A week after the Los Angeles City Council unanimously approved a plan to build Farmers Field, on Wednesday, they signed the implementation agreement.
"With the signing of this agreement, we celebrate what we can accomplish when the entire city comes together with private partners to transform L.A.," said Mayor Antonio Villaraigosa during a press conference.
The stadium will be built on the side of the Los Angeles Convention Center's West Hall, right next to the Staples Center and L.A. Live. It will cost more than $1 billion, but AEG insists that none of the money will come from taxpayers.
"You can spin this any way you want. You can talk about this any way you want. Here's the reality of this project. This is going to get done without the taxpayers ultimately having to put in $1, and the taxpayers will not be at risk," said AEG President Tim Leiweke.
The project is also expected to create thousands of much needed construction jobs.
"I look forward to the future. The future is bright, brighter than ever before," said L.A. City Councilwoman Jan Perry, whose district includes the area where Farmers Field will be located.
But there is one question looming over the project. Phil Anschutz, who owns AEG, recently announced he wants to sell the company, but it's unclear how that could affect plans.
It is also unknown what NFL team might play at the stadium, though officials hint they could end up with more than one.
"I believe we're not just going to have an opportunity to get one team, but I think the mayor's right, we're going to have an opportunity to get two teams," Leiweke said.
Meanwhile, the Guggenheim Group, which recently purchased the Dodgers, has indicated an interest in the company.
Both AEG and the city are convinced if they build a stadium, the teams and the owner will come.
NFL teams won't be able to publically able to commit to the project until after the current season. If that does happen, they could begin demolition and construction in March 2013.