MOU for stadium released

Developer AEG would pay nearly 75 percent of the cost of upgrading the Convention Center and would cover the entire cost of building an NFL stadium downtown, according to a draft agreement released Monday. Daily News.

The nonbinding Memorandum of Understanding outlines the major issues negotiated by the city and AEG. The owner of Staples Center and the L.A. Live complex has proposed relocating the West Hall of the Convention Center to make way for a $1billion stadium it hopes will host a professional football team.

According to the proposal, the city would issue $275 million in tax-exempt bonds to fund the Convention Center renovation. AEG would repay 73 percent of the bonds directly, with the balance covered by tax revenue generated by the stadium.