Los Angeles News
City committee approves downtown NFL stadium plan
LOS ANGELES (KABC) -- Los Angeles is a step closer to getting a new NFL stadium.
A city council committee endorsed a tentative framework deal with Anschutz Entertainment Group Wednesday to build a 72,000-seat stadium on the convention center campus in downtown L.A.
"The draft agreement rightly shifts the majority of the financial risk to AEG and allows the city to fully leverage this opportunity to modernize our convention center," said City Councilwoman Jan Perry, who chairs the committee.
Under the memorandum of understanding, AEG would pay for the football stadium and two new parking structures. The city would issue $275 million in tax-exempt bonds for the relocation of a convention hall, which would be built by AEG, to accommodate the proposed $1.2 billion football venue.
The full council will have a final vote next week.
A consultant chosen by the city and paid for by AEG, predicted the project will generate about $210 million in new revenue for the city's general fund. And officials said the plan would create more than 6,000 permanent jobs. More than half would be in the service industry, including bars and restaurants.
City News Service contributed to this report.
downtown, los angeles news
- DUI driver slams car into LA home; girl dead
- 2 nurses stabbed in separate hospital attacks 1 min ago
- LAPD officer hurt in Northridge 4-car crash 30 min ago
- Teen survives CA to HI flight in wheel well 16 min ago
- LA coach gets 130 years in child molest case
- Woman fatally struck on 405 Fwy in Harbor City
- Oxnard pedestrian hit at intersection, dies
- Bus crash: Driver remembered as a 'hero'
- Drone in Yemen kills 9 al Qaeda members
- SKorea ferry accident death toll at 58
- abcnews: Dashcams capture possible meteorite
- Kevin Sharp, country singer, dies at age 43
- 'Capt. America' tops box office for 3rd week
- OTRC: Kate Mara on 'Transcendence,' terrorist role