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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.
