Vol3_Issue1_Spring 2012

Page 20

Page 20

INLAND EMPIRE OUTLOOK | 20

15 miles 15 miles

5 miles 5 miles

the costs and risks. The Memorandum of Understanding (MOU) between AEG and the City of Los Angeles lays out some of the details of this financing. The City of Los Angeles will help cover the cost of the reconstruction of the convention center, and the NFL will help cover the cost of the stadium, hence the group’s claim that no public financing will be used for the stadium itself. The downtown location has an estimated capacity of 68,000 seats for most events, although that number could be expanded to as much as 78,000 for special events such as the Super Bowl or NCAA Final Four games. Project supporters project some $410 million in new revenue for the city over the next 30 years. They estimate it will likely create between 20,000 and 30,000 new direct and indirect jobs , including everything from construction to stadium operations and added convention center positions. The developer estimates that this 1,700,000 square foot building could be ready for the 2016 football season. Governor Jerry Brown has been supportive of the AEG proposal. Senate Bill 292, which passed the California legislature this past fall, helps to expedite Farmers Field’s construction. The bill does not provide any exemptions from environmental regulations, but rather limits the length of legal challenges to 175 days. The Senate Bill was passed in conjunction with a more general bill, Assembly Bill 900, which provides these types of benefits to all large


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.