LA officials endorse framework deal for NFL venue

August 3, 2011 - 10:29 PM

LOS ANGELES (AP) — A Los Angeles City Council committee has endorsed a tentative framework agreement with a private developer that wants to build a 72,000-seat NFL stadium on the city's convention center campus.

The stadium committee's vote Wednesday sends the non-binding memorandum of understanding with Anschutz Entertainment Group to the full council for a final vote next week.

The agreement calls for the issuance of $275 million in tax-exempt bonds for the relocation of a convention center hall to accommodate the proposed $1.2-million football venue.

It requires AEG to extend a series of financial guarantees over the course of the project as a safeguard against shortfalls and other risks.