Los Angeles Farmers Field Project
Posted On: September 30, 2014 By :AEG has proposed a six-month extension to its existing agreement with the city of Los Angeles for the Farmers Field project, which includes the construction of a football stadium and expansion and modernization of the Los Angeles Convention Center. The transactions for the project that were approved by the city of Los Angeles in October 2012 are scheduled to expire on October 18, 2014.
AEG has requested the extension to allow additional time to pursue an NFL team for the stadium and to further assess and develop an alternative development plan for the convention center and the potential construction of another large hotel at L.A. LIVE.
“We have resumed discussions with the NFL and, while much remains to be done before a deal could come together, we remain committed to this project,” said AEG President and CEO Dan Beckerman. “In light of the positive tone of recent conversations, we feel it would be productive to continue this dialogue while at the same time further exploring alternative plans with the city.”
AEG’s submitted proposal included a commitment to spend up to $600,000 over the next six months to commission design services relating to a proposed alternative plan for convention center expansion and improvement, as well as the possibility of an additional 750-room hotel adjacent to L.A. LIVE and the convention center. Additionally, AEG is offering to reimburse the city up to $150,000 to facilitate its review and consideration of such alternative plans.
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