Agreement for stadium reached

Sixteen years after the NFL left Los Angeles, the City Council approved a preliminary agreement Tuesday for a $1.2 billion downtown stadium that developers hope will attract a professional football team. Daily News,

Tim Leiweke, president and CEO of Anschutz Entertainment Group, said the council's 12-0 vote approving the framework for the project's funding and timeline sends a strong message to the NFL that the city is behind the proposal for a 75,000-seat stadium.

Under the memorandum of understanding, the city would issue $280 million in tax-exempt bonds to relocate the West Hall of the Convention Center to accommodate the stadium. The deal requires AEG to guarantee that no public money be used for the project.