Farmers Field has been approved

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Farmers Field has been approved
LOS ANGELES, CA (BDCi) – Los Angeles took what might have been it’s biggest step in bringing the NFL back to LA when on Tuesday the City Council approved the outline of a $1.5 Billion deal to develop a new stadium and wing of the Convention Center.

The unanimous vote gives the city leaders the chance to finally capitalize on a major economic boom after being forced to slash payroll, cut back services, and watch as the real estate market dry up. This project comes at the perfect time as it should give a jump start to the local economy which suffers from double-digit unemployment.

One of the leading backer to the project, Carol Schatz says that this “is a very important project at a very tenuous economic time.” She also added “we’re bringing the NFL back…We’re going to get Millions more in additional development, and that means Millions more in tax revenue. On this one I have to ask: What’s not to like?”

The big winner in the vote is developer Anschutz Entertainment Group (AEG) as they overcame concerns from council members and activists that the city was running into a risky deal that could add to its budget woes. The deal was altered so that AEG takes on more of a financial risk and they promised a full examination of the projects environmental impacts.

Stadium boosters say that this proposal will create 20,000 new jobs with 6,230 of them being permanent. Also this will free up the money that the city needs to replace the oldest section of the convention center.

While the approval doesn’t guarantee the city of Los Angeles a football team, it puts them in better position to be able to acquire one.

More detailed negotiations will continue on for months, but the approval gives AEG the chance to step up their efforts in pursuing teams from other cities as the NFL has stated they have no desire to expand on their 32 teams and the best bet for LA to land a team is for another franchise to relocate to Los Angeles.

By: Benjamin Robinson
Source: Los Angeles Times
August 10, 2011
11:40 a.m. PDT

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