.
I'm surprised that they are building it that close to downtown. Much of the fan base is suburban.
Bread and circuses.
but seriesly, Anshutz Entertainment Group looks like it is the main driver / financier.. the city has to provide certain improvements tho as art of the ‘deal’. the previously mentioned dough is for the demo work of the existing Coonvention Center to make room..
If an L.A.-area resident wants to have an NFL team, the new team could play at Los Angeles Memorial Coliseum, which is where the Raiders played for 13 years. That coliseum has about 100,000 seats, and it hosted many Olympic events, in 1984. If a new stadium is built, that would be a huge waste of money.
And once again, the money of millions of taxpayers is controlled by only TWELVE.
I’m sure there was no pocket lining taking place in this. When was the last time you ever heard a politician say, “NO we won’t do that, the people can’t afford it.”
It is time for that to start.
I could give a damn for public financed football.
Los Angeles Chargers?
Pretentious twits and pseudo intellectuals.
What a lovely stadium for the Green Bay Packers to crush the LA Raiders within like bugs.
The Chargers keep threatening to leave us if they don't get a new stadium but that means added taxes and, so far, San Diegans won't agree. *whew*
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