A city council committee endorsed a tentative framework deal with Anschutz Entertainment Group Wednesday to build a 72,000-seat stadium on the convention center campus in downtown L.A.
"The draft agreement rightly shifts the majority of the financial risk to AEG and allows the city to fully leverage this opportunity to modernize our convention center," said City Councilwoman Jan Perry, who chairs the committee.
Under the memorandum of understanding, AEG would pay for the football stadium and two new parking structures. The city would issue $275 million in tax-exempt bonds for the relocation of a convention hall, which would be built by AEG, to accommodate the proposed $1.2 billion football venue.
The full council will have a final vote next week.
A consultant chosen by the city and paid for by AEG, predicted the project will generate about $210 million in new revenue for the city's general fund. And officials said the plan would create more than 6,000 permanent jobs. More than half would be in the service industry, including bars and restaurants.
City News Service contributed to this report.