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City, AEG Leaders Sign Development Agreement For Downtown Stadium

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textalerts180 City, AEG Leaders Sign Development Agreement For Downtown Stadium

LOS ANGELES (CBSLA.com)— City and AEG leaders signed a deal Wednesday morning to authorize the construction of a new NFL stadium and convention center in downtown Los Angeles.

The City Council voted unanimously on Sept. 28 to approve the plan, which was signed at 9 a.m.

KNX 1070’s Pete Demetriou reports Mayor Antonio Villaraigosa said the deal is now almost irresistible to an NFL franchise.

“With a newly transformed Convention Center, L.A. will compete…for hosting the largest events in the country,” he said. “And as the development of Farmers Field moves closer, L.A. is closer to bringing not just one NFL team, but maybe two.”

Construction work on the project could mean as many as 30,000 new jobs under the agreement, which includes a $1.5 billion stadium that will seat 72,000 fans, as well as a new $315 million convention hall, ballroom and plaza.

The deal is now subject to legal challenges within a 30-day window. Under a new state law, any challenges presented need to be resolved within 175 days.

Construction on Farmer’s Field could begin by March 2013 and would take approximately four years.

Anschutz Entertainment Group (AEG) says it will begin construction only after it receives a long-term commitment from a NFL team.

In September, billionaire investor Phillip Anschutz announced he was selling AEG, which owns the STAPLES center and L.A. Live.

AEG President and CEO Tim Leiweke said last week that he and his executive committee have all signed extensions that will keep them on with the new owners who would be committed to the NFL project.

Los Angeles has been without a professional football team since 1994, when the Raiders and Rams left.

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