As council president pro tempore, Ninth District Council-member Jan Perry – who is also a mayoral candidate – has penned a letter to the council president outlining the Memorandum of Understanding (MOU) between the city and AEG (Anschutz Entertainment Group) about the recent vote of the ad hoc committee that was sent to the full city council. She stated that she wanted to thank all of her colleagues for taking the time and for working to make this (the draft MOU) a good deal for the taxpayers of Los Angeles. Perry said, “I am president pro tempore and chairwoman of the ad hoc committee on the stadium.
The Los Angeles City Council eventually approved a tentative framework agreement for AEG to build a 72,000-seat NFL stadium on the city’s convention center campus. The preliminary agreement was taken on a 12-0 vote.
As chair of the ad hoc committee, Perry’s letter pointed out important guidelines that were hammered out by the four-member committee to protect the city’s interests. They included:
• No public funding is to be used in the construction of the stadium
• A guarantee that the project will provide financial security during the phases of construction to cover any revenue shortfall
• The city will retain ownership of the property and will receive a fair market ground lease payment that will escalate annually
• No documents to be executed in furtherance of the project until an NFL term lease has been secured
• AEG has to complete an Environmental Impact Report relative to the impact of the project and develop and implement a public benefits package.
These are some of the guidelines which Perry reported to the council president that she negotiated, as chairwoman, on behalf of the city.
According to reports, in addition to the no public funding provision, the project has already received the approval from four council members.
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