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Angelenos to weigh in on proposed downtown LA NFL stadium
Rendering of the proposed NFL Stadium in downtown Los Angeles
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Corey Moore/KPCC
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Angelenos to weigh in on proposed downtown LA NFL stadium
The Los Angeles City Council’s ad hoc committee on the proposed downtown football stadium holds a public hearing tonight. Anschutz Entertainment Group, or AEG, hopes to win preliminary approval of its proposal within weeks.
Negotiators for the city and AEG released a proposed memorandum of understanding this week. It would have Los Angeles issue $275 million in tax-exempt bonds to relocate the part of the convention center where AEG wants to build its billion-dollar stadium.
Nearly three-quarters of the cost to pay back the bonds would come from AEG, much of it from lease payments on the property. The rest would come from the tax revenue the project would generate.
L.A.'s Chief Administrative Officer Miguel Santana says the city’s main concern is that money to repay the bonds comes from a reliable source so city money’s not at risk. He says the proposed deal does that.
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The city’s ad hoc stadium committee looks at the deal tonight and tomorrow night. The proposal goes to the full City Council Friday. A vote could come next week.
AEG has to finish an environmental impact report. It hopes to build a stadium, and lure a pro football team, for the 2016 NFL season.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
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