$1.5 Billion Farmers Field Plan Could Bring Pro Football Back to L.A.
Officials for the city of Los Angeles and Anschutz Entertainment Group (AEG) have signed a formal agreement to build the Farmers Field football stadium and a new convention center in downtown L.A.
Los Angeles Mayor Antonio Villaraigosa and AEG President/CEO Tim Leiweke signed the implementation agreement Wednesday. The City Council approved the project last week.
The council voted to approved the environmental impact report which could clear the way to break ground on the $1.2 billion project in 2013.
The council last year voted 15-0 to approve the memorandum of understanding for the project.
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The stadium is "a transformative project that will create thousands of good, local jobs, generate millions of dollars of economic impact and investment for our city and will bring conventions and the NFL to Los Angeles," AEG said in a statement after the planning commission approved the EIR last month. "The benefits of a world-class, modernized and enlarged Los Angeles Convention Center created by this project will provide benefits to every sector of our city."
The project, seeking to bring NFL football back to L.A. for the first time since the mid-1990s, calls for a 72,000-seat stadium near Staples Center and L.A. Live, which were also developed by AEG.