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 ...
Aside from USC, the vicinity is a sh*thole. No sane white person except for the players themselves would go there. There’s a reason why the Dodgers have one of the 5 most drops in attendance and the Bryan Stow beatdown is just the tip of the iceberg.
Like I’m going to share my space with mexicans who boo the national anthem.
ES any word who going be our NFL Team is the Oakland turn LA turn Oakland again turn LA Maybe Raiders or LA Chargers LOL!
Well you could always take Metro link that what I would do they plan have special train go to Downtown LA
Rams will move there
Well, they started in Los Angeles, and have a built-in fan base already, better than bringing the Jaguars there, there’s no history there.
GMTA.... :)
$1.2 Billion? Wait until the final bill comes in. I’ll bet it’s 3 times that.
Historic, but it needs to go bye-bye.
I could see the Rams coming back, might be the best scenario of all. St. Louis has never been a football town. Everyone climbed on the bandwagon when they were good, but they still are a distant second to the baseball Cardinals in St Louis.
I’m still waiting for my subway to the sea to whisk me from Santa Monica to downtown.
Of course by the time that happens, I’ll be too old to care (and not living here anymore).
Debt from LA, LOL, only the rackets would take the risk.
No you are the main driver, they will be tax exempt industrial revenue bonds. This is one tax give away loop hole that should be closed.
Actually, it wouldn't matter if it had 200,000 seats. Without the luxury boxes/apartments and high rent fixtures, the NFL teams are not interested. The seats for the unwashed hoi polloi are not that important.
I’m all for it as a UCLA alum. The USC football program has been put on a pedestal it does not deserve considering its track record of bad ethics. It’s about time it has some competition from the professional league. And even though a few Laker victory celebrations get out of hand, it really is wonderful to have teams that the whole city—with all its diverse residents and communities to truly unite behind. Long live L.A. :).
Er...the only thing I’m worried about is the traffic during the games LoL, but that’s always bad anyways.
Here in Indianapolis, we (taxpayers) currently owe about twice as much as it cost to build on the old Hoosier Dome. Which no longer exists. It was torn down to build the $700 million Lucas Oil Stadium.
The beauty of Democrats taking out second (and third) mortgages on muni buildings.
On that you going have wait another 10 to 15 years LA is weird they don’t really plan ahead
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