One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Go, Fight, Win: L.A. is One Step Closer to a Football Stadium
Updated downtown stadium Gensler rendering with Farmers Field logo added to once-blank top of the stadium (in previous renderings)
Football fans, don't lose hold of your dreams for a local NFL team. An ad hoc L.A. City Council committee has endorsed developer AEG's financial framework plan for building a football stadium downtown at L.A. Live, reports ABC7.The vote took place last night, with committee members agreeing in a unanimous 4-0 vote to push the deal through to the full council. The plan states that AEG will pay to build the estimated $1.2 billion stadium, tentatively called Farmer's Field. The new stadium would require that a wing of the L.A. Convention Center be torn down, notes L.A. Now. That part of the financial expenditure would be covered by $275 million in tax exempt bonds. AEG would also reimburse the city if they lose any convention business while the stadium is being built, according to city negotiators.
The stadium is estimated to be worth $700 million over the next 30 years, and could create as many as 6,000 new jobs.
The full city council is expected to vote on the plan next week.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
