Aug 9, 2011 3:59 PM by Adam Knapik
LOS ANGELES (AP) - The Los Angeles City Council has approved a tentative framework agreement with a private developer that wants to build a 72,000-seat NFL stadium on the city's convention center campus.
The council's 12-0 vote Tuesday sets the stage for city leaders to later vote on binding agreements with developer Anschutz Entertainment Group on the project's financing, leasing arrangements and other details.
The agreement anticipates the issuance of $275 million in
tax-exempt bonds for the relocation of a convention center hall to accommodate the proposed $1.2 billion football venue.
It would require AEG to extend a series of financial guarantees over the course of the project as a safeguard against shortfalls and other risks.
Council members are set to take up the additional binding votes over the next nine months.