Los Angeles City council gives approval to NFL stadium

August 10th, 2011 - 7:57 pm ICT by Aishwarya Bhatt  

Los Angeles, Aug 10 (THAINDIAN NEWS) The L.A. City Council has given the approval for the financing of a proposed NFL stadium to start. The move is a significant one for the developers because they can now concentrate on getting the Environmental Protection Agency’s approval as well as relocating affected structures.

Farmers Field is the name of the new stadium which is expected to be built by AEG. The builders will have to convince the city that public money will not be involved in the building of the project because it is not allowed. However tax-exempt bonds worth about $275 million will be allocated to the team to be able to rebuild the Los Angeles Convention Center at a different location.

The stadium is not expected to be opened in at least five years.

CEO of AEG Casey Wasserman is a big supporter of bringing back NFL in Los Angeles. Casey said that, “Their support of Farmers Field is another victory in our effort to bring professional football to Los Angeles and further AEG’s commitment to enhancing the local economy. This is a long process, but today marks a step forward in reaching our larger goal.”

Officials of NFL are expected to be in Los Angeles as early as next year to observe how the project is progressing.

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