The city council unanimously approved the framework for a plan to build a new football stadium in downtown Los Angeles.
Council members voted 12-0 to approve a draft agreement with stadium developer Anschutz Entertainment Group that would allow for demolition and relocation of a section of the Los Angeles Convention Center to pave the way for a new stadium.
The 72,000-seat stadium and convention hall would stand just south of Staples Center and would open in 2016 with the planned name Farmers Field.
The $1.2 billion project is expected to create more than 6,000 jobs and bring professional football back to Los Angeles. Residents who live nearby have expressed concerns about increased traffic.
The city plans to issue $275 million in bonds to pay for the new convention hall while AEG pays for the stadium.
Revenue generated by the two projects would be used to pay off that debt. The company has stated that the project will be privately financed.
LAMediaWatch.com
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