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Friday, Oct 7, 2022
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City Council Approves Downtown Stadium Plan

The Los Angeles City Council on Tuesday unanimously approved a partnership plan with Anschutz Entertainment Group to build a $1.2 billion stadium and replace a $275 million wing of the Los Angeles Convention Center.

The plan calls for the city to issue $275 million in tax-exempt bonds to pay for demolition and relocation of the convention center’s West Hall, where the stadium would be located. Roughly 49 percent of the tax and lease revenue generated by the two projects would be used to pay off the debt.

The 12-0 vote provides AEG, owner of the adjacent L.A. Live complex, with the confidence to proceed with planning and design of the project.

The unanimous vote was somewhat unexpected, as council members Bill Rosendahl, Paul Koretz and Paul Krekorian had all expressed concerns about the potential financial risks for the city. However, they ended up supporting the nonbinding agreement, which calls for AEG to make up any bond-funding shortfalls.

AEG must still complete and get city approval for the stadium’s environmental impact report, as well as secure a deal to bring a NFL team to Los Angeles.

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