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LA council approves NFL venue

LOS ANGELES — The developers seeking to build an NFL stadium in downtown Los Angeles were granted a City Council endorsement Tuesday that they had long stressed was necessary to prove to league officials that their plan has public support.

Anschutz Entertainment Group president and chief executive Tim Leiweke said that the council’s 12-0 vote in favor of a framework deal on the project’s funding and timeline sends a strong message to the NFL that the city is behind the proposal for a 72,000-seat NFL stadium on the city’s convention center campus.

“Today proved we have a vision (and) they’re behind it,” he said. “We just got through the politics.”

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 known as Farmers Field. 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.

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