The Los Angeles City Council voted 12-0 to support a Memo of Understanding with AEG, the potential builder of a new, downtown football stadium. The framework provides the mechanisms necessary to fund part of the project, and is another step forward to opening the stadium in 2016.

Now, the city has nine months of negotiations with AEG, as well as an EIR to produce. But if the project proceeds as planned, the city would issue tax-free bonds to finance the demolition and relocation of a wing of the convention center, opening space for construction of the arena and parking garages. Those bonds would be paid back using revenues from the new venues.

The plan allows the city to renovate its convention center without having to allocate already stretched municipal funds, and they hope it will provide as many as 16,000 construction jobs. That, along with the long-term financial implications, brought even the council’s skeptics on board.

From the Los Angeles Times:

The plan to build a $1.2-billion NFL stadium in downtown Los Angeles took a big leap forward Tuesday when the City Council approved the overall framework for financing the project.

On a 12-0 vote, the council voted for a nonbinding agreement with stadium developer Anschutz Entertainment Group that allows for the demolition and relocation of a section of the Los Angeles Convention Center. That, in turn, would make room for a 72,000-seat stadium just south of Staples Center, which would open in 2016 with the planned name of Farmers Field.

Read the full article here.