Snak

L.A.´s NFL Stadium: Anatomy of a Pitch
by Brian Frank
March 10, 2011

The prospect of coaxing the National Football League back to Los Angeles by building a new stadium downtown has a lot of people excited, and at least a few worried. (For the full story, watch our segment, "Political Football.") So how has the Anschutz Entertainment Group, which proposed the stadium, managed to win over so many city officials and celebrities in recent weeks, and what are the naysayers worried about? To help answer these questions, we take AEG´s pitch and break it down for you. The full document follows.

What´s the elevator pitch?
Los Angeles is a great city that deserves not only an NFL team, but also top-notch conventions to further boost the tourism industry. The west hall of the Convention Center currently needs extensive — and expensive — repairs. Why not kill two birds with one stone? AEG will tear down the west hall and build a stadium that doubles as exhibition space, replace the west hall and add parking spaces — all at no cost to the city. (Keep reading for the fine print.)

What does AEG propose to build?
- Event Center (the stadium) — Would accommodate football and soccer games, concerts, trade shows and exhibitions, providing an additional 285,000 square feet for use by the Convention Center.
- New Convention Hall — Unclear from the proposal how much space will be provided.
- New Parking Structures — Will replace current structures adjacent to L.A. LIVE, providing an additional 1,400 parking spaces for Convention Center, Staples Center and Event Center.

Where are they going to build?
Adjacent to the Staples Center and L.A. LIVE on the current site of the Convention Center´s West Hall, which is to be torn down.

Who´s paying for it, and who will own what?
- Event Center — AEG pays, and AEG will retain ownership but pay rent on the land.
- New Hall and Parking Structures — The city will issue $350 million bonds to cover the costs. City retains ownership, but AEG will operate the parking structures.