The Ad Hoc Committee on the Downtown Stadium and Event Center (or AHCDSEC for short) held its first hearing on the proposed Farmers Field project last night, and is there really any chance that developer AEG's NFL stadium/Convention Center relocation plan won't be approved? Everyone seems to like a new tentative financing agreement released this week, and we didn't know that it includes a little something extra special--41 billboards for the Convention Center. The revenue from the signs would help AEG repay its portion of the bonds issued to pay for the Convention Center relocation. The LA Times reports that Councilmember Jan Perry "asked the city's economic consultant, Bill Rhoda, what would happen if those Convention Center signs, particularly the ones facing the 10 and 110 freeways, offered digital images. Rhoda said the value of each sign would double." If more flashing lights don't aren't enough to make you pro-stadium, blogdowntown reports that the city's Chief Legislative Analyst Gerry Miller says that if LA doesn't accept AEG's plan and instead builds a new Convention Center hall itself, it would lose the city $859 million in both costs and lost tax revenue. Meanwhile, City Councilmember Bernard Parks wants to know where the NFL team that AEG is luring to LA will play until the new stadium is built--he's fighting for the LA Coliseum over the Rose Bowl.
· Financial plan for downtown stadium gets first public airing [LAT]
· Looking to Understand the Stadium Deal? $859 Million is the Important Number [Blogdowntown]
· Developer Putting LA Live on the Line in NFL Stadium Deal [Curbed LA]